Contract law exam Essay Example | Topics and Well Written Essays - 750 words

Contract law exam - Essay Example Mistake is another vitiating factor and it has be operative in order to render a contract void or voidable At common law it will render the contract void ab initio and nullify any property passed or obligations created.Mistake at equity may make the contract voidable for mistake which means that the contract has an option of being avoided and will be The law relating to mistake is not statutory and can be inferred from a number of case law.It has often been stated that the categorization of the types of mistake etc is confusing and should be reformed.The effect of mistake is that if the contract is void at law then the there is no remedy of specific performance available either.(Nutt v Read (1999) The Times, December 3.) Consideration is an integral part of a contract essentially what really makes an agreement a fully enforceable contract.It has been defined in many case law authorities such as the statement of Lush J. in Currie v Misa (1875) LR 10 Exch 153: " some right, interest, profit or benefit accruing to one party, or some forebearance, detriment, loss or responsibility given, suffered or undertaken by the other."Another has been given by Frederick Pollock, approved by Lord Dunedin in Dunlop v Selfridge Ltd [1915] AC 847, is as follows:"An act or forebearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable." Consideration is called "executory" where there is an exchange of promises to perform acts in the future and if one party makes a promise in exchange for an act by the other party, when that act is completed, it is executed consideration.The court will however not inquire into the quantity or value of consideration here (Chappell & Co Ltd v Nestle Co Ltd [1959] 2 All ER 701.).Secondly the law as it stands requires that the consideration must move from the promisee or that it was provided for him.Finally it does not have to move to the promisor.(Price v Easton (1833) 4 B & Ad 433). . Books consulted Gibson, A & Fraser, D 2007, Business Law, 3rd edition, Pearson Education, Australia D.G.Cracknell(2001)Obligations; Contract Law ,Old Bailey

Cross-Cultural Interactions Essay Example | Topics and Well Written Essays - 1500 words

Cross-Cultural Interactions - Essay Example Cross-cultural interactions between 500 and 1500 CE The period between 500 CE and 1500 CE saw the emergence of various cross-cultural events that are crucial in understanding world history. These cross-cultural interactions had significant socio-economic and political ramifications for all the societies that were involved. Previous centuries had seen a long period of instability in major societies such as China, Southwest Asia, Mediterranean and India. During 500 CE, the aforementioned societies were faced with a need to restore social and political order. This stability was to be provided by empires that were well established which were Tang, Abbasid and Byzantine from China, Southwest Asia and eastern Mediterranean respectively. These empires commanded order over vast territories and had economies that were very powerful. Core to cross-cultural interactions was the spread of major religions. In particular, Islam spread across India, North Africa and the Iberian Peninsula. Another religion that played a vital role in bringing about cross-cultural interactions was Buddhism, which alongside with Confucianism spread from China via Korea to Vietnam. This period was also characterized with the spread of Christianity in the northern and the western part of Europe (Bently pg753). The beginning of 1000 CE and subsequent years saw a quick change in cultures throughout the world. Kingdoms and states became more centralized and cross-cultural interactions increased tremendously.... Kingdoms and states became more centralized and cross-cultural interactions increased tremendously. In America, this is the period that led to the emergence of Andean, Mayan and Mississippian cultures. European renaissance, which is a major event in world history, occurred during this period. In addition, great empires and centralized states such as the Mongol empire in Asia emerged during this period. However, during the 14th century, cross-cultural interactions decreased tremendously following the demise of many participants in long-distance trade through bubonic plague. The Europeans and the Chinese were major culprits as they lost millions of people to the epidemic. The cross-cultural interactions did not die completely. The 15th century was a period when the western Europeans became prominent due to the wealth they had amassed from cross-cultural encounters with various societies. This prominence set standards for their part in influencing major undertakings in various parts of the world even in the modern world (Bently pg766). Significance of the Cross-Cultural Interactions The conquests and trading activities that were carried out by Muslim states led to a remarkable distribution of food and crops throughout Asia, which resulted to growth of population and increased food production in Europe, China and North Africa. Long distance trade was an aspect of culture that developed during this period. This trade brought major implications in culture and religion. Merchants carrying out this trade traversed various societies and cultural regions whereby they integrated with new communities. These merchants played a major role in the establishment of religions such as Buddhism and Hinduism in Asia, Christianity in Asia and Islam in some parts

I Have A Dream Speech

I Have A Dream Speech Martin Luther King astounded America with his historic I have a dream speech. His demand for racial justice and a unified society became mantra for the black community and is as known to successive American generations as the US Declaration of Independence. In his speech, King stresses upon equality and presents his dream of an ideal non-racist community. The speech is divided into two halves. The first half shows the picture of seeing American nightmare of racial injustice rather than an idealized American dream. It then makes a demand for action and set some goals to achieve. The second half of the speech describes the dream of a better future racial integrity and equilibrium. King has a very sophisticated voice in the speech. He makes his speech effective by using several large and descriptive words rather than short and direct words. All around the speech, King uses various metaphors such as America has given the Negro a bad check. The speech is directed towards Kings fellow Americans. All over the speech, King make use of the words, our and we when he refers to others. This shows that he is not speaking specifically to the white or black Americans, but to the country as a whole. This is supported by, must not lead us to a distrust of all white people, for many of our white brothers à ¢Ã¢â€š ¬Ã‚ ¦ their destiny is tied to ours, and in the line we cannot talk alone. To increase the rhetorical effect in his speech, King uses a rhetorical device, anaphora in which words are repeated at the beginning of neighboring clauses. A pattern is set by repeating the words twice, and further repetitions signify the sequence and increase rhetorical effect. For instance, I have a dream is repeated in eight successive sentences. Moreover, King has made the clever use of repetition of key theme words throughout the body of his speech. For example king has used key words like freedom, we, our, nation, America justice and dream, to highlight important themes he has tried to discuss in his speech. In addition to above, King has made extensive use of allusions in order to make his speech more credible. He starts his speech with five score years ago à ¢Ã¢â€š ¬Ã‚ ¦ which refers to Abraham Lincolns famous speech which began similarly, Four score and seven years ago à ¢Ã¢â€š ¬Ã‚ ¦ This allusion is particularly emotional given that King was speaking at the front of Lincolns Memorial. His fourth paragraph, Life, Liberty, and the Pursuit of Happiness à ¢Ã¢â€š ¬Ã‚ ¦ is a reference to US Declaration of Independence. To provide moral basis of his arguments, King uses numerous Biblical allusions. The allusion in the second paragraph, It came as a joyous daybreak to end the long night of their captivity, refers to Pslams, For his anger is but for a moment; his favor is for a lifetime. Weeping may linger for the night, but joy comes with the morning. [30:5] Further in the eighth paragraph, the allusion Let us not seek to satisfy our thirst for freedom by drinking from the cup of hatred a nd bitterness à ¢Ã¢â€š ¬Ã‚ ¦ alludes Jermiah for my people have committed two evils: they have forsaken me, the fountain of living water, and dug out cisterns for themselves, cracked cisterns that can hold no water. [2:13] King provides numerous geographic references like Mississippi, Georgia, Albama, California, etc. throughout his speech. Mississippi is mentioned on four different occasions; King has a logic and purpose behind this. He wants to evoke some of the strongest emotions and images for his audience relating to various incidents that would have taken place at the above mentioned places. Additionally, King uses generic geographic references like, slums and ghettos of our northern cities, the south, from every mountainside, and from every village and every hamlet, thus making his message more inclusive. To associate his speech concepts with concrete images and emotions, King has used Metaphors. For example, to contrast separation with racial justice, King uses the contrasting metaphors of dark and desolate valley (of separation) and sunlit path (of racial justice). He used metaphors in paragraph two, joyous daybreak to end the long night of their captivity, at paragraph three, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity, at paragraph six, rise from the dark and desolate valley of segregation to the sunlit path of racial justice, at paragraph seven, This sweltering summer of the Negros legitimate discontent will not pass until there is an invigorating autumn of freedom and equality, and at paragraph nineteen, sweltering with the heat of oppression, will be transformed into an oasis of freedom and justice. Despite all the rhetorical devices King has used, what makes his speech strong is his focus on the problems he confronted. For instance, at the start of second of the speech, in answer to the question from his cynics, When will you be satisfied? King launches a rhetorical pattern, We can never be satisfied until followed by list of injustices that King wished to see abolished, including, barbarism, separation, and neglect of voter rights. He left no stone unturned in listing critical problems that African-American faced. Secondly, the power of his speech lies in the captivating vision of justice, equality, and brotherhood, that King cast in his speech. Here the rhetorical waves start with the popular, I have a dream, followed by gripping articulations of Kings vision of racial impartiality and justice: I have a dream that one day this nation will rise up and live out the true meaning of its creed Thirdly, the strength of Kings words lie in the non-violent methods he purposed. Although King and his followers faced serious injustice, and there was a great difference between reality and vision King advocated, he remained unshaken in his commitment to non-violence. For example, in the seventh paragraph, King said, We must not allow our creative protest to degenerate into physical violence.   Again and again we must rise to the majestic heights of meeting physical force with soul force.   Carefully choosing the language and structure of his speech, King left little room for weaknesses. Although King focused his speech primarily for the rights of black Americans, the message is all logical. He talks about nothing controversial in his speech neither does he degrade white Americans. He speaks for the best interests of everyone. This is why his speech is still considered so important by the Americans. Part of an extensive black movement, King challenged the white Americans to extend their claims of genuine freedom to his people. Moreover, King used all his means to inspire black Americans to believe in genuine freedom for themselves. The primary message from the speech was equality. America now bears the slogan of the message he gave decades back and black Americans are better than ever in the American society. (Word Count approx. 1200)

Comparing Japan And American Food Markets :: essays research papers

Comparing Japan and American Food Markets The Japanese Market has become vital to the U.S. Economy. Japan is the number one export market for the United States. In 1993, Japan accounted for 37.6 percent of the total growth in U.S. value-added exports. U.S. food products, in particular, are a huge market in Japan. American agricultural exports to Japan in 1993 were $8.7 billion. About one-third of Japanese agricultural imports come from the United States. However, there is sometimes a mixed reception in Japan regarding products from the United States. Japanese, on one hand, wish to do things "American" ever since the Second World War. But, on the other hand, U.S. products are perceived as less sophisticated than Japanese and European food products, in product formulation or packaging. Also, U.S. products are considered not as safe as domestics ones, due to the use of pesticides and chemical additives and the partiality of the Japanese consumer to purchase Japanese items. The reason for the large volume of exporting to Japan is due to United State's comparative advantages. Food products are very expensive to produce in Japan. Japan's current labor shortage, combined with import restrictions and domestic price stabilization programs, have driven up domestic production costs. The Japanese food consumption pattern consist of an openness to foreign products and a strong interest in things international. All types of international cuisine can be found in Japan. Many varieties of tropical and imported fruits, such as Florida grapefruit, California cherries, New Zealand kiwifruit, and Hawaiian papayas are readily available in supermarkets and department stores, as are imported alcoholic beverages ranging from Kentucky bourbon and Chinese beer to Russian vodka and California sake. Japanese food consumption is marked by short-term trends. For example, Korean and Mexican food became popular a few years ago and then unpopular. There have also been Italian and Spanish food booms. The Japanese economic recession has shifted the focus of many consumers to the more affordable neighborhood restaurants that feature traditional Japanese dishes. This has made consumers price conscious at grocery counters, which benefits cheaper imported goods. As a result, imported foods account for over half of Japan's average annual caloric intake. Moreover, with Japanese agriculture contracting, Japan's reliance on (and openness toward) imported food products will continue to increase. Conclusion In the future, the United States may no longer be considered to have a comparative advantage for food products in Japan. Countries in the western Pacific are likely to provide stiff competition for the U.S., due to the shorter shipping distances and the ease of conducting long-distance business from with in neighboring time zones. Offshore investment for processing exporting

African American and American Society Essay

Is Racism a Permanent feature of American Society? Derrick Bell argues in this issue that the prospects for achieving racial equality in the United States are â€Å"illusory for Blacks. Bell reminds us despite the fact of the progress of blacks in United States; the legacy of slavery has left a portion of the race â€Å"with life-long poverty and soul devastating despair†. Bell believes that race consciousness is so imbedded in whites that it is virtually impossible to rise above it. He also argues that â€Å"few whites are able to identify with blacks as a group† and tend to view blacks through â€Å"comforting racial stereotypes†. Bell feels strongly that critical and proper examination of the history of black-white relations supports his conclusion that racism is a permanent feature of American Society. Bell makes some good point about racism in the American society today. The fact that the psychical part of racism is gone does not mean that racism as permanently left American Society. The fact that racism still â€Å"exist† is does not reflect on blacks’ success any longer. Majority of whites had a head start because their generation of success goes so many years back, were as for blacks success was not allowed at a point in time. Blacks have come a long ways over the years but there is still racial discrimination that â€Å"affects† the black population. Dinesh D’Souza does not agree with Bell, he believes that racism is not a permanent Strain of fabric in the American Society. D’Souza distinguishes between racial discrimination that is â€Å"irrational, motivated by bigotry† and which is â€Å"rational from the point of view of the discriminator. † D’Souza admits that such discrimination may be harmful to individual blacks but he rejects any casual linkage between the lagging indicators of blacks’ overall progress with racial discrimination. He believes race is a diminishing force within American society, D’Souza argues that factors other than racial discrimination are the sources of lagging process toward the American Dream. D’Souza reasoning for blacks not achieving more in America is because blacks fail to observe and embrace certain cultural norms of the dominant American Society. He implies that those who are successful exhibit cultural values that promote success. He states blacks need to place a much greater emphasis on overcoming cultural barriers rather than continuing to assert that race is being held by a persistent racism that afflicts America. Black’s generation has come a long way in American Society. Racism shouldn’t be the excuse for the failure in African American success when in 1919- current we have African American first. Slavery started around 1808 and ended in 1865 due to Lincoln Emancipation Proclamation. Racism was still in effect because the fact that blacks had rights was new. Still in all there were blacks who succeed shortly after that time. Madame C. J. Walker was the first African American female who was a self-made millionaire. In 1893 Dr. Daniel Hale Williams was the first black to perform open heart surgery. In 1908 Jack Johnson was the First African-American world heavyweight Champion. In 1993 Toni Morrison was the first African-American to win the Nobel Prize for literature. In 2009 Barack Obama was the first black president of the United States, with the support of some whites. Racism still is â€Å"permanent† due to history but it is not an excuse for Blacks not becoming successful. Derrick bell major argument is that blacks are faced at the bottom of the well. Bell exclaims despite undeniable progress for many, no African American is insulated from incidents of racial discrimination. He states because of our color we are threaten through our lives, careers. Dinesh D’Souza states racism undoubtedly exists, but it no longer has the power to thwart blacks or any other group in achieving their economic, political, and social aspirations. The arguments relates to the overall theme because yes, racism still occurs but it should not pun Blacks from achieving their aspiration. Bell major point is as a Black he experiences the racism. Blacks can work in a white community and experience racism because whites fear the superiority of blacks. D’Souza points out in his argument that racism is the least bit worries blacks should have, when there are black on black crime occurring. Racism should not be such an excuse for â€Å"underclass† blacks not achieving their goals. D’Souza points out the facts where African Americans now live in a country where black man, Colin Powell, who three decades ago could not be served in restaurants, is now a Joint chief staff. Also a white man who supported the nomination of Clarence Thomas, a black man married to a white, for the Supreme Court. D’Souza question is if white racism controls the density of blacks today, how one segment of black community has prospered so much over the past generation. Some unsupported claims in bells argument was he says, â€Å"Modern discrimination is, moreover, not practiced indiscriminately. † Bell implies whites idolize black athletes and entertainers but refuse to hire and work with blacks. Bell also states whites who number individuals blacks among their closest friends approve, or do not oppose, practices that bar selling or renting homes or apartments in their neighborhood to blacks they do not know. Then in his argument he also states that most hotels and restaurants, who offer black patrons courteous treatment, uniformly reject black job applicants. Bell defense for this was â€Å"When did you last see black waiter in a really good restaurant†. These are unsupported claims because this may be true but there are no proven facts that racist is the cause of these arguments. In D’Souza arguments there were not any unsupported claims really found. D’Souza stated his arguments and had accurate information to support his defense. D’Souza makes great points and has a lot of validity in his arguments. He states if blacks are going to reform their community, they have a right to expect that they will be treated equally under law. Hypothetically speaking D’Souza implies if blacks were refused hire on every baseball team in America, blacks would suffer most because they would be denied the chance to play professional baseball. Fans would also suffer because the quality of games would diminish. He says â€Å"But what if a few team-say the New York Yankees and the Los Angeles Dodgers- refused to hire blacks? † African Americans has a group would hardly suffer at all, because they would offer there service to other teams. D’Souza saying the Yankees and the Dodgers would suffer a great deal, because they would be deprived of the chance to hire talented blacks’ players. Eventually the competitive pressure would force those teams to either hire blacks or suffer losses in games and revue. Then he makes another valid point he referenced from Gary Becker pointed out, in free market, selective discrimination imposes the heaviest cost on the discriminator where it should be. Some whites will undoubtedly discriminate against blacks but with deal with them because of the law and taste for profit. *Dinesh D’Souza is an Indian American conservative political commentator, public intellectual and current president of the King’s College in New York City. He graduated from Dartmouth College, where he graduated with a B. A. in English. D’Souza also published a book in 2007 called The Enemy at home: the cultural left and its responsibility for 9/11. In his argument D’Souza used government documents, books, articles and oral very frequently. D’Souza would state his opinion and have facts and documents to support his defense. No, the reading did not significantly add to my knowledge because these are issues that has been discussed for many years. In the article I did learn some new ways of thinking of Racism. This article did broaden my thoughts with the factual evidence the authors used to support their defense. I would recommend this article to be read to those who do not have a clear understanding of the term racism. The subject that was focus on in this case study is racism a permanent feature of American Society? The case study focused on political, social and economic issues. Bell argued blacks will never gain full equality in American and D’Souza argued that blacks have equality and racism is not important issue blacks should be worried about in today society.

Uk Taxation System

1. 1 Introduction of the UK tax system There is a very long time before British tax becomes what it is now, which can be traced back to Ancient times when UK was a part of the Roman Empire. The uniform land tax in 1692 is the basis to the current British tax system; at that time, the land tax is a kind of direct tax and is the main source of government revenue. Before the end of 18th century in British, William Pitt announced income tax to cover the expenses on weapons in the preparation for the Napoleonic Wars. Initially, the tax rate was around 1/120 of the income above ? 60 and the rate increased to 1/10 of income above ? 200.In the 20th century, income tax is the main resource for UK government; in the mean time, indirect taxes also became more important through the century. In 1965, the corporation tax and the capital gains tax were introduced, and in 1984 the capital transfer tax was replaced by inheritance tax. Currently, the taxation system in the UK can be mainly categorized as personal tax, including income tax, inheritance tax and council tax, sales taxes and duties, including value added tax, excise duties, stamp duty and motoring taxation, business and personal taxes, including national insurance contributions and capital gains tax and business taxes.As a constitutional monarchy, the power of legislation is highly concentrated. All tax laws are from proposals from the Treasury Department and after approved by parliament and the royal, these proposals can come into effect and become laws. In the UK, nearly 90% of tax income is collected by central government. The HM Revenue & Customs takes charges of tax administration related affairs, including value added tax, sales revenue and tariff. 1. 2 Discussion of the UK taxation bases In computing the tax, we have to consider two parts: tax base and tax rate.Tax base is the economic basis of a certain tax and it is the base amount to compute the tax liabilities. Tax base is different from tax object, for e xample, the total income is the object of income tax, while only the taxable income can be regarded tax base. On the whole, tax base has two categories: economical tax base and non-economical tax base. Economical tax base means the objects of tax that are related to economical actions, such as revenue, capital and sales; non-economical tax base has nothing to do with people’s economical actions, such as the poll tax that is taxed on every individual person without their actions.In the UK, there are three kinds of tax bases: income base, capital base and consumption base. The income base is mainly used in individual income tax and corporate income tax. In most countries, revenue from income tax is the main source of government, so income tax base certainly has many advantages. Firstly, income tax base is much larger than other tax bases, because people with income above taxable allowance are the subjects to income tax. Furthermore, for most people, tax based on income is easy to calculate and manage for governmental officers. On the other hand, income tax base also has several disadvantages.Firstly, income tax base is only available for cash income; for income as goods, income tax base would not work. Obviously, it is unfair to not tax on goods income. Secondly, income has many sources; some are easy to track, such as wages and bonus, while some are not easy to detect, such as illegal sales commissions. At last, different people have different ability to pay the tax and income is not a good indictor to measure their tax abilities. So it is very hard to make a rule or rate to keep fair among every taxpayer. Capital can be used to make income and can reflect individuals’ paying ability, so it seems to be a good base for tax.However, the amount of capital would not generate the same amount of income, so it is not very accurate to use capital as a tax base. Furthermore, there are many kinds of capitals, which are hard to calculate and manage, and taxp ayers’ economic conditions are not the same, for example a house with mortgages and without mortgage should not be regarded same, so capital tax base also has some drawbacks. At last, consumption is also a measurement of ability to pay tax; more consumption means more ability to pay tax and less consumption means less ability to pay tax.According to Nicholas Kaldor’s theory, revenue should be the base of tax, not income. But here comes a confusing question: what if a person saves most of his/her income in the bank, rather than for consumption? Moreover, revenue tax base would affect the money supply on the capital market, because most people would tend to shorten their consumption and save money in banks. In a nut shell, all of these three tax bases have advantages and disadvantages, and there is no perfect tax base that can very fairly measure all taxpayers’ ability. So when considering the tax system, we should keep a balance between these three tax bases. . 3 Evaluation of a good taxation system What are the qualities of a good taxation system? Of course, nobody likes paying tax; however, tax is the main source for government revenue, which is used for providing public services. So we can also say taxpayers pay for the services they received, such as high ways and public schools. A good tax system should be both simple and equitable and simple. Equity has two directions: one is horizontal and the other is vertical. Horizontal equity means taxpayers with similar income should the same level of tax; vertical equity means taxpayers with higher income should pay a high level tax.Even though companies have to pay corporate tax, all taxes are ultimately paid by individual taxpayers. So it is extremely important to keep tax system to be equitable. Besides, simple is also an important quality to a good tax system. The rules and laws should be easy to understand; the tax liability should be easy to calculate and the tax system should be easy to administer. If the cost to administer the tax is more than tax revenue received, this kind of tax system is inefficient to both taxpayers and government.Complicated tax laws are costly to both taxpayers and the government; such laws are hard to administer and inefficient to collect. In addition, a good tax system should also be certainty, which means that the tax policy should keep being stable year to year, because this can make taxpayers to know the difficulty to evade tax payable and make a reasonable tax plan on the long run. On the whole, equity and efficient principles are two main principles to measure a tax system. A pie cannot be made both bigger and divided fairly. The same situation happens here.We cannot expect a tax system to be both equity and efficient, for example, when cut down the marginal income tax rate for those high income taxpayers, their productivity would increase accordingly, while the tax equity would decrease. However, there is always a comparably good po int between them, which we often call tradeoff. 1. 4 Evaluation of the UK taxation system In the UK tax system, income tax, national insurance, value added tax and corporation tax are the four main source of governmental revenue; the percentages are respectively 29%, 19%, 15% and 9%. On the whole, the UK tax system is quite stable.According to Huijun Yang (2012), from mid 90s 20th century, the ratio of total tax on GDP is between 36% and 39%, so it would be easy for taxpayers to make a tax plan. In addition, the UK tax system is quite equity for its income tax rate ranges from 10% to 50% and low income taxpayers can deduct allowances too. In 2012, the income tax personal allowance increases from 7,475 to 9,000 and the highest income tax rate decreases from 50% to 45%. This new rule will benefit 23,000,000 basic income tax rate taxpayers. The UK tax system also operates efficiently and the cost to administer tax is comparatively low.So overall, the UK tax system is well designed and works both efficiently and equity. However, there are still some drawbacks of the UK tax system. Firstly, the highest tax rate will be 45% in 2013, so the income gap between the rich and the poor will get bigger and bigger. Secondly, the tax takes less than 40% of the GDP, while, on average, government expenditure is 45% of the GDP, which means that the government need to increase their deficit to keep going on. Too much deficit will increase the governments’ financial pressure, because the borrowing must be paid by future years’ tax revenue.If the deficit always keeps on a high level, the governments’ authority among public would be weaken, and government function cannot be operated well. Thirdly, individual tax is prepared and paid by individuals; these tax preparation costs, including service fee of accountants and time cost, are also hidden costs for taxpayers. At last, the British government provides comprehensive social welfare to all citizens; among them, most taxpayers pay for the services, but some lower income taxpayers or unemployed people enjoy the services free of charge.So it is those high income taxpayers pay money for the low income taxpayers, and this would decrease those high income taxpayers’ work efficiency because some of their work are not rewarded. According to Holdford and Lovelace-Elmore (2001, p. 8), Vroom asserts, â€Å"Intensity of work effort depends on the perception that an individual’s effort will result in a desired outcome†. 1. 5 suggestions for the UK taxation system The following suggestions may be work to solve those drawbacks: * Creating more jobs for the poor and unemployed people * Increasing the highest rate of income tax Optimize the tax structure * Simplifying complex tax law clause * Decreasing the corporate tax rate for starting companies 2. 1 proposals for the UK taxation system In the UK, the main taxes are: income tax, inheritance tax, council tax, value added tax, motori ng taxation, corporate tax and capital gain tax. Even though all taxes have different tax bases, the ultimate taxpayers are every individual. As we know, a pie cannot both be big and evenly sliced. So for the UK government, it should find out a good point that can make the tax system be both efficient and equity.According to the 2012 Budget statement by the Chancellor of the Exchequer, the Rt Hon George Osborne MP (2012), the main target for the UK government is to keep the economy in a stable increase trend. As mentioned in Osborne’s report, the UK’s economy is in a depressed time and the government has to both cut down expenditures and expand tax revenue. Therefore, we proposed three proposals on the tax system to improve the development of economy. Firstly, divide more the income tax rate levels between the higher rate and additional rate.According to the current UK income tax system, taxpayers with band between ? 34,371 and ? 150,000 are applicable to the higher ra te that is 40%, and taxpayers with band over ? 150,000 are applicable to 50% additional income tax rate. Apparently, the range from ? 34,371 and ? 150,000 are too wide that some mid-class families have to pay too much income tax for the high marginal tax rate. Taxpayers with income of ? 34,371 and ? 150,000 are totally different in tax payment ability, so it is not fair to let all of them pay tax on the same rate. From my point of view, taxpayers with band between ? 4,371 and ? 70,000 are applicable to tax rate of 25% because most mid-class taxpayers’ incomes are in this range and by doing so, there financial pressure will be reduced a lot; taxpayers with income ranges from ? 70,000 to ? 100,000 are subjects to 35% income tax rate and taxpayers with band from ? 100,000 to ? 150,000 pay income tax on 45% income tax rate. This proposal will greatly reduce the most mid-class taxpayers’ financial pressure and as the marginal tax rate increases for high income taxpayers, th e total tax revenue for government will not decrease.Secondly, impose property tax on people who own luxury houses or own more than three houses. In many countries, the property tax is imposed on individual house owners because real perporty is a remark of wealth. The property tax can help to reduce the gap between the rich and the poor. Moreover, as the tax is imposed on multiple house holders, the economic bubble in real estate investment or speculation will be greatly eliminated. Currently, the property tax is imposed on gains from capital, such as house rental not on capital itself. Even though taxpayers pay tax on their capital gain, the income gap still increases.At last, decrease the rate of stamp duty for bond or stock transactions. Currently, the stamp duty rate is 0. 5%. As mentioned in the UK’s budget statement, the main target in 2012 is to keep the economy to be stable not do slow down. The decrease of stamp duty is really a good method to stimulate the economy d evelopment. On the one hand, the decrease of stamp duty is a good remark for the stock market, which would encourage more stock transactions. On the other hand, even though the rate of stamp duty decreases, as more transactions there will be, the total revenue from stamp duty will still increase.As we know, UK is the center of worldwide stock market center. Stock market is the main capital source for public companies, so the boom of capital market will greatly promote the development of entity economy. In conclusion, the UK’s tax system is well organized and designed except for some drawbacks. I believe my proposals can effectively improve both equity and efficiency of the UK tax system and stimulate the economy development. Reference list Budget statement by the Chancellor of the Exchequer, the Rt Hon George Osborne MP, 2010. HM TREASURY. online] Available at: < http://www. hm-treasury. gov. uk/junebudget_speech. htm> Finance Act 1965 (c. 25), from UK Statute Law Databaseâ⠂¬ . UK Statutory Publications Office,  Ministry of Justice. Retrieved 2007-05-09. â€Å"HM Revenue and Customs receipts†. hmrc. gov. uk. Retrieved 2011-11-11. Kay, Richard. â€Å"Palace fear over Queen's tax bill†. Daily Mail  (London). Peter Victor (30 July 1995). â€Å"A brief history of VAT†. The Independent(London). Retrieved 13 January 2011. Principles of a good tax system,2010, tutor2u, [online] Available at: