US taxes Essay Example | Topics and Well Written Essays - 250 words

US taxes - Essay Example Ruane William reported that income tax is excluded for foreign income that is less than $ 95, 100 but in mid-December 2011, a minimum tax was imposed on foreign currencies that these companies earn from all the outsourced jobs and other operations (18). Tax increase on wealthy U.S citizens is intended to create a cash reserve for creating jobs for millions of unemployed American youths. This concept will prevent another recession that hit the U.S. in 2010 where a large number of citizens especially in the middle class lost their jobs, unemployment rose drastically and small businesses folded. In the past, the wealthy citizens paid less that 28% of their total earnings as tax while the middle class paid more tax. Job creation using tax reforms will improve the economy of the U.S and that of each household. American companies that outsource their jobs and operations to foreign countries because of cheap labor will be forced to create jobs in the U.S because they will incur losses because of reduced tax on foreign money that they earn. Americans require companies that outsource jobs to foreign countries to create jobs in the U.S and improve both income and working