Tax the Rich Essay - 969 Words

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. Its 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 dont 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†¦show more content†¦I think that if free markets just regulated themselves and the governement couldnt do anything then things could get out of control. The government should have some restriction on what a state can or cannot.Keynesian Economic s describes Inflexible Prices: Mostly we see that while a wage hike is easier to take, wage falls hit some resistance. Likewise, while for a producer, commodity prices are easily upwardly mobile, he is extremely reluctant for any reductions. They believe that household savings and investments are based on disposable incomes and the desire to save for the future and commercial capital investments are solely based on the expected profitability of the endeavor (http://www.buzzle.com/articles/classical-economics-vs-keynesian-economics.html). Spending on national defense, a core constitutional function of government, has declined significantly over time, despite wars in Iraq and Afghanistan. Spending on the three major entitlementsSocial Security, Medicare, and Medicaidhas more than tripled. While Medicaid and Medicare sound similar, they are in fact very different programs. One of the biggest differences is Medicaid is a state governed program and Medicare is a federal governed program. Here are some other differences: Medicaid is for low income: pregnant women, children under the age of 19, people 65 and over, people whoShow MoreRelatedIs It Ethical to Tax the Rich More1728 Words   |  7 PagesShould the Rich Pay Higher Taxes? I would first like to start off by saying that this question really doesn’t make sense as the rich already pay higher taxes and the candidates aren’t trying to make it so everyone pays the same amount, just that the rich will either pay more taxes or get a tax break. According to usatoday.com â€Å"The 10% of households with the highest incomes pay more than half of all federal taxes. They pay more than 70% of federal income taxes, according to the Congressional BudgetRead MoreGovernment Should Tax The Rich And Money927 Words   |  4 Pagesthe government should never be redistribution of tax, which mean tax the rich and give it to the poor. The reason is because libertarian believe in individual right and that a person should have the freedom to live a life that they wanted to live that if a person earn those money through hard work, then taking money away from them through simply having them to pay more tax is theft and imprisonment that means that simply having pe ople to pay more tax, means that they are not funding the governmentRead MoreEssay On Republican Tax Cuts For The Rich702 Words   |  3 Pageswith the republican tax cuts for the rich. The author Noah Smith is stating â€Å"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. â€Å"As republicans try once again to hand big tax cuts to wealthy AmericansRead MoreMoney Too Richer While The Poor Are Getting Poorer1618 Words   |  7 PagesThe saying goes, the rich are getting richer while the poor are getting poorer. The government has always had several issues with which to contend, one of the major arguments has been, do the rich pay enough on taxes? This argument on rich paying enough in taxes has been around since the start of American history. On one side of the argument, people feel the current tax rates are at maximum levels, the â€Å"Buffet rule, which calls for a minimum tax rate of 30 percent on those who make more than $1 millionRead MoreAre The Rich Taxed Enough?1264 Words   |  6 PagesWhen asked the question, â€Å"Are the rich taxed enough?† The first thought that comes to mind is, at what point is someone considered rich? Following that answer, at what point are they taxed enough? Forbes magazine considers one rich when he or she reaches one million dollars of income in a single year. In 2015 if one makes more than $413,201 they are taxed at the max of $119,996.25 plus the 39% for every cent after that. Leading back to â€Å"Is this enough?† Now consider the fact that the richest 1% makeRead MoreEssay on Taxation985 Words   |  4 PagesWhen it comes to income tax rates, the policy makers assume that all citizens have equal preferences on leisure and consumption. Apart from adopting a taxation system that is welfare considerate, it is also the policy makers’ prerogative to offer incentives to the tax payers. In trying to achieve this balance, the government stands to face opposition from certain quarters of the population. This is because for the system to be stabilized, the government has to streamline tax rates with its own incomesRead MoreAnalysis Of The Article Stop Coddling The Super Rich 878 Words   |  4 PagesMajor Paper 1: Analytical Summery In his article â€Å"Stop Coddling the Super-Rich†, Warren Buffett criticizes the fact that billionaires in United States actually pay less percentages of taxes than those working-classes. Buffett believes the government needs to stop protecting the â€Å"super-rich†. In the article, Buffett started with the comparison between the poor/middle class and the member of the rich class like himself. The comparison shows the fact that the poor/middle class people actually contributeRead MoreShould Rich People Pay More Taxes?1285 Words   |  6 Pagestoys, clothes, or even food; they always had a way of getting. Now, they aren’t rich but they’re not struggling either. They are just the ordinary simple middle class that pay taxes every year. But the question is should rich people pay more taxes? And I think yes, because the tax code we currently have is unfair. However, before I explain my reasoning I should explain the further terms about the tax system. The tax system is a legal system for assessing and collecting taxes. Taxation is a sum ofRead MoreDebate on Taxes Essay1137 Words   |  5 Pagesraise them to become successful. One reason why the rich should pay higher taxes is that it makes the social classes more even. Recently, social classes have been spreading further and further apart. The rich have been getting richer and the poor have been getting poorer. Raising taxes on the wealthy will help fix this problem as it will take some of that extra money, and be used to improve social welfare. In the 1920s, there were many different tax cuts. The first cuts began in 1922, and continuedRead MoreA Brief Note On Progressive Tax And Tax955 Words   |  4 Pagesprogressive tax is a tax in which the rate of the tax increases when the taxable amount increases. Progressive taxation is the process in which the tax rates increases form low to high according to the income of the people. United States currently has this type of taxation method. Progressive taxation helps in the income inequality, maintains social justice and furthermore adds more revenue to the government. Tax plays an important role any country. There is no country which can run without the tax. Money