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The economic principle that I studied for my Passion Project topic of “How can we Aid the Poor Without Taxing the Rich” was Institutions and Culture. I believe that this principle fit the best with my topic because of the way the government influenced the things that could be done in order to find a solution to my research question.
At the beginning, my thought process was with trying to find out more ways to create stable jobs for those in poverty. In this way, more poor people would have at least an income to survive on, rather than nothing. Then, I realized that in order to support more jobs, there needs to be more of a source of that revenue. Enough though these new jobs might/will stimulate the economy, I really thought that there needed to be more of a support first, before trying to find ways to create new jobs.. That is why my second question was “How will we be able to create more revenue coming in to the USA”. I found this very hard since there is such high unemployment that we must fund to might jobs for.
I started researching more about where the USA gets their revenue and something that made finding solutions for my research question harder was the fact that more than half of their revenue came from income taxes. This is when I really started diving deep into how more money could be made. Some other examples I found were to cap deductions, allowing taxpayers to decide which were the best for their situation, and to allow temporary expensing to expire. This expiration would shift taxes and form a new path of revenue. When I went more in detail about this, I truly realized how hard a solution would be; just take a look at the proposal by Trump and Congress.
I do not think that the research I have done, although sufficient for this project, brings enough possible solutions to the table in which the government could install.
