Taxing Wealthy

Taxing the Wealthy

With the national debt at an all-time high, it’s about time the wealthy started paying their fair share or more in taxes. Raising taxes on the rich will dent inequality in America. If raising taxes on the rich means more revenue for defense, education, social security, and especially for healthcare, I would support it undoubtedly.

Government can use taxes as a means of redistributing wealth to the poor and less fortunate. Author of The Rich Are Different from You and Me, Chrystia Freeland, states, “Today half of the national income goes to the richest 10 percent. In 2007, the top 1 percent controlled 34.6 percent of the wealth-significantly more than the bottom 90 percent, who controlled just 26.9 percent” (Freeland). Although many rich people are charitable, for many others, that is not the case. They spend money on opulence things they don't need, or worse, try to spend their lives getting even richer. By taking the wealth from such rich individuals, government can create programs to help the needy such as food stamps, unemployment, and free healthcare, while also enhancing programs that help individuals climb the economic ladder, such as educational assistance and job training.

The power of rich individuals must be contained by limiting their wealth. Power inevitably comes with wealth. The most important thing that money can buy is access. Author of The Broken Contract, George Packer, basically says that Washington favors the rich. The more wealth that accumulates in a few hands at the top, the more influence and favor the rich acquire. Thus, making it easier for them and their political allies avoid constraints without paying a social price. He also says, “Inequality creates a lopsided economy, which leaves the rich with so much money that they can binge on speculation, and leaves the middle class without enough money to but the things they think they deserve, which leads