The debate regarding the wealthiest paying more tax has been going on since forever. But as a matter of fact, it is still relevant until today. A lot of people argue against it but in the end, it all depends upon the way we handle it to make things better. However, some critics propose the idea of not only charging the wealthiest but also those with larger incomes. It is equally important to realize the impact this decision can make on every other aspect of a country.
First of all, if we start to tax the rich more than the poor, it can make more economic sense. Any program to help the poor like national defense or infrastructure can become easier if the rich pay more tax. Similarly, if this money can be used to improve the health care system and education for the poor, it can make a huge difference. It can further improve economic growth and development. The rich ones have a lot of money so even one percent of them can have more wealth than 40% of the entire nation. In all fairness, people with a lot of money can help those who are homeless or don’t have an adequate amount of money to survive. A higher tax rate won’t even affect their financial stability.
A government is responsible to provide the citizens with the necessities of life like nourishment, health system, education, and housing. And rich people are the asset of the country that it can get assistance from as the money must have to come from somewhere. If we dig into the history of America, the presidents used to pay higher taxes before. A lot of other developed countries are also charging higher taxes to rich people. So, one of the strongest reasons for making the rich pay more tax is that they are already paying very low comparatively. If they start paying more, it can help the government distribute the money among lower and middle classes fairly.
Some critics argue that the wages of people depend upon their hard work. So, everyone deserves to get the reward for their efforts. The government has no right to take the money from the rich and give it to the poor as most of them might not have even worked harder to earn significant incomes. The wealthy people are already paying more because of the higher income to tax ratio. Also, if the rich start funding the government, it won’t only be immoral but also counterproductive. The job opportunities will become less which in turn affects the government revenues drastically.
In a nutshell, if the wealthy people start paying more taxes from their income sources, it would be quite fair as thousands of poor people are dying daily because of the lack of necessities for survival. On the other hand, if the poor have their basic rights they are entitled to, it will lead to economic growth. Also, since the taxes are already low than the past, it highlights the need for increasing tax for rich.
