Taxes in United States

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Name Instructor Course Date Taxes in the United States Introduction Economics studies the whole economy (macroeconomics) and the small sectors of the economy (microeconomics). Microeconomics studies the interaction of demand and supply in different markets for services and goods. Macroeconomics involves studying the whole economy while analyzing economic figures like gross domestic product (GDP), employment, and inflation. Furthermore, macroeconomics also covers the government policies on expenditures and taxes to determine how these activities affect each economic indicator. Macroeconomics studies the whole economy of a nation by analyzing the interaction between all markets to influence the whole economy referred to as aggregate variables. The government plays a major role in macroeconomics through the implementation of Income, expenditure, and tax policies that greatly affect the overall growth of the economy by affecting economic indicators such as inflation, employment, and the GDP. Study of macroeconomics can extend into the international market due to the impact of shared variables regarding trade, capital flows, and investment (Andolfatto 20-28). The impact of macroeconomic variables on an economy trickles down to every consumer. The paper presents a description of Income-Expenditure approach and its application on the impact of taxes in the United States on Economic Growth. The financing and structure of a tax charge are critical in the determination of economic growth. Cutting tax rates may motivate work, invest, and save; however if the tax relief isn’t financed by immediate cut on expenditure; it will ultimately lead to deficit in the federal

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