If individuals were spending their money like the government, then we would all be broke. When I think about the rich being taxed higher, I like to ask myself a couple questions. How much money does the government need, and how much should each citizen pay?
In 1929, America was in about $17 billion of debt. By the year of 2000 we jumped up to about $5.7 trillion. Now we are over $27.7 trillion. Our tax money won’t even put a dent in that number. So why are we trying to solve an income problem when what we really have is a spending problem.
Next, everyone is working at a different rate, and everyone is earning money at a different rate. Depending on how hard someone works or how knowledgeable someone is can affect how much money a person earns. Should the people who earn more money be the ones to pay higher taxes?
Lastly, if the rich get taxed at a higher rate, then they will have less incentive to earn more. In this case, both the economy and people would be impacted in a negative way. In my opinion, I think everyone should be taxed at the same rate. With this idea, the rich will be paying more taxes but in a fair way.
Do you think the rich should be taxed at a higher rate?
Do you think government income or government spending is the real problem?
https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-events-3306287
https://www.cbpp.org/research/federal-budget/where-do-our-federal-tax-dollars-go
Replies
Good topic choice and great job replying to students Taylor! I do think your sumamry is brief overall. You do a good job with your thoughts and opiions but you could have expanded your summary by explaining the history of tax rates in the US and show more data on how higher taxes on the rich hurts the economy.
I do not think that the rich should be taxed at a higher rate or at least not much higher than the average person. Just because somone has more money in their bank account does not mean that it should be taxed at a higher rate. I think that the goverment should have more products produced in the U.S. to make up for some of the debt.
I pesonally think that once you hit anywhere from 100 - 200 + million dollars you should be taxed higher because chances are your're not spending that money in a lifetime. I think that the government spends too much money on some things and not enough on other things, but if they saved lets say half of what they spend they could slowy lower the debut, but I dont think taxing the rich will help that much.
I think if you have a billion dollars or more you should defenitly be taxed more because you don't really need all of that money. If you don't have a million dollars I think you should be taxted a little more then the average person but not much because you've worked hard to get the money you have.
The rich should definitely be taxed higher. Getting suer rich isn't even a challenge of hard work. Do you really think Jeff Bezos is doing more work than an amazon employee who gets to pee in a bottle? If they are going to do fishy thing to get out of most of their tax payment, then they should have to pay at least a little more. Speaking as a citizen of a country 20+ trillion in debt, of course the government needs to change it's spending plan. Is it The problem? I don't think so. The ultra rich just don't pay their fair share.
Actually, yes, I do think Jeff Bezos is doing more work than an amazon employee. Jeff Bezos became a successful euntreprenuer after working in his garage to create a successfull business. Jeff Bezos critically created a billion dollar project out of his garage. Now he has the job of running a billion dollar business.
There is something called loopholes in tax. The government allows legal loopholes, which both the rich and the poor have the opporitunity to take advantage of. Even though the rich use these loopholes, their business's still pay 93% of the nations taxes.
https://taxfoundation.org/rich-pay-their-fair-share-of-taxes/
https://www.britannica.com/biography/Jeff-Bezos
I think if you reach 1 billion you should pay more. However if you are below that you shouldn't be punished for working hard and being financially smart while some are doing drugs instead and are on welfare. I think they should be the same for the middle and lower class and the high to be taxed significantly more.
I believe that everyone should pay the same tax rate, so yes and no. Government spending is the problem because it builds up debt that we'll never be able to cover. If the rich pay the same amount of tax, we might be able to make a dent in the debt.
Think that rich people should pay higher taxes. People who don't make a lot of money should pay less taxes so they have enough money to buy nessetys or pay bills. I think the government spending is part of the problem consiering not all the money the U.S. spendes goes to thingsthat benifites everybody.
The reason why I think everyone should be taxed at the same rate is because everyone has the opporitunity to excel. If somebody wants to work extra hard, I don't think that they should be punished for it. I agree with you that there are different things the government spends their money on that taxpayers don't even agree with.
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