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
…show more content…
According to Washington’s democratic senator Patty Murray, 160,000 middle class workers’ payroll taxes would be cut from 6.2 percent to 3.1 percent. Washington state families making median income would see a tax cut of $1,700 (qtd. in “Murray” 1). The average U.S. family’s tax rate would go down due to the money provided by the higher tax rates of the wealthy. This would be beneficial to the 160,000 workers who would receive double their social security money per year, resulting in almost two thousand dollars back in their pockets. The extra money would allow middle class people and families to support themselves by buying food and clothes. The abundance of food and clothes would make the United States look great in comparison to other countries who cannot afford to properly feed all of their citizens. In addition to this national reputation boost, a tax increase on millionaires would also help reduce the deficit the United States is so deeply immersed in. Business and economics journalist Andrew Leonard argues, “Extending the bush tax cuts would add another $2 Trillion to the deficit over the next 10 years. I don’t know what could possibly expose the utter hypocrisy of the Republican deficit hawk stance better than the simple math of that last sentence” (qtd. in “Extending”). The current U.S. deficit is close to 22 Trillion dollars. Thats more money than any government could pay by themselves, so they have to get money from taxpayers in order to pay it off. Currently, this money is in private hands. However, if the money was given to the government in the form of tax payments, it could be used in a variety of ways such as paying off the deficit, government programs, and giving tax relief
According to Washington’s democratic senator Patty Murray, 160,000 middle class workers’ payroll taxes would be cut from 6.2 percent to 3.1 percent. Washington state families making median income would see a tax cut of $1,700 (qtd. in “Murray” 1). The average U.S. family’s tax rate would go down due to the money provided by the higher tax rates of the wealthy. This would be beneficial to the 160,000 workers who would receive double their social security money per year, resulting in almost two thousand dollars back in their pockets. The extra money would allow middle class people and families to support themselves by buying food and clothes. The abundance of food and clothes would make the United States look great in comparison to other countries who cannot afford to properly feed all of their citizens. In addition to this national reputation boost, a tax increase on millionaires would also help reduce the deficit the United States is so deeply immersed in. Business and economics journalist Andrew Leonard argues, “Extending the bush tax cuts would add another $2 Trillion to the deficit over the next 10 years. I don’t know what could possibly expose the utter hypocrisy of the Republican deficit hawk stance better than the simple math of that last sentence” (qtd. in “Extending”). The current U.S. deficit is close to 22 Trillion dollars. Thats more money than any government could pay by themselves, so they have to get money from taxpayers in order to pay it off. Currently, this money is in private hands. However, if the money was given to the government in the form of tax payments, it could be used in a variety of ways such as paying off the deficit, government programs, and giving tax relief