Paying Taxes For The Rich Essay

1205 Words May 10th, 2015 5 Pages
Millionaires’ taxes should be increased because the wealthy can all afford to pay and many want to pay to help the economy. The Economist magazine points out, the movement to raise taxes for the rich was started by multi-billionaire Warren Buffett. He thinks it is unfair that he pays a lower tax rate than the average American. People started to listen to this point of view, and wealthy German and French people started signing petitions to raise taxes on the rich (“Diving” 1). Warren Buffett, who is the second richest man in the world with a net worth of 72.3 Billion dollars, feels that it is his responsibility to pay a higher tax rate. This subsequently sets a precedent for many wealthy people all over the world. The wealthy Germans and French mentioned by the Economist magazine are the driving force behind the movement to raise millionaires’ taxes. They are in support of raising taxes on millionaires because they know that the ultra rich like themselves can afford it. Many of these wealthy Europeans have teamed up with other nations to further their movement. Researcher Jake Blumgart, Distinguished professor of politics Peter Dreier, and Executive Director of In the Public Interest Donald Cohen explain, Warren Buffett is the leader of a group of 40 of the world’s most influential millionaires called The Patriotic Millionaires for Fiscal Strength. The group’s purpose is to persuade President Obama to raise taxes for millionaires and give more money to the poor (1). Based on…

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