United States president George W. Bush claims the progressive track of the country’s economic status in his speech on the 6th of February 2006 about the budget of the U. S. government wherein he stated the outstanding budget for the country in the previous year 2007. The main concern of the United States government remains to be the safety of their citizens and their territory.
Moreover, the livelihood of all American citizens continues to be a priority as the Bush administration claims to give back to the American people what is due to them as they maintain to work hard for and patronize their country. The Bush administration has promised to relieve the American people from the burden of major taxes and make sure that numerous jobs are made available for their citizens. Plans have also been established to prolong the success of the American economy through several programs and agreements that would augment the already progressing state of the United States government.
These programs and agreements support the American market trade, educational system that would prepare the American population for the global economy, the advancement of technology, a competitive and hardworking labour sector, decrease in citizen taxes, the improvement of government services for the country, health care services, and other humanitarian programs for the poor, disabled, and aged population, etc. Bush has clearly expressed the aim of his administration to utilize the budget of the U. S. government to provide for the needs of his people.
(Bush, 2006) In the United Kingdom, Chancellor Gordon Brown has also reported an increase in the rate of employment for its citizens, followed by the surge of local and foreign investors in the country. These have resulted to the decline in the inflation rate and other rates of interest, including mortgages, in the nation. The goal of the government of U. K. is to maintain its current state and prolong its success in the coming years. Brown claimed that U. K. is now progressing into an icon of a leading economy side by side the other G7 countries.
The decrease in the country’s expenses reduced the tax paid by the British population. At present, the government of U. K. is aiming at four changes that will be made in the coming years such as the improved used of the country’s assets, scratching the cost of administrative expenses, supporting efficiency to make savings possible, and the bringing down of the total amount of debts and the rate of unemployment. The main priority of the administration is to stabilize the economy to compete with other countries in the global community.
To achieve this end, the government of U. K. has prepared a long-term plan for major and modernized changes in the country. (Brown, 2001) To take a closer look and compare the economic status, government budget and expenditure, levels of taxation, and the living standards of the United States of American and the United Kingdom, the government budget for the fiscal year 2007 will be the basis for study and presentation. The following paragraphs will undertake each aspect specifically to produce a transparent comparison between the two countries.
Levels of Taxation The U. S. government has implemented the federal and the state levels of taxation for its citizens covering taxes for income, property, and the likes. The taxation system in the U. S. also comes in different forms such as corporate, individual, international, investment, expatriate, etc. (RPI, 2007) Taxation on the federal level involves the income and properties owned by an individual subject to tax, wherein the rates depend on one’s average income.
A data provided by the Department of Treasury of the IRS have presented the progress of wealth and taxes during the Bush administration. During his governance, there has been a reduction in taxes paid by the people within the low-income population. (Answers. com, 2007) In the U. K. , taxes are being collected from individuals and employees, employers, and business corporations alike. Taxes are given back to the people in the form of child tax credits, work tax credits, and the likes to provide for the needs of the children, the workers, the disabled the aged population, etc. (HMRC, 2007)