Rich People on Paying more Taxes (Essay Sample)

Rich People should pay more Taxes
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Rich People should pay more Taxes
The proposal to increase the tax on the rich has gained popular support and attention. Many democratic presidential candidates in the US have suggested raising taxes on the affluent to raise funds in an attempt to minimize income inequality and to fund programs that benefit lower-income citizens. Supporters of more tax on the wealthy contend that rich individuals should pay for the liability of the cost of initiatives that benefit the rest of the US population. The tax code would help reduce the widening inequality gap while also funding programs that benefit less wealthy Americans. The rich should pay more taxes to minimize inequality, fund agendas benefitting lower-income families, and lessen the level of dynastic wealth in the US.
First, raising taxes on the rich would be a vital policy tool to reduce inequality. Notably, wealth inequality in the US is a national outrage. Since 1994, the share of wealth and income received by the top one percent has increased, with the incomes and wages of low and middle-class citizens remaining stagnated (Pechman, 2017). The wealth inequality has created numerous other problems. For instance, the top one percent of Americans have accumulated a greater share of the country’s wealth, leaving regular citizens starving for the capital they need to invest in schooling, start new businesses, and buy homes. Consequently, more tax on the wealthy would be essential to freeing up huge amounts of resources that would enable average-income Americans to have economic security. Ultimately, more tax on the rich would reduse inequality and level the ground of the US democracy.
Secondly, increasing the tax for the rich would help fund programs that benefit lower income households by creating more opportunities to the many. According to Habibov et al. (2018), individuals with high financial success should pay more for the common good to allow more opportunities for many people. The extra revenue can be used to improve public transportation, support underdeveloped school systems, and reduce state college fees. Importantly, increase in revenues generated from such taxes would fund popular ideas including Medicare (Habibov et al., 2018). If the wealthy few contribute more, the result would be creation of more opportunities for the many. The economy would directly benefit from a more equal income distribution since low and middle income households would contribute to more money recycling through the economy. Consequently, imposing higher taxes on the wealthy would promote faster economic growth.
Thirdly, higher tax on the rich would mitigate the high level of dynastic wealth in the United States. More wealth tax on the affluent would dilute the greatest fortunes in the US, restraining the development of a plutocracy (Moore & Prichard, 2020). For instance, the policy could motivate the rich to dissipate their wealth by spending their financial resources by giving some to charity to avoid the h