Governments need to tax its citizens in order to protect and serve them. Many politicians vehemently debate which taxation methods the government should or should not utilize. Most members of the United States of America pay taxes every year. No wonder taxes play a major role in politics. According to popular belief, we procure an income tax because it provides the best way to tax citizens.
Rhetorical Analysis Essay “Richer and Poorer Accounting for Inequality” In the essay “Richer and Poorer Accounting for inequality.” by Jill Lepore published at The New Yorker on March 16 ,2015 she discusses about the economic inequalities we as young Americans are facing today. The author mentions all the statistical studies recorded by reliable sources during different time periods, stories of young lives that have been affected by the economic inequality. The solutions to these type of problems cannot be passed if individuals select Representatives in congress that veto bills, that would benefit the United States.
However, top 1% does not even get taxed close to middle class. Policies always favored them instead of middle class. Also top CEO’s get extensive amount and there pay has been controversial. In Economic booms, CEO pay skyrocketed. In the 90’s Clinton considered CEO pay to be core issue of his campaign in which he planned to remove corporate tax deductions for executive pay in excess of one million dollar a year.
So let’s have paid leave, earned sick days. Let’s be sure we have affordable child care and debt-free college. How are we going to do it? We’re going to do it by having the wealthy pay their fare share and close the corporate loopholes.” In this quote, Clinton said that the solution to all the problems of the lower and middle classes is to increase taxes on the wealthy.
Also, the wealthy is known to be rich, so as they collect more and more taxes, they will spend it on stuff we don't need; instead of paying it on taxes. For
The top 10% of America owns up to two thirds of the wealth in America. The article goes on to explain why this idea may be harder to put in effect due to the tax hikes. The middle fifth of America will experience a tax cut by an average of $730 in 2019, but will soon increase in 2027 (“Six More Things to Know,”
One of the major cases against the tax plan is that it favors the top one percent of people as well as large businesses. According to the Tax Policy Center, the top one percent would save an average of $129,000 a year with the new tax rate. The plan cuts the individual tax rate for people earning over 500,000 dollars from 39.6% to 37%. That doesn’t seem like a large percentage of money. For example, a person is making one million dollars annually in the previous plan would pay 396,000 in taxes.
Leonhardt believes that taxes can effect on how inequality can be persuade in different directions in the American economy. He even stated, “A true attack on inequality would require that the country move the issue to the center of every political debate: how we tax wealth, how we tax the income of the middle class and poor (often stealthily through the payroll tax)” (547). In short, not only is the middle or lower class Americans are taxed; even the wealthy are taxed but it is a huge argument on how tax should be divide up. However, a high percentage of tax is on the middle and lower class payroll. The wealthy will try and manipulate laws so that they won’t be taxed as much.
Although these rich Americans want the government to handle the issue of taxation they feel posing higher taxes on them is just not fair. They feel they are hard working citizens who spend a great deal of time working at their business. It is through risks that they may have taken that got them to the positions that they got to today. They feel frustrated when people call them greedy because of their wealth because they feel the poor are the greedy people. The poor receive handouts from the government for everything in their lives, and the rich have to finance these projects.
Income inequality is rampant, and currently, it 's only getting worse. At this moment, the richest 1% of the population control nearly half of all global wealth. If current trends continue, the wealthiest 1% will have more than the other 99% within just a few years. The question is, however, how much income inequality is acceptable? Like many social issues, there is no easy answer, and people are remarkably divided on the answer.
Also the loopholes in tax laws make it easy for corporations and wealthy individuals to get out of paying their fair share to avoid any tax burden. Goldman Sachs and the Koch brothers are examples that show the wealth inequality gap increasing as they do not pay their rightful amount of
Advantage of flat tax system Before we start to discuss the content in this part, some conceptual issues should be illustrated ahead of the very beginning of this part: What’s the spirit a tax system should convey to the public? What are the functions and goals the government plans to achieve through a tax system? The spirit a tax system should convey to the public. All men are created equally which convey the basic creed that everyone should be equally considered despite the race, color, faith and- which should be specifically focused in this case- income.
The new tax reform bill could negatively affect college universities athletic programs around the world. Coaches at top universities could start to see a decline in their salaries. Sport teams that don’t bring in large revenue could be cut from universities because of funding issues. Athletic programs depend on charitable donations from donors to help pay their coaches, offer scholarships for sports such as fencing, and renovate facilities. The old tax bill allowed for donors to receive an 80% deductible for large donations.