Should Tax Policymakers Foster Economic Tranquility In The Cayman Islands? Sample Paper

There are two competing theories on this subject. One school of thought believes policymakers should have the autonomy to stabilize the economy. Still, the other school of thought rejects this autonomy and claims many downsides to providing policymakers with this power. Although the following thesis statement takes a position that is more favourable to one side of the debate, this paper will provide a balanced evaluation of the problem by considering both sides. The Cayman Islands’ officials in charge of monetary and fiscal policy have a critical role in stabilizing the economy if the country is to achieve a healthy, successful, and sustainable future. When the government employs effective fiscal instruments, it can help foster good conditions for enterprises and the general public. Appropriate taxes and expenditure policies are two of these instruments. This thesis statement will study how monetary and fiscal policymakers in the Cayman Islands may use taxation to stabilize the economy and build a solid, stable foundation for the country’s long-term economic health.

One of the many advantages of providing the decision-makers in charge of tax policy in the Cayman Islands with authority to foster economic tranquillity is that it enables those decision-makers to develop policies that promote economic growth and stability. It is just one of the many advantages of providing these decision-makers with this authority. These are the items that follow:

They create incentives for businesses to invest in the nation by providing tax exemptions or other sorts of subsidies to businesses that invest in the nation. Create these incentives in order to encourage businesses to invest in the nation. The authorities on Cayman Island have the authority to grant tax breaks and many other forms of subsidies to businesses that invest in the nation to encourage those enterprises to do so(Miller, 2017). There is within their purview as they are authorized to do so. Tax exemptions, lowered tax rates, and expedited depreciation are all possible forms of these incentives. It could be an effective strategy for luring businesses to set up shops nationwide and convincing them to put their money and resources into the economy(Roberta, 1995). Secondly, they can craft regulations that promote ethical competition and safeguard the financial interests of investors. The creators of public policy can also devise restrictions that shield investors from risk and foster fair competition. It could include enacting legislation that prevents unfair market activity, such as insider trading, and protecting investors’ interests. It may also be necessary to enact legislation that makes anti-competitive behaviour a criminal offence and encourage people to compete with one another. Thirdly, a reduction in corporate tax rates as an enticement for enterprises to remain inside the country. Cayman Island’s politicians are considering lowering company taxes to incentivize companies to relocate to the island. It may involve lowering the tax rate on corporations, lowering the tax on capital gains, or offering tax rebates. Because of this, doing business in the country will become more appealing, leading to a rise in the number of companies investing in the economy(Roberts, 1995).

It also allows them to design policies that make it easier for businesses to grow and expand, as well as the infrastructure necessary for enterprises to accomplish the goals they have set for themselves. Rates Applicable to Profits The decision-makers in charge of determining Cayman Islands tax policy have the authority to set competitive rates and promote a business-friendly environment. If the Cayman Islands have income tax and corporation tax rates more favourable for businesses, such companies may be enticed to invest and expand their activities there.

Exemptions and credits from the tax system The lawmakers of the Cayman Islands have the authority to provide local businesses with favourable tax treatment to encourage economic growth. Businesses that invest in research and development (R&D), as well as those that create new jobs, ought to be rewarded with tax credits and tax incentives, respectively. There is also the possibility of tax cuts falling under this category.

The Legal and Regulatory Framework Tax officials in the Cayman Islands have the latitude and discretion necessary to craft a regulatory climate that encourages the expansion and flourishing of commercial enterprises. Making it easier for companies to conduct their operations in the Cayman Islands is what is meant to be called “creating rules and regulations” in this context. The strategy of encouraging businesses to develop innovative new ideas is “providing incentives for corporations to innovate and remain competitive,” which refers to the process.

Financial incentives provided by the government The decision-makers in charge of determining tax policy in the Cayman Islands can provide fiscal stimulus on behalf of the government to encourage economic growth. It could mean providing funding for the construction of new infrastructure, doling out subsidies to existing enterprises, and using a variety of other measures to encourage more investment and the production of new employment opportunities(Roberts, 1995).

In the end, but certainly not least, it gives them the right to make laws protecting the general public from the potential hazards of economic recessions and financial crises. Tax authorities in the Cayman Islands can maintain economic stability by adopting policies that shield citizens from the risks of economic recessions and financial crises. It enables the Cayman Islands to avoid the adverse effects of these types of events. Legislators in the Cayman Islands can draft such laws to fulfil their constitutional obligations. Expanding public spending on infrastructure and increasing oversight and regulation of the financial services industry are two examples of such programs. These policies aim to increase the economy’s resilience in the face of unfavourable conditions. They do this by ensuring that citizens have ready access to financial resources. Caymanian officials can also stimulate economic expansion by lowering taxes, which will encourage enterprises to set up shops on the island and create additional employment opportunities(Miller, 2017). The inhabitants of the Cayman Islands are protected from the perils of economic downturns and financial crises because of the Cayman Islands’ policy of providing their government with authority to foster economic stability. Authorities in the Cayman Islands can protect the nation’s long-term economic health because of the proactive approach they take toward fostering economic growth and stability.

Even though many benefits are connected with providing the Cayman Islands Tax policymakers with the autonomy to ensure political stability, there are also many negatives, which will be highlighted in the following paragraphs.

A Lack of Openness: If tax authorities are given the capacity to promote economic tranquillity, this might result in a lack of transparency in decision-making, as the policies being put into place might not be made known to the broader public. It could result in a lack of accountability because the people who are meant to hold their leaders accountable for their decisions need a mechanism to do so. Because of this, residents may need help to acquire the information essential to appreciate the logic behind the decisions being taken, which can lead to a loss of trust in the government. Moreover, this can contribute to a lack of confidence in the administration. In addition to this, it may hinder residents from having the opportunity to share their ideas and provide feedback on the policies that are being implemented, which may result in a diminished level of public input and involvement in the process of decision-making.

Restricted Control Tax officials may have constrained control over the state of the economy because they cannot consistently and adequately foresee the effects their policies will have on the market. It could have implications that were not anticipated, some of which could not be in the nation’s best interest. In order to exert a higher degree of control over the health of the economy, decision-makers in the Cayman Islands should work toward formulating an economic strategy that is both well and encompassing (Fichtner,2016). This strategy ought to include goals, objectives, and strategies designed according to the requirements of the unique economic climate in the issue. It should also contain policies aimed at boosting economic growth and creating an economic environment more conducive to business. In addition, people in positions of responsibility should make it a point to establish a transparent and responsible culture, and they should endeavour to improve chances for public participation in the economic decision-making process. Sadly, they do not always have control over those components of the circumstance. In addition, in order to exert at least some control over the situation, they ought to make it a priority to establish and keep robust relationships with various international organizations, such as the World Bank and the International Monetary Fund (IMF), in addition to other governments located in the region. Ultimately, they should strive to establish a climate that promotes collaboration to sustain growth and stability. The Cayman Islands government can exert more influence over the economy by fostering an environment of greater transparency, accountability, and cooperation. It is part of the plan to exert even more management over the economy. A lack of sway is a significant hindrance to giving them the independence to create economic tranquillity in the Cayman Islands.

Thirdly, political intervention may occur if tax officials in the Cayman Islands were given the authority to support economic stability in the territory. As a result, policies will likely be implemented more for the benefit of specific political factions than the country’s benefit. There was a risk that political interference in decision-making would occur if tax officials in the Cayman Islands were given the authority to support economic stability. It could be detrimental to the welfare of the country as a whole if it leads to laws being made primarily for the benefit of special interest groups rather than the general populace. Attempting to achieve this goal would be futile. It might cause a lopsided distribution of wealth and resources, bringing about widespread economic instability and hardship for most of the population. Therefore, conducting an in-depth analysis of any suggested policies is crucial to ensure that they are fair and beneficial for the country as a whole (Panadès-Estruch, 2019).

Concerning Potential Conflicts of Interest When there is a potential for a conflict of interest, policymakers responsible for establishing taxation may be affected by the priorities of specific economic niches or industries rather than those of the nation as a whole. There is a risk that this will lead to decisions outside everyone’s best interest. Tax laws that help some industries or parts of the economy can not benefit the average citizen. For instance, giving favoured industries tax incentives can give them an edge over rivals, leading to higher consumer pricing. There is also the possibility that tax increases will pay measures that benefit certain companies for other industries, which could disproportionately impact low-income families. A potentially unfair and unjust system could emerge in which some economic sectors or industries are favoured over others. Tax policies can only benefit all members of society if policymakers ensure that all interests are given equal weight and work toward producing policies that are fair, balanced, and equitable (Novelo-Casanova, 2010). There are benefits and drawbacks associated with giving the decision-makers in charge of tax policy in the Cayman Islands discretionary authority to foster economic stability. It not only gives them the authority to make decisions that have the potential to support economic stability, but it also puts them in a position where they have the opportunity to abuse the authority that they have been granted. However, in the long run, granting decision-makers control over tax policy is the course of action that will prove to be the smartest. They will be able to make decisions based on accurate information, which is of the utmost importance given that a prosperous economy and a harmonious society in the Cayman Islands are in everyone’s best interests. As the economy continues to expand and become more stable, there will ultimately be gains for all parties involved.

References

Fichtner, J. (2016). The anatomy of the Cayman Islands offshore financial centre: Anglo-America, Japan, and the role of hedge funds. Review of International Political Economy, 23(6), 1034-1063.J. (2016). The anatomy of the Cayman Islands offshore financial centre: Anglo-America, Japan, and the role of hedge funds. Review of International Political Economy, 23(6), 1034–1063.

Miller, D. S. (2017). Tax Planning Under the Destination Based Cash Flow Tax: A Guide for Policymakers and Practitioners. Colum. J. Tax L., 8, 295.

Novelo-Casanova, D. A., & Suárez, G. (2010). Natural and artificial hazards in the Cayman Islands. Natural Hazards, 55(2), 441-466.

Panadès-Estruch, L. (2019). Technocracy in Paradise: Assessing the Social Impact of Public Procurement in the Cayman Islands via Public Sector Interviews. The Round Table, 108(5), 553-565.

Roberts, S. M. (1995). Small place, big money: The Cayman Islands and the international financial system. Economic geography, 71(3), 237–256.

Social Impacts Of Westward Expansion After The Civil War Sample College Essay

The American Civil War represents the bloodiest War in the United States’ history, resulting in almost one million casualties. The War touched every American’s life since military mobilization reached levels that had not been seen before. The Northern soldiers went to War necessarily to preserve the Union. In contrast, the Southerners fought against the union army as they saw its advances caused interference with their social and economic welfare. The War transformed into a social struggle whose main goal was eradicating slavery from the United States, especially in the Southern part of the country (Locke et al., page 397). Women also became part of the War, making it a historic war in the country’s history.

The Native Americans dominated the vastness of the American West. Linked with trade, warfare, and travel, many indigenous groups controlled most of the western part of the United States west of the Mississippi River. The Spanish, French, and British settlers established themselves in the rich areas, pushing emigrants into the West. After the Civil came and went, it sensitized people on the question of slavery following the industrialization of the United States, and rails were laid, making it easier for the population to move further westwards. In the American Yawp, “In the decades after the Civil War, American settlers poured across the Mississippi River in record numbers.”

Indigenous Americans have occupied western parts of the United States for centuries. The settlers and the American military The United States removed the Native Americans to shrinking reservations, making the West become territories and states control the land between the Atlantic and the Pacific oceans. Following decades after the Civil War, many settlers crossed the Mississippi River in many numbers, settling into the vast part of the continent. Other United States migrants went to the West for economic benefits during the rushes for gold and silver in the midcentury (Locke et al., page 397). Working-class women operated shops, boarding houses, saloons, and even brothels. The Civil War began due to the differences between the free and the slave states based on the national government’s power of prohibiting slavery in territories that had not become states of the United States. After Abraham Lincoln won the elections in 1860 as the first president in the history of the Republican Party history, around seven states in the South seceded, forming the new nation calling itself the Confederate States of America. Lincoln and his entire administration did not recognize the legitimacy of the secession. Their main fear was that it would discredit democracy, creating a fatal precedence that could lead to the division of the United States into warring small countries.

In the inauguration address of President Lincoln, secession was declared legally void, and he had the intention of invading the southern states; he, therefore, used force to maintain the federal property in the states that seceded (Gow et al., page 39). Electing Lincoln as president was considered a threat to the institution of slavery by the southerners. South Carolina acted with immediate effect as it called for immediate secession. Other states followed and wanted to secede from the central government. In the first quarter of the nineteenth century, the United States became more prominent and more potent at some time. The Louisiana Purchase doubled the nation’s size, opening a region not known for settlement and exploration. Explorers returned to the wilderness, showing people fertile lands and other beautiful stories about the hinterland. This made Americans venture westwards, but the United States was highly consumed by the challenge of maintaining neutrality as it faced threats from France and Britain. The 1812 war brought this issue to an end and left the United States to be able to pursue its North American goals. The United States was on the verge of expanding as the founding fathers envisioned it as a place of freedom and would cover a territory that reached out to the entire North American continent. The new leaders had not forgotten the desire to make the United States tremendous and encouraged the expansion westwards through the enactment of laws and rhetoric.

The first of the waves of westward expansion led to the rise of manufacturing that was done in New England, which increased mobility throughout the United States (Gow et al., page 39). As settlers began to move to places currently known as Midwest, the national transport infrastructure was established around these developments, and they helped to connect the cities and towns of the United States through the use of canals, roads, and even railroads. The new methods in the transportation sector also impacted the agricultural sector since they led to the invention of new machines and newer treatments for the diseases that were discovered. The American culture was established based on writing, painting, and acting. Most painters and writers perceived the American West as something that inspired them, making the West a symbol of American identity.

Expansion did not happen in an atmosphere that represented progress. The Jacksonian Democracy brought about the rise of political strife that involved the ruling party democrats and the Whigs of the opposition; as the system of the two parties matured, the tensions of politics focused on the institution of slavery. The West developed gradually, making the existing states to get torn apart. The economic and social divisions were accentuated, and the two parts of the country, North and South, remained loyal to their customs and beliefs. In 1848, the Mexican War ended, and the United States regained its complete control of Texas, New Mexico, and California territories. As settlers started to crowd these parts of the United States, it became evident that the westward expansion was linked to the future of slavery. The North and South made focused on the energy to pursue the political desires about the institution of slavery, especially in the territories of the West, and the debate between Lincoln and Douglass which was very famous and was mainly about the future of slavery in the West (Nagy et al., page 49). Even though there was reconciliation, especially the compromise of 1850, the Union plunged itself into a Civil War over the institution of slavery between 1861 to 1865 making the process of western expansion slow down as a result of the bloody conflict. After the Civil War ended and the reconstruction period faded, westward expansion began again. The western settlers got themselves were spurred by the establishment of the transcontinental railroad, which was a significant byproduct of the industrialization that started in earnest. Immigration and expansion combined the process of industrialization to provoke the growth and development of American urban societies. With the needs of industrial workers becoming even more critical, the political scene of the nation was then dominated by the discrepancies in the needs of American rural and populations in the urban environments and the needs of the newly rising classes of people brought forth by the process of industrialization and the emancipation of slavery.

At the beginning of the twentieth century, the United States had around forty-eight states that stretched across the American continent. Following the overwhelming defeat of the Spanish in 1898, the United States became a global power. Its cities started to trade with other foreign markets, which made the United States become involved in international politics. Both economic and political evolution that resulted from the westward expansion made the United States get involved in World War One. (Payne et al., page 59). After the end of the reconstruction, African Americans once again contributed to transforming American life. As they moved and got driven into parts that had economic concerns and faced the social conditions of the South, they started moving North and West in large numbers. In the 1890s, the number of African Americans that moved North East and Midwest doubled. The relocation of people in large numbers in North East and West came with many changes as the rural people relocated into urban areas.

Social problems such as suitable housing became social problems. In most of the existing cities, American residents who were non-African Americans imposed segregate stringent laws. The African-Americans were relegated to neighborhoods self-contained in parts of towns that were not desirable. Moreover, the available work in those cities involved industrial work where many African-Americans who migrated into those towns learned the art of learning new trades and, in most cases, at lower pay than what the European Americans obtained (Payne et al., page 39). The tensions between residents who are longtime and the new migrants flared at the beginning of the century riots that affected the cities and towns of the United States ranging from Springfield to Tulsa.

When the Mexican American War ended, the United States could extend its sovereignty from the Atlantic to the Pacific Oceans. The most people that suffered were the indigenous populations as they faced armed soldiers and were forced to relocate. The parts of the sparsely populated continent got folded up into a nation with the potential for sovereignty and power. The many settlers who moved to the western parts formed new communities, and the new territories gave the country access to natural resources such as minerals and the pacific trade. The acquisition of these new territories heightened the debate about the institution of slavery and how it expanded, which led to the outbreak of the American Civil War.

In conclusion, the invention and establishment of the transcontinental railroad in 1869 spurred westward expansion, making it easy to transport human beings and industrial goods. People quickly moved to the West in search of opportunities, and industrial goods could also be easily transported to the required destinations making it easier to do business between the east and the West.

Work Cited

Locke, Joseph, and Ben Wright. “The American Yawp.” (2019). Retrieved from: file:///C:/Users/empire/Downloads/Locke_American-Yawp_V1.pdf

Gow, James, and Rana Ibrahim. “The unreconciled US Civil War.” Reconciliation After War: Historical Perspectives in Transitional Justice. Routledge, 2021. Retrieved from: https://www.taylorfrancis.com/chapters/edit/10.4324/9780429345395-ch09/unreconciled-us-civil-war-james-gow-rana-ibrahem

Nagy, Dávid Krisztián. “Hinterlands, city formation and growth: Evidence from the US westward expansion.” (2020). Retrieved from: https://repositori.upf.edu/handle/10230/44679

Payne, B. Keith, Heidi A. Vuletich, and Jazmin L. Brown-Iannuzzi. “Historical roots of implicit bias in slavery.” Proceedings of the National Academy of Sciences 116.24 (2019): 11693-11698. Retrieved from: https://www.pnas.org/doi/abs/10.1073/pnas.1818816116

Social Media Impact On The Society Sample Assignment

Introduction

Anyone who wants to connect with others can use social media websites such as LinkedIn, MySpace, and Facebook. Many people use social media to connect with others and do research online. Everyone is interested in social media’s expansion, which has made it simpler for teens to communicate with adults and other teens for personal and professional reasons. As social media makes it simpler for people to talk to one another, teens’ cultural understanding and social skills are likely to grow, which is excellent for them. People are also much better equipped to meet new people today. Friends can talk immediately, anywhere, and anytime (O’Reilly, 2020). So, the world has become a global village where people can share ideas. This has led to a greater variety of people and ideas. Social media has unquestionably had an impact on today’s society. We cannot say enough about how much our digital spaces have changed our lives since more than half of the world’s people use social media and the average person spends at least two hours a day on them. Because of social media, the way we start, grow, and maintain relationships has changed dramatically. It has provided us with new ways to interact with and learn about our surroundings and avenues for self-expression.

The positive impact of social media on the society

Social media is used in many schools and classrooms to teach and learn. A student does not have to be in high school or college; anyone can be a student. There are so many free webinars, online courses, and other means to learn these days that there is no limit to how much we may learn. Through social networking, students can locate mentors and training programs, which is a terrific method to learn new skills and advance in their jobs (Abbas et al., 2019). It is also ideal for firms to show off their products, services, and software. YouTube provides free access to some top resources for learning new skills. Today, there are almost too many possibilities for online learning.

Social media is not only a terrific method to study but has also become a platform for online action on a wide range of social justice concerns. Because of social media, movements like #MeToo and #BlackLivesMatter have gotten much attention. BLM activists have pushed for criminal justice reform and passed anti-sexual harassment legislation due to a simple hashtag. On many occasions, social media made it possible for people who cared about the same subject to work together for a cause (The Positive Impacts of Social Media, 2018). The impact of these movements on society as a whole is inextricably linked to the function of social media. The #MeToo movement and the “Black Lives Matter” movement have garnered much attention from individuals all around the country because of arguments on social media.

The idea of social media is to keep in touch with individuals and make those ties stronger. Social media makes meeting new people and joining groups that share your interests simple. Finding a small, close-knit community may make us feel more welcome and respected. Social media makes it easy to communicate with distant friends and relatives. Keep in touch by sending messages, images, phone calls, and participating in video chats. Social networking allows you to meet new people and get to know them (The Positive Impacts of Social Media, 2018). You can instantly communicate with and share information with anyone, regardless of where they are. Because of how well digital media operate together, they are unique.

Social networking is frequently used to offer assistance. You can use social media to support a cause that is important to you or assist others. You can receive and offer assistance for activities such as starting a new business, exhibiting your photographs, or writing poems. It would help if you went out of your way to discover people in your field so that you can speak with them and offer your knowledge. Using social media to show that you care and have empathy. People commonly discuss their concerns or troubles on social media (The Positive Impacts of Social Media, 2018). You can exhibit empathy by sending a text message or making a pleasant comment when you can relate to someone. Demonstrate to your friends and strangers that you appreciate and care about what they say. Seeing how other people deal with challenges often offers us hope and helps us see things from a new angle.

The negative impact of social media on the society

Because there are so many social media sites, we no longer have the ability to feel emotions. We learned to read people’s body language by talking to them face-to-face as we grew older. Since social media came around, we “read” other people’s comments erroneously since we cannot grasp how they feel. People who disagree believe that social media and communication can be beneficial (Kloog, 2019). Most of the time, teens get along better with their peers. Even though some people may be able to manage their difficulties with the support of these strong online interactions, cyberbullying could develop as a result.

When people post about particular issues on social media, they risk receiving derogatory comments or messages. When these indications appear, a person’s confidence may be challenged. There is no method to avoid sending messages via a screen. Since people may hide their identities online, cyberbullying is becoming more widespread. They can disclose private information about other people, send messages to anonymous users, and tag people in posts that are derogatory about them (Kloog, 2019). They may make others feel bad about themselves and less confident with only one sentence. People will always be able to find something that has been posted online.

The individual bullied online may eventually decide to harm himself or herself. They may argue that face-to-face bullying cannot be stopped since it is a problem. This, however, is what a cowardly bully would do. Setting limitations and becoming more conscious of how our words and actions influence others could change how individuals check over potentially harmful content before submitting it (Kloog, 2019). On the other hand, some people are finding it increasingly difficult to resist the want to share knowledge.

Addiction to social media is a huge problem in modern society. Even though we claim to be checking items on our phones, we frequently have lengthy phone chats. Consider the children who attend school. Procrastination. We frequently spend more time on our phones than we do studying for an exam because we are concerned about what others may say (Kloog, 2019). Because of this, the student’s grades would gradually get worse. Some teachers instruct their students to check their homework online. When students conduct internet research, they may find an article in the sidebar that piques their attention.

Conclusion

As individuals, we might talk to our kids about the hazards of social media in today’s world if we think it will strengthen our relationships. While limiting the frequency of cyberbullying, we can strengthen our interpersonal communication and social interaction skills. The most important aspect is that we can limit the amount of time people spend on social media, which could lead to addiction in the long term. We can modify how social media operates and how it affects us and others. In the end, it is up to us.

References

Abbas, J., Aman, J., Nurunnabi, M., & Bano, S. (2019). The Impact of Social Media on Learning Behavior for Sustainable Education: Evidence of Students from Selected Universities in Pakistan. Sustainability, 11(6), 1683. https://doi.org/10.3390/su11061683

Kloog, D. (2019, December 19). The Negative Impacts Social Media Has On Society. The Odyssey Online; Odyssey. https://www.theodysseyonline.com/negative-impacts-social-media-society

O’Reilly, M. (2020). Social media and adolescent mental health: The good, the bad and the ugly. Journal of Mental Health, 29(2), 200–206. https://doi.org/10.1080/09638237.2020.1714007

The Positive Impacts of Social Media. (2018, February 26). Pivotal Counseling Center. https://pivotalcounselingcenter.com/the-positive-impacts-of-social-media/