Wednesday, October 29, 2014

Do the rich pay too much in taxes?

"Earners in the top 1% pay about 43% of their incomes in tax. People in the middle quintile pay 25%. The poorest fifth pays 13%."

Read more: http://www.businessinsider.com/no-the-rich-do-not-pay-all-the-taxes-2013-12#ixzz3HM42myxB



The Graph above shows the Tax bracket for the tax payer in the U.S for 2013, and it shows that the top 1% of people payed 43% of their income to mostly federal and some state taxes. Then it goes down the income bracket showing the less percentages of money that the people make. The truth is that the wealthier you are the more you pay to the government.

Many peoples "solution" to government debt and other government funded programs is to simply raise the taxes on the rich. This can not be the solution for every problem in the country for obvious reasons. The people who pay the most taxes are wealthy and if they keep getting taxed more and more there is not as much of an incentive to keep working hard if they can make the same money working less. America got the way it is today by hard work and taking risks, and the people who already pay most of the taxes most likely took a huge risk, or put in super long hours to get to the position they are in today. Therefore, people penalized for working hard is outrageous. Its obvious that the rich should pay a higher percentage of taxes, but when is it enough? Furthermore, people will not have as much of an incentive to take risks and work hard because they will not want the burden of super high taxing, and if the rich are not their to start businesses and fund companies who would?

1 comment:

  1. You bring up some very good points. America and it's wealth was built on people who took risks (this would not happen with high taxes). What is the future of America if people won't want to take risks anymore?

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