There is no alternative to raising taxes. America is facing an older population that is retiring, infrastructure shortfalls, and rising health care costs. Taxes must be raised to pay these bills. The rich have the money, so it is necessary to tax them. It should not be excessive or punitive; tax rates like we had in the 50s are unworkable politically and economically.
In the current framework, the rich could support top marginal rates of 50%, or perhaps upwards of 70% or even 90% under different economic conditions. I won't argue that income taxes aren't inefficient and reduce investment, just that they could be higher without reducing revenues, and that arguments that reducing taxes increases revenues are unfounded. All the loopholes in the tax code make me wish all income taxes would go away, but until they do, soak the rich until they induce their Congressional cronies to overhaul the tax code. If certain sectors are intractable to budget cuts, then revenues should come primarily from the benefactors of those sectors, namely, the wealthy. If profits for defense contractors from defense spending are enjoyed mainly by those wealthy enough to invest in that industry, they should be ponying up the tax dollars for the government to inflate defense budgets and slush funds, instead of the middle and lower classes whose income comes primarily from wages and not capital gains. Other proposals to reduce inequality would be welcome, but redistribution through taxes will work just fine from where I'm standing.
I feel strongly that the very wealthy in America do not pay their fair share in taxes. In fact, I blame much of the the decline of physical infrastructure and poverty in America on this reason alone. The problem with taxing the rich however, is that Government is a terrible re-distributor of wealth. For every dollar of tax they collect, they spend 3 or 4 administering, studying and managing it. I worry that increased taxes from the wealthy would simply end up as a boon for senior government managers (higher salaries and benefits ,and thousands of new senior positions created - sucking more of the soul out of America). I am not sure what the answer is, but more Government is not it.
Coupled with the current income inequality, it is our duty to insure that all Americans pay their fair dues to the state and properly contribute to society. By raising taxes on the wealthiest individuals, we will obtain more money that could be used in government programs. Therefore, taxes on the rich should be raised.
I'm sorry, but asking people who have $10 million to pay more than a a family of five that makes $54 thousand a hear is not unreasonable. We don't have to bleed them dry, but also, screw the rich. If they have a lot of money, then maybe some people with little or no money could pay a little less than the rich.
Stop taxing the rich. Stop giving them a tax break. How do you think they got rich? You think Some magic pony that flies to earth with 8 figures? Some people are entrepreneurs. Everything you own now is a result of entrepreneurship. Even if you're poor, you still enjoy the fruits of their labor. We've raised taxes on the rich before. Did you see a better standard of living?
"Oh dang, Big Oil companies make more, lets tax them, let's put more regulations, more taxes" and then what do you say?
"Why is unemployment going up? Why won't businesses give us higher wages? I want a job. . ."
Make up your fricking mind.