Essay On Tax The Rich

The current tax policy in the United States is very confusing and it is very costly for our government to administer it. It is in the best interest of our country and its citizens to revise or replace our current tax policy.

The federal and state governments provide the American citizens with all of the basic necessities within our communities and society that is taken for granted. Programs responsible for assistance in times of need, providing a quality standard of living, and maintaining the strongest military in the world costs incomprehensible amounts of money and could never exist without taxes from the American people. Taxes are payments made by individuals and businesses to support the government and its services. The constitution grants that congress “shall have the power to lay and collect taxes, duties, imposts, and excises and to pay the debts and provide for the common defense and general welfare of the people”. Taxes paid by Americans redistribute

Many United States' citizens are unaware of the country's current financial state. Many assume that one of the world's wealthiest countries could never be in debt. This is untrue however, and, in fact, the country with the greatest income per capita is in major debt. This study will examine possible solutions to reducing the United States' national budget deficit.

In a country that revolves around money, if the economy would fall, it could take the whole nation down with it. The United States is one of many countries built up by its power in the economical industry. Facing a national debt of $20 trillion now, America may not know its power

Since the nation’s very beginning, it has carried a debt from the American Revolution. Only once in the entire U.S. history has been the debt zero, during President Andrew Jackson’s administration in the 1830’s. President Jackson set a budget like the other future and past presidents, but actually stayed within its parameters. However, the debt kept growing after his presidency and reached $18 trillion dollars today. The world has changed a lot since the 1830’s, the methods used during that period can no longer be the solution in 2015 because there are just too many factors that must be considered. The size and the population of the country have changed dramatically, foreign relationships are far more complicated and broader, and people’s expectations of the government are different.

Richard Epstein later argues that if the country depends on the tax money of the wealthy, the wealthy will no longer exist. Richard Epstein’s argument will cause the taxing issue to fall on the middle class society, since there is only a small amount of wealthy people compared to the other classes. (262).

The rich are continuing to get richer while the poor are getting poorer. The amount of money possessed by the top percentiles of the country is irrational: “The top 1% of the population holds 35% of the U.S. net worth” (Ingraham, 1). That leaves about 30 trillion in the pockets of a little over 3 million Americans: “In high-inequality countries, the poor are more likely to be deprived of basic public services such as healthcare and education than low inequality-countries” (You Jong-sung, Sanjeev Khagram, 4). As the top 1% of Americans need a forklift to carry their wallets, the bottom half can’t even manage to get health care, or even a decent education: “The bottom 80% of Americans has 7% of the country’s wealth between them” (Wealth Inequality in America). This statistic is almost hard to fathom. How can 80% of a population of over 300 million only claim 7% of the wealth of one of the richest countries in the world? The bottom 40% of that lower 80% has an overall negative net worth (Wealth Inequality in America). America is one of the richest countries in the world, yet, a great percentage of its citizens are in overall debt. People on the other side of the argument think the financial status of the extremely wealthy is reasonable because they worked hard and earned it. This may be true, some of those people at the top had to have worked extremely hard to get to where they are. However the grand sum of money

This article is about how economist don’t agree with the republican tax cuts for the rich. The author Noah Smith is stating “They don’t boost growth; they just add to deficits.” The article is making the case that there is a misconception that economist agree with tax cuts for the very wealthy. In the article the author highlights how keeping taxes high for the rich could be beneficial to economic growth, the author also provides with statistics that most economist would agree. “As republicans try once again to hand big tax cuts to wealthy Americans, it’s important to remember that professional economist are much more likely to side against them.”

Controversy will always follow humans where ever we go. Humans have argued over many issues for centuries, often times with no conclusion or “correct” answer ever in sight. One common issue that has been debated since the early 1900s is whether or not the more wealthy individuals in a society should be taxed more heavily than their poorer counterparts. Many have argued over the pros and cons of the taxation of richer people, but when one looks at it objectively, the pros far outweigh the cons. Not only do the pros outweigh the cons, but a question one must ask oneself is whether or not prosperous people really need that extra money? Richer people should be taxed higher because it is better for the economy, social classes will

Should the flat tax rate system be implemented? No, the flat tax rate system should not be implemented. In this paper, the pro arguments will be presented, which will affirm the thesis. Then the con arguments will be presented. A rebuttal will then follow, and finally, the author’s conclusion will be offered.

The United States debt and defecit is a major problem in our society. One thing I would propose to the President would be to tax the rich. Time. It's useful to keep in mind how the rich are different. When you are poor, you are willing to trade your time to earn money. When you are rich, you trade your money to get more time. For example, the rich hire people to clean their homes, and they don't waste time shopping for bargains. In business school I learned that when people have different preferences, you can usually find a way to engineer a deal. Gratitude. Imagine that the government arranges to provide genuine person-to-person gratitude to the rich in exchange for higher tax rates. Suppose (bad idea alert) the government makes it a

Thomas Jefferson once stated, "I place economy among the first and most important virtues, and public debt as the greatest of dangers. To preserve our independence, we must not let our rulers load us with perpetual debt" (Bussing-Burks, 7). A lot has changed since Jefferson was President two hundred years ago, but the need to be financially solvent is something that will always be necessary for the United States to maintain its leadership position in the world. The United States of America currently owes $16.7 trillion in debt primarily as a result of the government’s spending practices during the last ten years. Two wars, several fiscal collapses, the bursting of the bubble in the housing market, looming medical care costs from an

The United States is in a recession; it has been facing some of the worse economic times since the Great Depression in the 1930’s. One option to fix the economy is to change the corporate tax rate. To lower it or to raise it, that is the question economists have been speculating. America's high corporate tax rate and worldwide system of taxation discourages U.S. companies from sending their foreign-source revenue home, which makes U.S. companies defenseless to foreign acquisition from the international opponents (Camp). Corporations and United States citizens have been fighting for a tax reform, which would hopefully help the American economy; either by lowering the corporate tax, or by raising the tax.

There are two things in life that are certain: death and taxes. In today's world, the majority of our government's income comes from taxation. A tax is not a voluntary payment or donation, but an enforced contribution imposed by government (Mikesell, 2011). Taxes are an amount of money collected from citizens, and they are used to provide public goods and services to benefit our communities. Taxes are amounts established in a political process of structured laws to determine how the collective cost of government services will be distributed among elements of the market economy. The two most important tax policies are the level of taxation, or how much taxes should be, and the structure of the system, or how revenue is to be raised

Taxation systems are usually modeled in such a way that they take into consideration the social welfare of the citizens. The government and other policy makers have the responsibility of ensuring that the system takes into account the needs of the citizens. The bottom line is that taxation should foster equal distribution of resources. The rate of taxation is usually arrived at after several considerations have been made. The rates are not fixed as they depend on the various economic changes. The issue of how taxation should be distributed among the different economic classes is yet to be addressed.