NEW YORK (CNNMoney) -- Hey, rich folks! The American people are putting you on notice. They want you to pay higher taxes.
Two new polls suggest there is broad support for raising taxes on households making more than $250,000 a year, and all in the name of deficit reduction.
Heck, even a majority of Republicans want the rich to pay more.
A full 72% of adults approve of increasing federal taxes on households making more than $250,000 starting in 2013, according to the latest New York Times/CBS News poll.
Fifty-five percent of Republicans want the tax hike, along with 74% of independents and 83% of Democrats.
This article is interesting. I believe that the rich should be taxed, it is reported that a percent increase in taxes for the rich would give the government a revenue of nearly a trillion dollars over 10 years. This move would be useful if the taxes were to be increased for the rich because it wouldn't affect the rich's spending on goods.
9 comments:
Great topic for debate! I agree with you on this one 100%. The common rebutle to this argument is that these people worked their buts off in order to earn this money, so its not fair to increase their taxes more than they already are. Yes, the highest bracket is already at 35%, but this is only 25% higher than the lowest bracket, where the individuals in this bracket only make up to $8,000a year. So is it fair to take $800 from a person who only makes $8000 a year as it is? I say no,a small increase in the highest bracket wont hurt these indivuduals standard of living much at all. And it will in turn help to decrease our defecit, and fund essential goverment agencies.
Warren Buffett has long been an advocate for raising taxes on people like him, the rich. He also advocates for cutting taxes for people at the lower levels. I agree with Buffett, that this would be an effective way to bring more money into the economy.
But the problem is there aren't enough rich people. As the article says, "raising the top two tax rates by 1 percentage point would yield only $115 billion over 10 years." So although raising taxes on the rich is a just and logical thing to do, defense spending, which accounts for nearly 5 percent of GDP may be a better way to reduce the deficit.
Since there wont be enough rich people to reach that tax level, it wont collect that much taxes to reduce deficit. I agree with Scott, defense spending is the biggest one that can be possibly reduce in the nearly future. If the U.S air force didnt drop bombs in Libya rencently, it would save millions of dollars. And I personally believe that there is no need to maintian that huge national defense spending.
A progressive income tax system is the only income tax system that has worked over the years. The only time in which the trickle down theory application on the tax system has worked has been post war times in which domestic investemnts from the rick were very high. So yes, this is the most effective method of taxation and thus I agree the rich should pay highee taxes.
I agree. The progressive income tax system is one in which taxes attempt to reduce the tax frequency of people with a lower ability to pay, as they shift the frequency of taxes to those with a higher ability to pay. I definitely think the rich should be taxed. Obama just talked about taxing the top wealthy 2% of the population in his most recent speech. This is the correct steps to take for our recovering economy coming out of the recession. The progressive income tax system is ideal because the wealthy can still afford to spend money even after taxes. Our economy can still progress forward.
Of course the majority of Americans would like to see a raise on households making more than $250,000 a year. Regardless of ones political party, roughly one in 50 households take in more than $250,000 a year.
I also feel that increasing the tax rate for the rich is a good option because it will not really negatively harm them. I really think however that cuts need to be made most in military spending. A poll conducted by MSNBC shows that this is what Americans support the most: "The poll found 51 percent of Americans support reducing defense spending, and only 28 percent want to cut Medicare and Medicaid health programs for the elderly and poor. A mere 18 percent back cuts in the Social Security retirement program."
I definitely agree with the progressive tax system and that the rich should pay higher taxes. One thing to think about is what the government should do with the increase in tax revenue by taxing the rich more. definitely not to spend it in military use.
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