“In the past decade the wealthiest percentile has seen its income grow by 17 percent.” (Myers) So let’s do the math. The 1 percent of the population that already controls 40 percent of the wealth continues to get richer but the poor is still being asked to pay more in taxes. While this is happening the mighty 1 percent continues to receive tax breaks to protect their fortunes.…
In the article “Stop Coddling the Super-Rich” Warren Buffet elucidates to the fact that the super-rich are not being taxed nearly enough as they need or should be. Buffet explains that government leaders have requested, even solicited shared sacrifice; however, they spared the mega rich. (227) He further states that the legislature sheltered the rich as if they are some kind of endangered species. (227) Warren indicates that he would leave rates for 99.7% of taxpayers unchanged, as well as continue the current 2-percentage-point reduction in the employee contribution to their payroll tax. This would help the poor and the middle class, who need every break they can get.…
In modern America, not only are the rich privileged by benefiting from how America’s tax system works, but the poor are also being oppressed by it. The 2015 edition of Who Pays: A Distributional Analysis of the Tax Systems…
Middle class workers are the ones who are being punished financially, not the wealthy. While globalization and the increase in technology may not always cause a loss of jobs, the wages are definitely brought down. As a result many people are forced to work longer hours and rely on things such as overtime. They do so to try and sustain themselves and their children. However, with the rich getting richer and the middle class experiencing flat wages that don't coincide with rising costs, more and more problems develop.…
Republicans believe that by a higher tax rate on the wealthy will delay the growth of the economy. Yet, “Economists have pointed out that post-war American growth has been higher during periods with much higher top marginal tax rates... ”(Covert) Taxing the wealthy at a 90 percent would help to lower the unfairness of wealth and everyone’s wellbeing would improve, equally for both the rich and poor. Many other Republican presidential candidates have also agreed with Sanders proposal and have backed up…
Jeb Bush, son of George H. W. Bush, has promoted more conservative tax policies during his campaign for president as a Republican candidate. He recently announced his tax plan on September 8; promoting tax cuts for all individuals and corporations. In general, Republicans heavily favor the “trickle down” economic theory, the theory that economic benefits for the wealthy will “trickle down” and benefit society as a whole. Rather than spend their newfound wealth, the upper classes would choose to reinvest that money, created jobs and providing more wealth for the lower classes. In addition to tax cuts, Bush has spoken about his intentions to transform the K-12 system to include for accountability for teachers, higher standards for students,…
The middle-class people will have to pay more through a flat tax. But, what many people do not know is that under several flat tax proposals, “individuals and families would receive personal allowances – a set amount of income that is tax-exempt – that would limit their taxable income. This would allow the lowest-income brackets to be completely or nearly exempt from income taxes”…
Recommend the proposal you think is best? Give reasons for your decision, and justify your reasons by comparing to the proposal ? After comparing all the proposals the best one in my opinion is number 2. Proposal 2 is a good choice because of its progressive tax solution. A progressive tax solution is good because it helps the low and middle income people.…
The wealth inequality in the U.S. has been growing gradually for decades and still, showing no signs of resolving it from any political candidates. It has been a vicious cycle that delivers detrimental outcomes to everyone. The rich people are getting richer due to the wealth they already have or inherited and resources that are ready to invest in lucrative activities or trades that are able to accumulate and could produce more rapidly new wealth. Additionally, children that were born or grown up in a rich family are more likely to attend college due to their tremendous influence and economic advantage, which may increase their chances to earn higher wages than any other social class. Whereas poor people are getting poorer due to individualism…
Hello! My name is Grace Ferguson. I am a freshman at Monroe Township High School in New Jersey. Currently, I am studying the works of Machiavelli. With the new tax reform that is being proposed, I believe your leadership can benefit from the advice stated in The Prince, particularly chapter sixteen where Machiavelli talks about liberality.…
I have never thought about the way wealth is distributed in the U.S. until you showed us the chart where it talked about how much the top 1% make compared to the rest of the U.S. the numbers were staggering. I would have never believed that a small amount of the population could account for so much of the wealth in the United States. This wasn’t even the worse; the gap between the rich and the working class just keeps on growing and growing. “The bottom 80% of the population combines for only 4.7% of the wealth compared to the next 20% of the population combines for 95.3% of the wealth.” (Gooch).…
Although each person has the right to make as much money as possible, in the United States the government should however keep the income rise proportioned by taxing the wealthy more and the poor less. In recent years the opposite happened where the taxes on the wealthy were cut from a top rate of 68% in 1980s to 28.5% by 1988. The share of federal tax revenue paid by corporations has dropped from 33 cents of every dollar collected in 1953 to less than 10 cents today. (Donald Barlett and James Steele: America: Who Really Pays the Taxes? Andrews and McMeel:…
Americans do not have a say in how wealthy they are…
The people who support raising taxes on the rich think that the government just needs more funding to be able to do all the projects the government wants to have accomplished. “Further, Mr. Obama wants to raise taxes on the "rich," believing that we need more revenue for his projects” (Kleist). They believe that the government needs more money to spend on important projects. Taxing the rich would bring in more revenue for the government to spend; however, it is how they spend it that matters. The key to being able to fund these projects is not raising taxes on the rich; instead, it is learning how to spend the money that the government does make from taxes efficiently.…
For decades one question has continuously came up― should the rich pay a higher tax rate because of their wealth? There are two separate types of rich. There are those who inherit the money, and those who have worked hard and strived to be a successful person. Therefore, to answer the question previously stated, higher tax rates should not pertain to the ones who made sacrifices to become wealthy.…