Because thats where the money is, also the middle class is in decline in part because wages are kept artificially low due to large corporations colonizing the labor market in the country and outsourcing or replacing jobs. The real question should be why don't 40% of Americans make enough money to pay federal taxes?
When a person is wealthy, he has more disposable income. Even if he is taxed at a higher rate, he has more disposable income than the middle class and those on the verge of poverty. Why should any other group pay more taxes? Anyone who doesn't have assets and is struggling to pay their bills shouldn't be taxed at a higher rate.
The government wastes loads of money everyday, however I do believe the rich should have to do one of two things. The first is higher taxes and if they don't like that they should be forced to pay every employee they have a decent wage. I gues this leads to the follow up question. If the richest americans pay less.. will the overall american population/society benefit?
This demonized "top 1 percent" not only covers half of federal income taxes, but also employs millions of people, and produces goods and services at prices and quantities which make them available to the most people among other things. This idea that punishing those at the top, who have earned every penny they've made, for being successful at what they do has always perplexed me. It is commonly said that when you tax something, you get less of it... Why do we want to see less people reaching the level of success that those at the very top among us have achieved?
Furthermore, the consequences of increasing taxes on the ultra-wealthy would undoubtedly hit each and every one of us, in the form of increased prices and shortages in supply.
The top 1% pay an enormous amount of taxes. Most wealthy individuals make their own life, many of whom own companies etc. Owning their own real estate many hope to be able to expand. That prospect is not reality because of the taxes they have to pay. By raising the top 1%'s taxes you are not only punishing the wealthy, you are punishing there employees, their business and in the long run, the American Economy.
The wealthy pay enough in taxes-its the government that can't control its spending. The wealthy are the innovators, company founders and job creators. Tax money only takes away incentive from those who produce. The wealthy are the ones who invest in new ideas, new businesses and new employees. Politicians like Biden should stop playing class warfare.
The wealthy already pay the vast majority of the taxes. There are a large number of people who don't pay any taxes at all. Instead, they get money back from the government when they file their tax returns. The wealthy should not pay more because they won't have an incentive to earn more.