The difference of income in this country is crazy The highest earners make almost 45% more than the people at the bottom of the total poll. Due to this, I do think the rich should be taxed more to bring down the country's national debt. Its an easy and quick solution.
The loudest and most often used argument for not creating a more progressive tax curve is that this will immediately discourage investment, Push money overseas, And constrict the perpetual growth promise of the free market. Ie - 1. "I will have less money to pay you, 2. I will move my money to places I can pay that other guy that looks different than you much less, And 3. My financial wealth defies the laws of physics.
If the Federal Reserve is a private/public scheme created to regulate and secure a common currency to create national trust in the economy, Then 1. It's not entirely your money in the first place, You're welcome to shift it all into Bitcoin, Good luck with that. 2. Sure, You go ahead and trust that other less dependable and stable government with your wealth to invest in labor there, And 3. The free market is not free and does not defy the laws of physics, You will eventually run out of oil and trees and your wealth will evaporate anyway.
The sky will not fall if you lose both your recent Trump gift and another 10%. You will still enjoy your life, As will your children. I am sorry it will be a little uncomfortable for you and you may have to only choose to heat the pool in only one of your homes rather than keeping all three compounds at an acceptable degree of comfort to protect your bragging rights.
Sure, some wealthy people earned their wealth on their own but some have not! Why shouldn't we tax higher to a group of people who, at the end of the day, probably won't even notice it's happened. There are many wealthy citizens out there that wouldn't even notice this tax increase because it wouldn't even affect their income! So yea tax the rich more!
The people that have accumulated the majority of the wealth in this country deserve to pay for a majority of the needs of the country. Back when the top income bracket was 90%, the rich paid about what they pay today as a percentage, but that was because they gave enormous amounts of money to charity and tax deductible entities. More was given back overall that today.
Because no person should live with millions of dollars in luxury homes with luxury "things" while people go hungry, and some people don't have adequate shoes to wear on their feet and clothes on their backs. I sickens me to think of how much money some people make and the homes they live in. No one person should live in a 15k sq foot home and drive a 90k car.
The tax debates seem redundant to me right now. Yes, we need to increase taxes on the wealthiest Americans in order to increase revenue, but that will not have much of an impact unless we also raise taxes on the middle class. It seems to me that the time to try and tackle your country's national debt is not right after you have barely climbed out of the worst recession since The Great Depression. We need to raise taxes on most/many Americans after the economy picks back up.
A common response to raising taxes on the wealthiest Americans is "Why do you think it is okay to tax someone more just because they have been successful?" This is very misleading. First, most wealthy Americans are able to take advantage of certain tax breaks that are not available to the middle class. Second, and perhaps one of the most important points, the super-wealthy as a group keep a huge amount of money locked away in nontaxable offshore accounts. A Forbes article from last year claimed that there is an estimated $21 trillion in overseas accounts that the government is unable to tax.
Many, if not most, wealthy Americans are not paying their fair share of taxes. It's time to close the loopholes for the very wealthy and let them pay what they owe. Warren Buffet is quoted as saying he doesn't understand why his secretary is in a higher tax bracket than he is. I think that's an excellent question, and I think it needs to be changed, now.
Taxing the rich would make them pay less ultimately because they would have less capacity to invest in businesses therefore it would reduce their wealth. They employ people. I don't know any one that has been employed by a homeless person. Taking away some of their money would hurt everybody else more than the rich themselves. I know they would have enough money to live a nice life if they had a high tax but they won't benefit society if they don't invest.
Close loop holes? Absolutely! No one should be able to cheat the system in order to pay lower taxes. Everyone should pay their fair share, but the wealthiest Americans currently pay 35% of their income in taxes. That's almost half. To say they aren't paying their fair share is ludicrous! Most of them paying more than what you make in 3 years. So me, or my ancestry created a fortunate legacy that's profitable, you're going to penalize me for that? The problem isn't with our top earners not paying enough to keep the economy stable, it's with the uncontrollable spending in Washington.
"Soak the rich" is a common political ploy for about every fiscal problem simply because there aren't many people who consider themselves rich. The truth is that even radically raising taxes on the rich won't gather all that much revenue, and could cripple the economy. This entire issue should be approached in a more honest manner.
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Slavery is taxed at a 100% rate...Slaves work but do not keep any fruits of their labor. Results:
~Laziness, for the Owner/Masters...E.G. (Government)
~Lack of production in new goods and ideas
~The Governments who tax heavily have less accountability to its people and more power to squash free enterprise.
It’s a fantasy to imagine that raising taxes on the rich will solve our deficit problem. If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion. That’s only a third of this year’s deficit. Our national debt would continue to explode.
Also, even if you could balance the budget by taxing the rich, it would not be right. Progressives say it’s wrong for the rich to be “given” more money. The New York Times ran a cartoon that showed Uncle Sam handing money to a fat cat. But that has it backward. Money earned belongs to those who earn it, not to government. Lower taxes are not a handout.
Progressives want to take more money from some—by force—and spend much of it on programs that have repeatedly failed. It sounds less noble when plainly stated. That’s the moral side of the matter. There’s a practical side, too. Taxes discourage weatlh creation. If the govnernment takes up to 90% of my income, which at one time it did, why should I work harded to create wealth, jobs, income for others, if the government is going to take most, if not all my money. I will work less, for less, not hire people, not create income streams for me and others and keep more of my money.
Progressives claim an increase in tax rates won’t stop producers from producing. But they presumably understand that people don’t work for free. When the top marginal rate was 90 percent, actor Ronald Reagan worked just half the year. As soon as he made enough money such that every additional dollar was taxed at 90 percent, he stopped working and went off to ride horses. Reagan later said that woke him up to the damage that high taxes impose.
Also, higher taxes give rich people and politicians more reasons to collude. The rich make contributions to political campaigns, and politicians pay the rich back by giving them tax loopholes. The loopholes complicate the tax code and create work for tax specialists like accountants. Accountants are paid because people often cannot begin to figure out their taxes. Why give your money to an accountant. Our loophole-ridden tax system is now so complex that today there are many Americans paying an accountant.
Taxing the rich won't do anything to bring down the national debt because the government will just spend it. We need the rich to create jobs and stimulate the economy. Who cares if the rich make a lot more money than you? Don't get all jealous and tell them to pay more! If the rich have more money, they will spend more. Sending money to the government when it could have been used hiring someone is absolutely useless.