Monday, April 9, 2012
Obama to Visit Swing State to Push His Millionaire Tax
Tax is a topic that is relatively new in human history. It only became a part of society with the rise of mercantilism. However, it has become one of the biggest issues in the economy. Should it be a tool to redistribute wealth? or should it be a tool for revenue for the government to provide the public goods, such as defense? it is quite difficult to answer. However, I believe that you can't tax the one without money, you can only tax those that have the capabilities to pay tax. President Obama is doing just that. He is pushing for an increase in tax on those who can pay the tax. But this would require not just a higher rate, but overhaul in tax system. Overall, we still have to wait and see who is going to be the next president. This is only a proposal.
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3 comments:
If someone is too poor to pay a tax then it seems fair to leave them alone; and the people that do have money should not be bothered by having to pay a little extra money in order to help out their fellow, yet much less wealthy, citizens.
I agree that we shouldn't over tax those who can barely afford everyday bills. But if taxes get too high there is less incentive for people to make this much if close to half of their earnings are being taken away. So although I think this can be helpful, we have to do it within moderation.
During 1932-1936, Roosevelt and Congress raised taxes to 65% on those who make over a million dollars a year. The rich accepted the tax to help the economy get backs on its feet. A millionaire tax in the 21st century could easily help ease the national debt.
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