Taxing the Rich Accounting, Finance, SPSS Coursework (Coursework Sample)
This paper is about the idea of getting more taxes from the wealthy population, an idea discussed in an article known as “a better way to tax the rich"source..
Taxing the Rich
Taxing the Rich
In his article, “a better way to tax the rich,” Steven Rattner agrees with Ms. Alexandria Ocasio-Cortex’s idea of raising the top tax rate but suggests that there are other better ways to tax the wealthy. He argues that Ms. Ocasio-Cortex proposal ignores the state and local tax burden to the residents. Rattner proposes a few ways that would be effective in getting more taxes from the wealthy 1% fraction in the United States. Among them, he mentions increasing the tax rates on dividends and capital gains and mending the loopholes that for eight decades have kept the taxes paid by the wealthy constant.
According to Atria, Groll, and Valdés (2018), the US taxation policy portrays a big gap and inequality. Through tax caps and a myriad of loopholes enhances a concentration of wealth on a few, distortion of the economy and extensive economic inequality. American voters across the party lines agree to the idea of increases taxes to the wealth. However, Atria, Groll and Valdes (2018), argue that overtaxation would be inconsiderate and to some extent dissastrous to the economy. This makes Ms. Ocasio-Cortez’s proposal of 70% tax rate potentially disastrous as much as the income earned by the government would be beneficial in government projects. Nonetheless, they agree that the a better taxation policy should ensure more taxes are collected from the wealthy.
Rattner’s first proposal of raising the tax rates for capital gains and dividends helps bridge the gap between the wealthy and the ordinary income taxpayers. This proponent and the general argument of tax rate increment falls under the canon of equity in taxation. this principle seeks fairness in taxation policy whereby both the rich and the poor pay taxes in accordance to their ability to pay CITATION Sal181 \l 1033 (Jones, Rhoades-Catanach, & Callaghan, 2018). Basing the argument on the canon of Equity, the criteria of determining the tax rates imposed on the wealthy should be based on the benefits they accrue from the government. For instance, the Wealthy 1% benefit from more government services than the poor. this include security and subsidies on investments hence giving them even more opportunities to invest.
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