Why millionaires should be taxed more

Why millionaires should be taxed more

Why millionaires should be taxed more

In the US, it is a time when right-wing Republicans are setting the agenda for massive spending cut that will hurt most Americans. According to analysts, the only way American can reduce long-term budget deficit, protect social security and Medicare, maintain vital services, maintain taxes on the working middle class and invest in education and infrastructures is through increase of taxes among the super-rich. Despite efforts that may be undertaken including elimination of corporate welfare subsidies for big oil, big pharma and big agriculture, and cut back on the bloated defense budget the amount that can be raised is not nearly enough.

The large proportion of Americans cannot afford to pay more because 90 percent of Americans are still struggling. Today, working and the middle-class taxpayers are shelling out a bigger part of their income in sales taxes, payroll taxes, and property taxes compared to three decades ago. The top one percent share of national income has doubled over the past three decades.  Experts have devoted a large part of their time to the role of the income tax in ameliorating inequality. Income taxes in the modern fiscal state tend to be roughly proportional rather than steeply progressive.

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Conclusion

Most of the income among the rich accumulate unproductively and passively. American wealth increase from $ 47 trillion to $ 80 trillion in five years where the richest in the country are in estimate to have add an average of $ 5 million each to their fortunes. They end of not paying wealth tax and defer their income taxes.

Work Cited
Clausing, Kimberly A. “Lessons for International Tax Reform from the US State Experience under Formulary Apportionment.” (2014).
Wiederhold, Gio. “US Taxation.” Valuing Intellectual Capital. Springer New York, 2014. 203- 230.

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