Should Taxes Be Raised? Essay

1234 Words 5 Pages
Taxes are always a highly debated topic when it comes to economics. The reason for that is because taxes play a major role in it and also in everyone’s lives. Most of government spending is paid with taxes, and a large portion comes from income tax and social security taxes (Bouman). These taxes affect everyday people the most, which is why taxes are so heavily debated and discussed. This paper will discuss which taxes should be raised, who will get the raises and opposing opinions or alternatives to raising taxes.

A major issue that is discussed is the deficit of the federal government. This is something that has been going on for a few years, but has dropped some in 2015. However, this deficit and the others in previous years will negatively affect future generations. (Bouman) There is also an issue with spending that plays a part in this deficit: “The Congressional Budget Office’s most recent long-term budget outlook (Links to an external site.), released last July, forecasts debt rising from 74 percent of GDP in 2014 to 106 percent of GDP by 2039.” (Vinik) I believe that it is important for us to put a plan in place now in order to help our future and I believe a raise in taxes could help accomplish this.

As unfortunate as it sounds, I believe that a tax increase could help with our deficit problem. Two taxes that should increase from this are income tax and corporate taxes. Many people offer the idea to increase taxes only for the rich, but I…

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