Why Rich Should Pay More Taxes
Annual taxes are mandatory for everyone to pay. These taxes are very beneficial to our economy because they are relied on to build some of the most important things a society needs to progress. Not only do these taxes help improve our quality of living, but they also fund government programs such as public education, foster care, and welfare. These programs are all designed to help society grow and advance as a whole. Most taxes are paid by middle-income families because the top one percent make more money and as a result, pay fewer taxes due to certain loopholes in the law. However, it must be mandatory for wealthier individuals to pay more taxes to generate more money to improve the quality of life and fund government programs that help the
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overall economy.
Statistics have proven that middle-income families are the most affected by taxes. In fact, according to an article titled, “Most Americans Say Rich Should Pay More Taxes, According to New Survey” by CBS news, “Households earning $50,000 to $75,000 a year accounted for 12 percent of taxpayers and contributed 9 percent of federal taxes, the center's data showed. Some 46 percent of households pay no federal income tax at all, although they do pay payroll, excise and other taxes” (CBS News). As the article states, roughly 46 percent of citizens do not have to pay federal income taxes at all. Although not specified if that 46 percent include the top one percent, they are still contributors in that they are able to rid themselves of certain taxes through loopholes in the law. In this case, middle-income families are forced to contribute more money to taxes which is completely unfair. However, if wealthier people were forced to pay more taxes, it would not only benefit middle-income families but also the economy because more revenue would be generated which provides a better economy. In another article titled, “5 Powerful Reasons Why the Rich Should Pay Their Taxes and Not Game the System,” by Paul Buchheit, a computer programmer, and entrepreneur, he states that “as America's wealth increased from $47 trillion to an incredible $80.66 trillion in just five years, the richest 1% are estimated to have added an average of $5 million each to their fortunes. They pay no wealth tax, they can defer their income taxes, and they pay a reduced capital gains tax when they decide to cash in” (Buchheit). This quote proves that as America’s wealth has increased, the top one percent have also benefited from this wealth. However, because there are currently many loopholes that can prevent them from paying some taxes, most taxes are waived. It is important that the top one percent pay taxes depending on their wealth. In another example, Paul Buchheit adds the effect lowering taxes has had on America has a country. In his article “Why the Rich Should Pay Higher Taxes,” he adds “over the past 15 years millionaires have seen their income tax rates drop from 30% to 22%. During approximately the same time period, American economic growth declined from an annual 3.2 percent rate to 1.7 percent. Lower taxes for the rich do not lead to productivity” (Buchheit). Not only is forcing middle-class income families to pay the same amount of taxes as the wealthy unfair, but it is also leading to negative side effects on the economy. As Buchheit mentions, the economic growth dropped nearly 1.5 percent which poses great threats to the economy as a whole. If taxes were increased, however, this would not be much of a problem.
In addition, the very rich profit off of national security, infrastructure, and property laws and are also not giving equal opportunities to other less fortunate citizens.
There is a simple reason as to why aspects such as property laws are more profitable to the more wealthy. Paul Buchheit describes this perfectly in his article named, “Why the Rich Should Pay Higher Taxes” when he states that “defending the country benefits the rich more because they have more to defend” (Buchheit). Being that the majority of the wealthy have more goods to protect, they should pay taxes equivalent to a number of government resources they are using. It is unfair to tax others the same amount based off of these important resources because they are not using them nearly as much. In another article titled “Even Millionaires Think the Rich Should Pay Higher Taxes” by Robert Frank, a CNBC reporter, and editor, he mentions that “CNBC’s first-ever Millionaire Survey reveals that 51 percent of American millionaires believe inequality is a “major problem” for the U.S., and nearly two-thirds support higher taxes on the wealthy and a higher minimum wage as ways to narrow the wealth gap” (Frank). Frank’s statement gives a different perspective on this topic. The fact that he adds a “millionaire survey” that was performed by CNBC news shows that some upper-class millionaires also believe that there should be higher taxes because higher taxes will result in a more efficient way of distributing money throughout society. Also, in the same article, he adds that many millionaires actually find the inequality of wealth a problem when he notes, “Despite being winners in the new economy, U.S. millionaires view inequality as a problem. More than half of millionaires and multimillionaires agreed that ‘inequality of wealth in our nation is a major problem’” (Frank). The fact that most millionaires actually view this is as a problem shows that raising taxes on the rich is the best route to take to help
most of the problems we are facing in America today. Lastly, in an article by Dominick Hernandez called “Pros and Cons: Should we Tax the Rich More?” he states how much money the rich actually profit off the country's total amount of income. He states, “They take over 20% of the [country’s] total income and the top 1/10 of the [country's] wealthy, have tripled their share in the last 30 years. It wasn’t this way in the 1950’s to early 1980’s. Fairness and logic dictate that you tax wealth that has increased exponentially” (Hernandez). The wealthy already take over much of the country’s wealth, making it very difficult for others to progress. Therefore, it is completely unfair to tax them the same amount as middle-income households who do not make nearly as much.
overall economy.
Statistics have proven that middle-income families are the most affected by taxes. In fact, according to an article titled, “Most Americans Say Rich Should Pay More Taxes, According to New Survey” by CBS news, “Households earning $50,000 to $75,000 a year accounted for 12 percent of taxpayers and contributed 9 percent of federal taxes, the center's data showed. Some 46 percent of households pay no federal income tax at all, although they do pay payroll, excise and other taxes” (CBS News). As the article states, roughly 46 percent of citizens do not have to pay federal income taxes at all. Although not specified if that 46 percent include the top one percent, they are still contributors in that they are able to rid themselves of certain taxes through loopholes in the law. In this case, middle-income families are forced to contribute more money to taxes which is completely unfair. However, if wealthier people were forced to pay more taxes, it would not only benefit middle-income families but also the economy because more revenue would be generated which provides a better economy. In another article titled, “5 Powerful Reasons Why the Rich Should Pay Their Taxes and Not Game the System,” by Paul Buchheit, a computer programmer, and entrepreneur, he states that “as America's wealth increased from $47 trillion to an incredible $80.66 trillion in just five years, the richest 1% are estimated to have added an average of $5 million each to their fortunes. They pay no wealth tax, they can defer their income taxes, and they pay a reduced capital gains tax when they decide to cash in” (Buchheit). This quote proves that as America’s wealth has increased, the top one percent have also benefited from this wealth. However, because there are currently many loopholes that can prevent them from paying some taxes, most taxes are waived. It is important that the top one percent pay taxes depending on their wealth. In another example, Paul Buchheit adds the effect lowering taxes has had on America has a country. In his article “Why the Rich Should Pay Higher Taxes,” he adds “over the past 15 years millionaires have seen their income tax rates drop from 30% to 22%. During approximately the same time period, American economic growth declined from an annual 3.2 percent rate to 1.7 percent. Lower taxes for the rich do not lead to productivity” (Buchheit). Not only is forcing middle-class income families to pay the same amount of taxes as the wealthy unfair, but it is also leading to negative side effects on the economy. As Buchheit mentions, the economic growth dropped nearly 1.5 percent which poses great threats to the economy as a whole. If taxes were increased, however, this would not be much of a problem.
In addition, the very rich profit off of national security, infrastructure, and property laws and are also not giving equal opportunities to other less fortunate citizens.
There is a simple reason as to why aspects such as property laws are more profitable to the more wealthy. Paul Buchheit describes this perfectly in his article named, “Why the Rich Should Pay Higher Taxes” when he states that “defending the country benefits the rich more because they have more to defend” (Buchheit). Being that the majority of the wealthy have more goods to protect, they should pay taxes equivalent to a number of government resources they are using. It is unfair to tax others the same amount based off of these important resources because they are not using them nearly as much. In another article titled “Even Millionaires Think the Rich Should Pay Higher Taxes” by Robert Frank, a CNBC reporter, and editor, he mentions that “CNBC’s first-ever Millionaire Survey reveals that 51 percent of American millionaires believe inequality is a “major problem” for the U.S., and nearly two-thirds support higher taxes on the wealthy and a higher minimum wage as ways to narrow the wealth gap” (Frank). Frank’s statement gives a different perspective on this topic. The fact that he adds a “millionaire survey” that was performed by CNBC news shows that some upper-class millionaires also believe that there should be higher taxes because higher taxes will result in a more efficient way of distributing money throughout society. Also, in the same article, he adds that many millionaires actually find the inequality of wealth a problem when he notes, “Despite being winners in the new economy, U.S. millionaires view inequality as a problem. More than half of millionaires and multimillionaires agreed that ‘inequality of wealth in our nation is a major problem’” (Frank). The fact that most millionaires actually view this is as a problem shows that raising taxes on the rich is the best route to take to help
most of the problems we are facing in America today. Lastly, in an article by Dominick Hernandez called “Pros and Cons: Should we Tax the Rich More?” he states how much money the rich actually profit off the country's total amount of income. He states, “They take over 20% of the [country’s] total income and the top 1/10 of the [country's] wealthy, have tripled their share in the last 30 years. It wasn’t this way in the 1950’s to early 1980’s. Fairness and logic dictate that you tax wealth that has increased exponentially” (Hernandez). The wealthy already take over much of the country’s wealth, making it very difficult for others to progress. Therefore, it is completely unfair to tax them the same amount as middle-income households who do not make nearly as much.