Many people have this delusion that higher tax rates are only harmful, but that is simply a product of being shortsighted. Almost every other wealthy, developed nation in the world has higher income taxes and more additional taxes than we do. The benefits they get in return are immense. Parents are given free professional daycare, free high quality education (Finland has the world's best education system and has high taxes to pay for it), almost free or entirely free healthcare (instead filing for bankruptcy over ridiculous medical bills even with insurance), and sufficient entitlement for the less fortunate. Taxes are necessary for government services and more you pay in the more you get in return across the board.
It doesn't necessarily have to be through income tax either which has been proven to potentially reduce productivity and desire to achieve. Other countries implement a value-added tax on purchases which will be an additional tax. By having a mere 16.7% value-added tax in the U.S. our government would be able to hit its revenue targets. That would be a remarkably easy fix. The the VAT does end up significantly harming lower-income Americans, the government can offer a tax rebate to those people to soften the blow and still earn plenty from wealthier Americans with this tax. There is a lot we can learn from our friends in the European Union or in Eastern Asia about tax systems that have been proven to work.
There is, of course, the idea that raising tax on the wealthiest of Americans which would also work. This would greatly take the load off poorer Americans who need to entitlement spending to live an acceptable lifestyle. There are people in the top 1% who are for more taxes on the wealthy. So there is no logical reason to not tax them more because not only would that help everyone else in the country but they are even for it.
Taxes should be imposed on those who can afford it. Arrangements need to be made. Factors such as household expenses, school, and so on. Taxes should not be a burden on the people. Those who have a high salary or high rank does not mean they are happy, they may experience financial strain, may also have children who are still in school. Colleges and so on. Thus, tax only applies to those who can afford to pay taxes. Usually, that indigent or poor excluded from the list of taxpayers.
Absolutely we need higher taxes, but the question is for who. It's the rich, and not the kind that you drive down your fancy neighborhood and meet, I mean the way up top guys, they need much higher taxes, because they have not been responsible at all, evading taxes, also the big companies getting giant subsidies of OUR tax dollars. So until there is some leveling out, yes. But that can't be the only action either, we have to have a lot less military spending so we're more comfortable about our tax dollars.
I say that we should repeal the 16 amendment and abolish the irs and reform to a flat tax system. A flat tax system is the most fair because it taxes everyone the same rate. This country started a revolution because the tax rate was 1-3 percent. We are taxed enough already
Taxes going down would provide more money for the people, therefore giving them more money to spend, stimulating the economy. Although yes, the government needs money, I don't think that the taxes need to go any higher, as that wouldn't be as beneficial as the alternate option. (Darned 50 word requirement)
Our tax money is going to waste with our high military spending, investing in wars, and intervening in other countries' affairs. Our tax dollars are not even directly affecting us.
Our gov't spending on useless things and unnecessary high spending on military could be used to create a national health care service, better the education system (paying teachers more), increase funding on social security, investing more on renewable energy to decrease fossil fuel use, and the list goes on.
What I'm saying is that I have no problems with tax increases, but taxes shouldn't increase now because we all know that our tax money is going to military and not to us; then when we realize that we're broke (surprise surprise), the first thing that gets cut is education.
All we are doing is giving the government money for them to give to those who scam the government. The people are devious and will do anything for more money and less taxes. The rich worked for their money and what do the poor do? Not get a job or even try.
I refuse to pay more money to the United States just so they can go blow most of it on an unnecessary military, tax breaks to irresponsible corporations, the elites, and so they can spy on us!
If they used taxpayer's money to help grow the economy, provide more benefits to taxpayers, fund infrastructure projects and science projects and the education and well-being of the American citizen then sure! I would pay higher taxes (as long as they are not ridiculous), but they only tend to use that precious revenue for their own interests and not for the better of the population. Therefore, I refuse to pay even slightly higher taxes just to they can spend MORE irresponsibly.
As we all know that the main source of revenue for every country is from TAXES. And from that tax collecting amounts governments are spending for public welfare & some other.
But here we have to recognise some things.
Even though the governments are preparing budgets every year , almost half of the budgeted money will be blocked in the hands of our politicians. Here what is happening is, indirectly we are paying taxes to the dirty politicians...
And one more problem with higher taxes is of evasion of taxes.
This is mostly seen in a countries like india where only 4% of indian people are paying income taxes.
If tax rates had been reduced means the number of people paying taxes are going to make an improvement which leads to high revenues.
So, its better to not increasing the tax rates.