05 Dec Should the U.S. raise taxes on the rich?
“There is a growing debate in the United States about how significant the tax contribution of the rich should be and whether it should be increased. When economic times are tough, it makes sense to tax the wealthy as they can sustain tax increases. A progressive tax system can prevent wealth disparities. It is a form of wealth redistribution as the tax money raised is being used to aid the poorest sections of the population.
However, Governments have proven to waste the taxpayers’ money, and a tax increase is likely to give the government more funds with no incentive to spend efficiently. Raising taxes can also act as a disincentive for individuals and businesses to make money as they might feel that their efforts are not being rewarded sufficiently. High taxes in the past have resulted in slow economic growth.
What do you think? Should the U.S. raise taxes on the rich?
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Should the U.S. raise taxes on the rich?