According to the reading, what were some of the economic impacts of higher tax rates on the wealthy in the United States in the decades after World War II? The rich generally pay more of their incomes in taxes than the rest of us. I think the rich should have to pay more taxes then anyone else in the country because they make(Have) more money then the little guy who has to work two or more jobs just make ends meet. All of which are faltering. Their income is just a buffer. So who do you want to be hit with taxes the 1% who could afford to lose a yacht or the poor struggling to survive? China under Bush put our military satellites into space because our rockets failed. 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. And yet, a Hill–HarrisX poll found that 59 percent of voters supported Ocasio-Cortez’s plan. But when the middle class demand that the rich pay more taxes, that's class warfare? People debate whether or not taxes should be increased for the richest 1%. And then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again. An analogy is that big piles of goodies attract more ants. Tax hikes on the rich are unjustified from a moral and a pragmatic perspective. Elizabeth Warren has proposed not just taxing income, but taxing wealth. People argue that raised taxes have slowed the economy and led to market stagnation. I think rich people in general should pay less taxes. Check this link and be the judge. Even though there are more 'working class' people in this world than rich people, you still have to think that they are paying the same tax percentage as the 'working class' and that will yield more money for the government. What might be some of the reasons for such an argument? That could mean less revenue for the government and government services in the end. And they contend that taxing the wealth of the top 1 percent could reduce inequality and help level the playing field of our democracy. Rich people are making jobs for the economy and they are willing to do much more for others than the average … They pay 25,000 dollars in taxes period. It will be interesting to see how governments recoup the vast cost of supporting the workforce through the coronavirus. the particular needs of your district or school. Significantly increasing the tax rate on wealthy Americans is a policy idea with historical precedent. Subsequently, Senator Elizabeth Warren, who is running … If the rich taxes can't be increase then raise waises all states , especially louisiana to 12 to 15 dollars hrly. You find out, He IS the police. Rather, it was to fundamentally alter the distribution of power in society. As long as we have the Income Tax System with its Internal Revenue Code IRC the rich have ways to get out of taxes. Warren Buffet does NOT need a 9 million dollar tax break, does he? That doesn't make any logical sense. While a high percentage of Democrats favored the proposal, even among Republicans more people supported than opposed it. This report is just the latest piece of evidence that wealth disparity across the world continues to grow. I feel the same. In fact, they pay much more. My Dad was self employed in the state of Oregon earning 40 to 50 thousand a year and had to pay 40 percent taxes the last time they taxed the rich. However, raising taxes on the wealthy is the wrong approach that will hurt everyone. Cons points 2-5 have been debunked by Economic theory and practice for eons. And if the wealthy aren’t making, or keeping as much money—some say—the result could be a reduction in economic activity, with less capital available for entrepreneurship, leading to lower rates of business formation and fewer jobs. 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 didn't go to college immediately and found myself working 50 hours a week to pay everything and was miserable. What are some reasons, other than raising money for government programs, that politicians might choose to implement a wealth tax? Our government capitulated and allowed industry to move to cheap labor in China. A progressive tax system can prevent wealth discrepancies from getting too large. That increase would make sense if the government thought that medical expenses outside of insurance would rise. How does this connect to a vision of what our society should look like. This code can only be used by the rich to reduce, defer, or even eliminate a tax. I'm not fine with my tax monies being spent on killer flying robots, corporate bailouts, or a police force (FBI) that has no oversight whatsoever. If it wasn't for the poor, the rich wouldn't be rich. In the US and across the world, there is an ongoing discussion about how much tax the wealthy should pay. If the government taxes the rich then the rich would just decrease the amount of money that they give their hard working middle class employees. NO HOME TRAINING AND NO GODLY HEART. Students also learn about and discuss ways cities can ensure that companies like Amazon hold up their end of the bargain through strategies such as "clawback" rules and "tracking" for public subsidies. Vast differences in wealth are also seen by many economists as one of the factors that led to the Wall Street Crash in 1929. 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. 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. I plan on having a nice career when I get older and this definitely deters me away from it. But there is historical evidence that suggests these fears may not be more conjecture than actual threat. OPM other peoples money , that's the way to go, 3/1/14 Obamas set new record for vacation travel $100 million. I need to know about that membership thing, a little help please. Amazon Withdraws from Queens: The Debate Over Corporate Subsidies. Of course people could say, “Yes, the rich should pay more in taxes because they have more money than I do.” However, they only look at the small percent of the upper class who inherited the money, and so called “cheated their …show more content… The rich should pay more taxes because they have the ability, it is unfair to tax the rich and the poor equally, and finally, taxing the rich will help the society. Why the Rich Should Not Be Taxed More Many Americans agree today that there should be higher taxes on the wealthy. We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. Without this revenue, governments plead austerity or take on nihilistic levels of debt. 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. According to a Politico survey, 76% of registered voters believe the richest Americans should pay higher taxes while 70% of Americans who answered a Fox News poll favored raising taxes on people who earn more than $10 million. The United State Constitution should defend that instead of public persecution. Questions for discussion follow each reading. Suppose a loaf of bread in Texas comes with a sales tax of $1. P.S. Many surveys have been conducted to reveal the opinion of whether or not the rich should be taxed more. How might you address a problem such as increased tax evasion? So in the end the rich still make the same amount of money and the middle class suffers. Taxes pay for services that keep the roads running smoothly, keep traffic lights running, They allow people to live . Well I am 26 and just finished college 2 years ago with a degree in software engineering. Higher taxes do not lead to less investment. Rent and every thing is gone up ridiculous high. http://www.humanevents.com/article.php?id=51364. Yes, I personally believe that the people who earn more and are rich should pay more taxes. The savings on fighting crime and drug abuse alone would make up for much of the expense. Rich should pay more taxes. What country can you think of as being a better tax haven than America? But there are better reasons why the rich should pay higher taxes. Socially divisive? They are my best customers. This lesson consists of two readings. America's richest 400 families now pay a lower tax rate than the middle class That has never happened before in America, and it’s contrary to how anybody else in the world pays taxes. We were left with a service economy,electronics,banking and Hollywood. While income is the money that people bring in in every year, wealth is the accumulated fortune that gets passed on from generation to generation. We work hand in hand with you to address The government encourages people to start a business and make a large amount of money by giving them tax breaks. When economic times are tough, the government needs to look for ways to bring in more money. It's really what you need if you want to tame capitalism, because by itself, capitalism is a very unstable system and you need these kind of laws and policies and institutions to stabilize it. “Wealth inequality in our nation is a national scandal,” Gene Sperling, a veteran Democratic policy wonk who served as a top economic adviser to Bill Clinton and Barack Obama, wrote on Twitter. ...Question: Should rich people pay more taxes than poor people?Taxes are money that people and business must pay in order to support the government. NO deductions, exclusion, or deferments. Since the 70s our companies competed against slave labor in China and lost. Question: Can higher taxes contribute to a fairer society? This can work perfectly well together with capitalism. Because I can afford it and the country needs it. WD Curry 111 from Space Coast on October 06, 2011: Thanks for coming over. Everyone should pay the same percentage of taxes as the next person. “This type of wealth tax that @SenWarren is proposing is essential. NY on December 12, 2014: I think individual taxes at the Federal level should be completely removed. If liberals are all about fairness then where is the fairness in that. 2. People want to rob from the wealthy and give to the poor. That was a major loss of tax deduction for the elderly. One that would totally replace the Income Tax. The middle class and the poor aren't buying right now although I have lots of top notch stuff in their price range! this only works because of the Constitutional ignorance of the American people. It wouldn't include the FICA Tax because that is a payroll TAX. 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. Many economic systems provide examples for the U.S. to explore, but the lunatic fringe brands them communist, godless and unworkable. Sure, everyone’s income is … Today, there is a debate about whether raising taxes on top earners would have negative effects, possibly increasing tax evasion or making U.S. businesses less entrepreneurial. It makes economic sense. Paul studied philosophy at the University of Leicester, UK, and has done a variety of jobs since, including advocate, librarian, and writer. The raising of taxes acts as a disincentive for individuals and businesses to make money. by Doug Bandow. Governments already waste much of the money that they collect. If true, that would be bad for the entire economy, especially low-wage earners. 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