Should we raise taxes on the rich?

Question

i dont think so because what if you or someone close to is rich?

we need to worry about ourselves.

thats my opinion what are we gonna say if taxes on rich is raised

say oh!! now u gona pay more and live like us middle class and poor people

who really cares??

if nothing hasnt been done for years a change is not meant to happen. so leave it be.

what do you guys think?

Answer 1

I disagree.

Don't you believe in moderately progressive taxation? A person who earns $2,000,000 a year may work hard, be worthy and deserving, but if he or she pays 35% in taxes, that still leaves $130,000 to live on--$10,800 a month, roughly. Could you manage on that?

Those who make $20,000 a year shouldn't have to pay the same rate as the very rich, should they? It would leave them with $13,000 a year or $1,080 a month. This person may not work any less hard than the person making two million and certainly has to struggle harder to buy shelter, food, clothing, support for children. Shouldn't this person pay a lower percentage--say, 5% in taxes--$1,000, if that?

The goal is to reward effort without being cruel to the unfortunate and disadvantaged. I do not say that our present system is as good as it could be. I do think that under the current administration the very wealthy have done too well and that lower and middle income Americans have been left behind.

Therefore, some raising of taxes on the wealthy is called for, not as a punishment and certainly not in such a way that they are going to in droves to evade taxes--as the very rich are quite expert at doing. But some leveling would make our society more humane and better balanced. The top 3% have done too well at the expense of the middle and lower half.

Answer 2

It won't make a difference. Once you have money to make money, you will also have a whole bunch of people that know ways to protect your money, so in the end, who will still be paying higher taxes will be lowest classes.

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Answer 3

seems like  you answered your own question.

Answer 4

Yes, of course. There are not enough hours in the week to justify someone "earning" hundreds of times more than the average income. Everything you earn comes from somebody else, who is buying whatever goods or services you produce. For example, when you buy a new PC you are sending some of your money to Bill Gates. Does he really deserve even more of our money? Doesn't he have enough?

The reason taxes should be even higher on  the rich is because we want to reclaim at least some of the money they were clever enough to get from the rest of us.

Answer 5

Well, the current Federal deficit is approaching $10 TRILLION dollars.  That's more than double what it was when Bush took office, by the way.  He cut taxes and then went on a spending spree.  (He's also the only president in history to maintain tax cuts during an expensive war.  That's just plain STUPID, IMHO.)

So, we either need to slash spending or raise taxes or both.  If you cut out all defense spending and social programs completely, it would take nearly 10 years to pay off the deficit.  That's not going to happen, so tax increases are inevitable.  

Even if you cut ALL of the identifiable "pork barrel" spending, it would take over 40 years to pay off the current deficit.  Sadly, at the current spending rates and revenue levels, the deficit would CONTINUE to grow if you just cut the "pork," just a bit slower, that's all.

The rich are the ones best prepared to absorb tax increases without being thrown under the bus financially.  The poor pay little if any taxes and can't afford to pay anything meaningful.  The middle class are already buckling at the knees.  That leaves the rich.  The rich have had a sweet 8 year ride of heavy tax CUTS.  Now it's time to pay the piper.

"Leaving it be" as you irresponsibly suggest won't work either.  The government has to pay INTEREST on the deficit.  That amounts to about $500 BILLION a year in INTEREST alone -- about equal to the Department of Defense budget.  That's WASTED money -- straight down the TOILET.  

To keep the interest cost low (if you can call half a trillion dollars "low!") the Fed has kept interest rates artificially low.  That has caused the dollar to lose about half of its value over the past 8 years.  That's the principal reason for oil and gasoline costs being where they are.  Crude is priced in US dollars on the global markets so the sellers have to raise the price in dollars to keep the same revenue coming in in their own currency.

Heavy tax increases on the wealthy -- the ones who can AFFORD it -- is the only realistic way out.  If you have a better way to pay off the deficit, I'm all ears.

Answer 6

The rich are already paying most of the taxes - look on the tax stats link at www.irs.gov and you will find information about level of income and how much tax they pay...