Taxing the Wealthy

700 Words2 Pages

According to the Congressional Budget Office (CBO), in 2006, the top 20 percent of income earners paid almost 70 percent of all federal taxes. "There's been a huge myth created that the rich aren't paying anything, the rich pay a much higher rate than the poor” says William McBride, the Tax Foundation's chief economist (Sanandaji et al). The boom of the 1990’s was in fact not caused by Clinton’s idea to increase taxes on the top percent of American’s , but led by outside sources such as; massive reduction in military spending, the fall of the former Soviet Union, advancement in technology and manufacturing ultimately making workers more efficient, decline in oil costs, and no major wars. Many people interoperate Clinton’s high tax policy as finally making the wealthy pay their fair share and creating a more stable middle class. However, Clinton cannot be given full credit for this economic boom, and in fact many ignore the long term effects of his policy. America is built on a equality and ambition that should not be restrained by tax codes. Taxes should not be raised on the wealthy because the wealthy provide a majority of employment, they can invest their saving from taxes elsewhere, and they entitled to what they’ve earned ("Should the Wealthiest 1%”).
Raising taxes on the top two percent of Americans will have a reverse effect on fighting inflation. They’ll move out of taxable income and depend on lower taxed sources of wealth which in return will slow down demand and create a slower economy. Inflation will continue creating stagflation. The wealthy will eventually move down tax brackets resulting in a larger middle class. Doing so will decrease optimism and the drive for success among Americans and the dream for a better l...

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...in the news daily, so why not you? Equal treatment is was drives the thoughts of a better life and on a nation built off of opportunity and virtue. So why penalize success?

Works Cited
Farmer, Brian. "Is Soaking The Rich The Right Answer?." New American (08856540) 29.5 (2013): 17. MAS Ultra - School Edition. Web. 7 Feb. 2014.
Sanandaji, Tino, and Arvid Malm. "Raising Taxes Will Not Resolve the Budget Deficit." The US Deficit. Ed. Kathy Jennings and Lynn M. Zott. Detroit: Greenhaven Press, 2013. Opposing Viewpoints. Rpt. from "Obama's Folly: Why Taxing the Rich Is No Solution." http://www.american.com/archive/2011/august/obamasfollytaxingtherich/article_print. 2011. Opposing Viewpoints in Context. Web. 7 Feb. 2014.
"Should the Wealthiest 1% of Americans Be Taxed More Heavily? - 2012 Presidential Election - ProCon.org." ProCon.org. 15 Oct. 2012. Web. 5 Feb. 2014

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