There are reasons as to why the rich in America should pay more taxes. Firstly is the fact that there are times when the economy is unstable and they need to stabilize it. The only way that can take place is through addition of taxes. Taxing the poor does not make sense because it will increase distress in the country. The best way that is reasonable is the taxing of the rich. Mainly because they can manage to pay the taxes and are financially stable unlike the poor who will find it hard to pay up the taxes (Feldstein, 1976).
When the rich are taxed more, it will help prevent the gap between the rich and the poor from increasing. The moment the gap increases, the number crimes and political instability increases because people become distressed. It is seen that the 1929 Wall Street crush was mainly caused by the increase in the gap between the rich and the poor and therefore the only way to avoid it is to increase the taxes paid by the rich (Feldstein, 1976).
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The rich should pay more taxes as a form of moral calling in that the added percentage can be used to redistribute wealth. It can be done through providing the extra taxes to help the poorest in the society and therefore helping to balance the gap. As much as the increase of their taxes can be helpful, there is the perspective where it can the poor lazy and avoid working harder because the rich are already doing that for them (Feldstein, 1976).
In conclusion it is easier to say that the rich in America should pay more taxes as a way to help the poor and balance the economy. The suggestion makes sense but it should be done in a strategic way to avoid creating a group of people who will be comfortably lazy. It is advisable that the poor are encouraged to work hard in order to change their situation (Feldstein, 1976).
Reference
Feldstein, M. (1976). On the theory of tax reform. Journal of Public Economics , 6 (1-2), 77-104.
