The Rich and Taxes Essay 959 Words | 4 Pages. If there is less investment, then there are fewer businesses, and unemployment increases. They do this because they know that if you start a successful company (which is honestly the only way to become rich, except in a small % of cases) even at a low tax rate, a wealthy person will pay more taxes in a month than the average job person pays in their life. When economic times are tough, the government needs to look for ways to bring in more money. Read More. This lesson uses the example of a bidding war by cities to become Amazon's second headquarters to explore the question of providing public subsidies to private companies. NO HOME TRAINING AND NO GODLY HEART. The government primarily taxes labor, but it should tax capital more. The plain truth is that the supposed rich are already paying more taxes both in total amounts and as a percentage of their income. Three polls all found that a majority of Americans supported Warren’s wealth tax plan. In 1986, president Ronald Reagan created the Tax Reform Act. Higher taxes inevitably lead to a reduction in investment, as the people most likely to invest have their money supply hit. If you take politics and social issues out of the equation, then unequivocally yes, rich people should be taxed more. Just like you feel you should get more. To be frank, the rich do not get tax breaks. this only works because of the Constitutional ignorance of the American people. But there is historical evidence that suggests these fears may not be more conjecture than actual threat. Oxfam calculated in 2016 that the 62 richest people in the world have combined wealth that is more than the combined wealth of half the world population. Let's stop being dishonest and stop using that term. Socially divisive? We can use the help. While a high percentage of Democrats favored the proposal, even among Republicans more people supported than opposed it. Just because Income Tax is an amendment doesn't mean we are forced to use it. Without this revenue, governments plead austerity or take on nihilistic levels of debt. This NST could be between 10 and 15 percent. In the US and across the world, there is an ongoing discussion about how much tax the wealthy should pay. Between 50 and 61 percent of people favored the plan, while only 20-23 percent opposed it. You wouldn't. Under a Jeremy Corbyn government, someone earning around £125,000 or more would have been eligible for a new 50% income tax bracket and there would have been a 45% rate for people on more … When he took office in the depths of the Great Depression, Franklin Roosevelt and his Congressional allies increased the top marginal income tax rate from 25 percent to 63 percent, and a few years later to 79 percent. You want an increase so you should see the same for me .i also worked hard for 45 plus yrs. Their income is just a buffer. Even 45 percent of self-identified Republicans approved. And in the past, raising top tax rates hasn’t actually depressed economic activity or caused people to stash more money offshore. Editor's Picks Hunter Biden Cashed In to Fuel His Drug and Sex Habits . People want to rob from the wealthy and give to the poor. What are some reasons, other than raising money for government programs, that politicians might choose to implement a wealth tax? A proposal like Representative Ocasio-Cortez’s to dramatically increase taxes on the wealthy may seem radical by today’s standards, but when compared to other periods in U.S. history, it appears to be a less dramatic proposition. Many Rich people fled with all their investments with them some RENOUNCED their US Citizen ships all the way. The deductions that were lost never came back. As economic problems have intensified in recent years, so has the debate. In February 2019, community organizations declared victory when Amazon withdrew its plans to open a second headquarters in Queens, New York. We have no skilled middle class workers. That increase would make sense if the government thought that medical expenses outside of insurance would rise. I'm for taxing the rich because it just feels good. The point was to make it de facto illegal to be too rich, to better ensure that economic well-being was broadly distributed throughout the economy and society. firstname.lastname@example.org from upstate, NY on January 03, 2015: A favored tactic of the socialists,communists and leftists is to use the rich as a scapegoat. They are earning from their business huge money but when they go to pay the taxes that time they have intention if they can save some money .people they have to change their intentions they earn money and should pay tax. An analogy is that big piles of goodies attract more ants. email@example.com from upstate, NY on February 07, 2012: Good analysis, pretty balanced! The example in Europe should be enough of a warning, that's why they had to immigrate to America to begin with. In spite of this track record, there has been a bipartisan drive since the 1970s to reduce tax rates for the wealthiest Americans. ONE DAY YOU WILL REMEMBER ME. Do you have any questions about what you read? As an artist, I love rich people. http://www.discoverthenetworks.org/viewsubcategory... 3/5 /15 A crippled presidency http://www.washingtontimes.com/news/2015/mar/5/don... Adam Palmer from New York on May 22, 2015: Now I must say, this is a well organized article and I truly enjoy how well you layout the pros and cons. the particular needs of your district or school. Rich people are making jobs for the economy and they are willing to do much more for others than the average … The taxidermist takes only your skin. There are so many tax loopholes in it, but you need to have lots of money to use it. People should be free to spend or donate their rightfully earned money as they please without government coercion. WD Curry 111 from Space Coast on October 06, 2011: Thanks for coming over. However, raising taxes on the wealthy is the wrong approach that will hurt everyone. And yet, a Hill–HarrisX poll found that 59 percent of voters supported Ocasio-Cortez’s plan. Countries such as Australia, Sweden, and Canada all do well in terms of economic growth despite requiring high taxes. This lesson uses the example of a bidding war by cities to become Amazon's second headquarters to explore the question of providing public subsidies to private companies. This is not a flat tax because that still uses income to tax. None of the presidents nor any 0f the congresses of either party have slowed down these billionaires. True, sometimes it's put into social services, but at the end of the day, the poor don't have a single dime more to their name. In 1987 Bill Gates got his first billion. It was supposed to reduce taxes for the working employee. If the rich taxes can't be increase then raise waises all states , especially louisiana to 12 to 15 dollars hrly. A lot of the arguments about greater taxes on the wealthy revolve around the idea that if the government had more tax revenues it could pay for popular programs such as Medicare for All or free college programs. Also, I get why people say they should but those people don’t think about the fact how those doctors, businessmen, whoever have worked their butts off to get where they’re at. The wealthy are ALREADY paying less of their income in taxes than the 99%. And they contend that taxing the wealth of the top 1 percent could reduce inequality and help level the playing field of our democracy. As long as we have the Income Tax System with its Internal Revenue Code IRC the rich have ways to get out of taxes. I’m sorry people, but that’s not how life works. inequality has led some Americans wishing for the rich to pay more in taxes. 6 Reasons Why the Rich SHOULD NOT Pay More Tax. Rich People Who Want Higher Taxes Should Pay More . It's a debate between people and corporations. If the rich are taxed more, they may become even more motivated to move their money offshore or to accounts where it can’t be tracked. In early 2019, newly elected Representative Alexandria Ocasio-Cortez caused a minor uproar in Washington, DC by proposing to nearly double the income tax rate on top earners. I believe that the wealth of the super-rich should be taxed, starting with money squirrelled away in off-shore tax havens. Please raise minimal wages to 12 to 15 dollars in Louisiana. Taxing anyone with the intent of "redistributing" is has never ever been done. Gays won claiming unequal protection, why shouldn't the rich have success with that same claim. It wouldn't include the FICA Tax because that is a payroll TAX. A number of high-profile politicians have proposed that the wealthy should pay more in taxes. SHAME ON YOU ALL FOR BEING SO SELFISH. What's actually is not fair is people wanting to take away from that man that busted his ass off and sacrificed alot of time of his life that he will never get back. Great post! The raising of taxes acts as a disincentive for individuals and businesses to make money. The National Sales Tax would be like those already in most states. We don't need new taxes. As far as I'm concerned, I hope we let them hang on to their money. Suppose a loaf of bread in Texas comes with a sales tax of $1. My point is that neither party is interested in giving the middle class a tax break, and the poor either don't pay taxes or not much of it. I submit that a National Sales Tax like most of the states already have should totally replace the Income Tax. This report is just the latest piece of evidence that wealth disparity across the world continues to grow. Mr. Buffett gives an initiative in his article that follows the ideology of a populist politician. Great example of this not working is venezuela, cuba, and Russia. The ITEP report posits that the lack of a personal income tax in these states leads to an overreliance on local sales and excise taxes, which therefore shifts more of the tax burden to the poor. we need to tax the rich. Column: Two billionaires explain why they shouldn’t pay more taxes, unlike you poor saps Grocery tycoon John Catsimatidis, during his 2013 campaign for New York mayor. [Progressive taxation] was originally enacted to tame the excesses of wealth and power that dominated the economy in the Gilded Age. Sure, everyone’s income is … However, it’s not going to be handed to you and you might have to work a little harder for it but it just depends on how much you really want it. 8:08 pm. So in the end the rich still make the same amount of money and the middle class suffers. Bill Gates says, “I need to pay higher taxes.” His close friend Warren Buffett—number three of the world’s wealthiest, net worth estimated by Forbes at $84 billion—agrees. The U.S. economy is becoming less entrepreneurial over time, suggesting that the wealthy aren’t creating new businesses with all that extra money that used to go to taxes. 2. Corporate Subsidies: Should the Public Pay for Amazon’s New HQ? The founder of the world’s biggest hedge fund was blunt with 60 Minutes in February when he was asked whether people as rich as he is should pay more in taxes: “Of course. BTW, during the Obama term in 2013, congress moved the medical tax deduction threshold from 7.5 percent to 10 percent. 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