15 benefits of rich paying more taxes
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More Revenue
Raising taxes results in additional revenue to pay for public programs and services. Federal programs such as Medicare and Social Security are funded by tax dollars. Infrastructure such as state roads and the interstate highway system also require taxpayer funding.xplanation:
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Imposing higher taxes on the rich would actually help the economy grow faster, Democrats say. That’s contrary to decades of Republican trickle-down orthodoxy that has made the total tax burden in the U.S. lower than just three other developed nations — without delivering the economic jolt that was promised time and time again.
It’s not just Sens. Elizabeth Warren and Bernie Sanders who favor taxing the rich, hitting roughly one of every 500 people. Even mocked-as-a-moderate Joe Biden proposes large tax increases on the rich if he’s elected president. (Keep in mind that President Obama also wanted to tax the rich more, but he couldn’t get Congress to go along, even though taxing the rich polls very well. Other Democrats may get the same result.)
Many Americans feel that the system is rigged against them. Prices for necessities such as health care, day care, education and housing are rising faster than incomes.
The economy would benefit directly from a more equal distribution of income because middle- and low-income families spend a greater portion of their incomes than the very rich do, so more money would recycle through the economy. The economy would also benefit if everyone could take advantage of the opportunities that are presently hoarded by the rich. How many great leaders, thinkers and inventors never got the chance?
Social class, wealth and political power are inherited from our parents and grandparents to a shocking degree.
Inequality of wealth creates other problems. The top 1% are socking away a greater share of the nation’s wealth; so much so that regular Americans are starved for the capital they need to buy homes, invest in schooling and start new businesses. The poorest half of Americans have only 2% of all wealth, half as much as their parents had 25 years ago. Meanwhile, the share owned by the top 1% of families has soared to 32%.
It’s not just Sens. Elizabeth Warren and Bernie Sanders who favor taxing the rich, hitting roughly one of every 500 people. Even mocked-as-a-moderate Joe Biden proposes large tax increases on the rich if he’s elected president. (Keep in mind that President Obama also wanted to tax the rich more, but he couldn’t get Congress to go along, even though taxing the rich polls very well. Other Democrats may get the same result.)
Many Americans feel that the system is rigged against them. Prices for necessities such as health care, day care, education and housing are rising faster than incomes.
The economy would benefit directly from a more equal distribution of income because middle- and low-income families spend a greater portion of their incomes than the very rich do, so more money would recycle through the economy. The economy would also benefit if everyone could take advantage of the opportunities that are presently hoarded by the rich. How many great leaders, thinkers and inventors never got the chance?
Social class, wealth and political power are inherited from our parents and grandparents to a shocking degree.
Inequality of wealth creates other problems. The top 1% are socking away a greater share of the nation’s wealth; so much so that regular Americans are starved for the capital they need to buy homes, invest in schooling and start new businesses. The poorest half of Americans have only 2% of all wealth, half as much as their parents had 25 years ago. Meanwhile, the share owned by the top 1% of families has soared to 32%.
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