Did you know that a majority of tax breaks go to the rich? Since most tax breaks go to rich people, higher taxes for the wealthy are necessary to help the economy thrive and provide welfare programs for those in need.
President Obama, says that a tax increase would not cost jobs, but would help the economy by reducing the deficit; and that it would be fairer than imposing new taxes on the middle class (“Rein in the Rich”). Another interesting fact is that most of the annual $1.3 trillion in "tax expenditures" go to the top 20% of taxpayers. One estimate of total tax expenditures is a whopping $900 billion a year (Buchheit). Rich people should be taxed more because they are not struggling to make ends meet and they have lots of money to spare. If all taxpayers in the top 5% in terms of income are taxed 1% more, that would result in millions of dollars more that is going to the government. In turn, the government can invest that money in jobs. An increase in taxes for the rich would also allow the government to help fund welfare programs.
Welfare programs for the needy are an important part of today’s society. Therefore, taxes should be increased …show more content…
They claim that wealthy people already pay their fair share of taxes, and that people in the middle class need to ‘pick up the slack’. For those who believe that the wealthiest Americans already pay most of the taxes, they couldn't be more wrong. Lower-income earners pay a much higher percentage in combined state, local income, property, sales and excise taxes. When all taxes are considered; middle-income and upper-middle-income earners pay about as much as the richest 1% (Buchheit). This is a clear example that people in middle class are paying their fair share of taxes and the richer people are the ones who need to ‘pick up the slack’ so that the American economy can
President Obama, says that a tax increase would not cost jobs, but would help the economy by reducing the deficit; and that it would be fairer than imposing new taxes on the middle class (“Rein in the Rich”). Another interesting fact is that most of the annual $1.3 trillion in "tax expenditures" go to the top 20% of taxpayers. One estimate of total tax expenditures is a whopping $900 billion a year (Buchheit). Rich people should be taxed more because they are not struggling to make ends meet and they have lots of money to spare. If all taxpayers in the top 5% in terms of income are taxed 1% more, that would result in millions of dollars more that is going to the government. In turn, the government can invest that money in jobs. An increase in taxes for the rich would also allow the government to help fund welfare programs.
Welfare programs for the needy are an important part of today’s society. Therefore, taxes should be increased …show more content…
They claim that wealthy people already pay their fair share of taxes, and that people in the middle class need to ‘pick up the slack’. For those who believe that the wealthiest Americans already pay most of the taxes, they couldn't be more wrong. Lower-income earners pay a much higher percentage in combined state, local income, property, sales and excise taxes. When all taxes are considered; middle-income and upper-middle-income earners pay about as much as the richest 1% (Buchheit). This is a clear example that people in middle class are paying their fair share of taxes and the richer people are the ones who need to ‘pick up the slack’ so that the American economy can