Fabulously wealthy people don't pay income taxes. Upper-middle class professionals, such as doctors, lawyers, and the like pay the vast majority of these taxes. Is it fair that the smartest and hardest working members of society bear the load of everyone else? Maybe, maybe not. Don't fool yourself into believing that these taxes punish the latest "greedy" CEO or Hedge Fund manager...As far as they're concerned, income taxes are for the little people.
If you want to work hard and provide for your kids what your parents could not afford for you, income tax hikes are your mortal enemy.
If the Rich are taxed too heavily the incentive to be rich decreases, and so does motivation. Tax Cuts actually do aid the economy. I am a believer in Trickle Down Economics (https://en.Wikipedia.Org/wiki/Trickle-down_economics).
However I believe that Tax Cuts for the Wealthy and Trickle Down Economics cause only short term economic boom, so after the boom the tax rate must be normalized to avoid recession. So basically we should cut taxes for the wealthy, the economy will grow, and then we have to gradually normalize the tax rate and eventually return to the previous rate.
We should have flat rate tax where everyone pays the same rate. If you have a higher income you will be paying more taxes as a result already. Having progressive tax is like double whammy for the higher income people. I also believe there should be a minimum amount of tax each adult should pay.
I don't feel that because you make more money, you should pay half of it to the government. I believe we should cut taxes but not by a whole lot. Right now the "rich" pay almost half of their whole income to the government. If I made $500,000 this year, I wouldn't consider it fair if I had to pay $200,000 of it to the government. I think we should lower all tax bracket rates, and possibly the highest bracket to between 20%-25%. 40% of your income gone isn't that great.
As we step on closer to the 2016 election, we have different sides on how taxes should be dealt with. The question I am asking is if we should cut taxes for the rich, or not. In my opinion, I think we need to because I must ask "Who makes the jobs"? Typically not the middle class or lower class, but the rich; who run corporations within our society. They make the jobs, and they cannot truly prosper with the hold back of taxes.
We are a Capitalistic Country, and as this country; we need to prosper off businesses, and the truly reliable way to achieve this is through a tax cut.
As it stands, the richest in almost every nation get a reduced tax already. They accept the taxes they get, they're not leaving much, so far as I've heard (I don't know an awful lot about the American economy, doesn't affect me all that much. I assume this is about the American economy though.) If they accept what they have, what reason have you got to lower the taxes further. If another country can make a better offer and the rich start taking it, then lower taxes- otherwise, no need.
They should have to pay more they already have more money then any of us why should they not have to pay more besides its not like it will make them poor. They are still rich they shouldn't be able to be rich without paying more then middle class people
Bush cut taxes on the rich. We also ended up in the worst economic period since the Great Depression and lost more than 8 million jobs. Under Obama's higher taxes, more than 11 million jobs have been created.
We also lost more than $6.5 trillion in income thanks to the tax cuts.
This could all just be a coincidence, I know, but the numbers don't lie.
The only argument for cutting taxes is that it will give incentive for people to work. Incentive is important but cutting taxes ( or raising taxes) will not make a difference. People will always want to make money, regardless of the tax rate. Millionaires will not give up on making money, they will just retain less of it than they would have. They would still be richer than me, just not as rich while the poor will be a little better off.
Distributing the wealth among people helps a country reduce government's dependence on the individuals or for-profit organizations. Imposing high tax rates is an efficient way to implement this strategy.
The increasing government's income will be used to invest on wealth fare systems and economy which boost the economy as well as the well-being of a country. Moreover the rich probably have a motivation to make more money as they see their income reduced. Someone may argue that they will lack of budget to invest on their businesses. It may be true to some extent. However, it can be overcome by providing them with loans or subsidy.
The rich should pay more because they can afford to pay more.. They are already too rich and the inequality is rising. We already have enough wealth. In developed countries the only question should be the wealth redistribution. The capitalist system anyhow is working for the rich and the they already are getting too much and that is why they should be taxed more. They could pay majority of taxes if they could afford that and that will not decrease their wealth.