Raising taxes for the wealthy could fix the economy by increasing the national revenue. The government will receive more money, and the national debt would reduce. When Clinton raised taxes on the wealthy in the 1900’s, for instance, the economy created more jobs, and the wages increased. Higher taxes for the rich could therefore possibly make the economy grow. It could reduce the gap between the rich and the poor. A large discrepancy between the poor and the wealthy creates the risk of strife and social instability which may result in political turmoil and crime. As a method of wealth redistribution, money raised in tax could be used to help the poor in the society.
Diligence, big investments, and wise spending are some of the various ways through which people create higher incomes and become wealthy. The rich in the society worked hard to get to where they are currently. People against progressive taxation assert that it would not be fair to punish the rich because they make more money since they put in effort and diligence to gain their wealth. Though this is perhaps true, the wealthy surely used various government resources to achieve their current status. Every individual should pay towards these government-funded resources.
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The US is certainly a land of opportunity, equality, and freedom, despite that the playing field is not equal for every American. Many Americans face financial challenges in their daily lives and therefore have difficulties succeeding. The other few bask in the abundance of the American dream. The two groups generate different amounts of income and are as such not on the same side of the spectrum. It would be unfair for the underprivileged to pay as much as the wealthy few in fixed taxes. The wealthy have more money and should pay higher taxes.
