This website uses cookies to ensure you have the best experience. Learn more

Taxation Of The Wealthy Essay

1618 words - 7 pages

For decades the controversy on raising taxes for the wealthiest Americans has been an on-going debate. During every election and congressional session- whether state or national- the politicians all hold strong views about the taxation of the wealthy. Since the last term of President Eisenhower the taxation of the wealthy has been declining and for the past ten years leveling out with the ‘upper middle class’. The latest stance is to tax the wealthy, a very controversial idea that leads to endless debate among our nations leaders. There are two view points on the matter, either raise the tax on the wealthy or keep tax rates where they are and decrease government spending. As Americans we must ask ourselves is it better to try achieve equality by tearing people down or by catering to the wealthy.
History of Taxing Wealthy
You could follow taxation issues back to before this nation was even founded. “Taxation without representation” was what led this country into a war and won us the independence that has brought us to be one of the world leaders. But Americans have gained the representation that we spent many years fighting for and now are on a new battlefield, how to go about taxing in a fair and just way.
The arguments throughout the history of our country have been the same, either taxing the rich in an economic crisis is either positive or negative. Many economic scholars believe that the taxation of the rich is a necessity during our current economic instability using the high taxations during the 40’s- that supported the war efforts- to back up their arguments. While the more right wing conservative’s believe that taxing the rich more means less buying which could lead to prices being raised on everything and end up causing greater problems for the poorest of Americans.
In the year 1913 the income taxes of the wealthiest of Americans was at an all-time low where they were being taxed nearly 10%. Since then the percentages have been as high as 80% during World War II and as low as 20% during the eighty’s. At this moment in time the taxes of the top 1% richest Americans is almost 25%. Which is nearly what people making only $250,000 a year are paying in income taxes (Folbre 2011).
While that may be extreme that is ten times the amount that the bottom 50% of tax filers pay. They pay a mere 5%. The top 1% of Americans paid 27.6% of all taxes in the year 2011 (Morrison 2012). This is something that is not new for our nation. Historically this has been the case. While the top 50% of the nation pay nearly the same amount the bottom 50% of tax payers pay less than half the amount that what is considered the “wealthiest” of Americans pay.
Pro Increased Taxation of the Wealthy
With the economic downturn there have been many great tragedies that have befallen this country. A high bankruptcy rate, foreclosures and short-sales of many families’ homes, and job losses just to name a few. While in these hard times it is easy to look...

Find Another Essay On Taxation of the Wealthy

Critique of the Irish Taxation Budget

1921 words - 8 pages urban areas creates new issues such as, how is an urban area defined? Are part-time workers who only use parking three days a week to be included in this tax?2)Project InitiativesLegalisation & Taxation of CannabisOutline:This project group is proposing the legalisation and taxation of Cannabis as a key policy initiative in our Fantasy Budget 2008. This would be highly regulated so only fully licensed businesses may grow, distribute or sell

Taxation; Find two articles that discuss the local, state, or federal taxation of a good

710 words - 3 pages alternative fuels such as natural gas, biodiesel or electric batteries more attractive, and put price pressure on manufacturers and consumers to choose more fuel-efficient products and processes.Proponents advocate that automobiles should pay for the roads they use and argue that the user tax should not be applied to mass transit projects. The burden from taxation is not just the quantity of tax paid, but the magnitude of the lost consumer surplus

What can we learn from the Homes of wealthy Pompeiians - Classical Civilisation - Essay

798 words - 4 pages We can learn a lot about the lives of the wealthy inhabitants of Pompeii from their homes. Historians have determined that wealthy Pompeiian would have enjoyed lavish lifestyles and given great importance to entertainment, taken all steps to ensure that they appeared to be as educated and as cultured as possible and would have lived lives isolated from the poorer members of society. The homes of these wealthy individuals are also pivotal in

Taxation Without Representation: The Beginning of the End

1382 words - 6 pages example of taxation without representation, because the American colonists didn't have representatives, or the opportunity to vote. To pay off their debt, England scheduled the initiation of the Stamp Act, which placed a tax on 50 different documents, on November 1, 1765 (Gale ¶ 2; Brindell 13). This act was to put a tax “upon every paper commonly called a pamphlet and upon every newspaper” (Copeland 193). Because the Stamp Act was an

Taxation and Equality: Examining the Foundations of the French Revolution

1268 words - 5 pages played into France’s economic disparity came through the privileges that were given to the different classes of society. While the first and second estates of the French state (the Monarchy, Clergy, and Nobility) did not pay taxes, the third estate – which included the peasants and later on the workers who weren't noblemen – had to pay.4 This resulted in the French government gaining very little through taxation, and thus showed the major dilemma that

What could be the consequences arising from domination by a single wealthy individual of, for example, digital satellite TV?

1069 words - 4 pages currently holds 97% of the market share of home operating systems on the web. If perhaps the world of digital satellite TV was dominated by a single wealthy individual, what would happen? One cannot tell, however if this were to occur, the door would be opened for a plethora of problems for not only the consumer, but for citizens of the world. To fully understand the perspective through a legal standpoint, a company who dominated the market

The Role of Taxation in the Demise of the Roman Empire

3058 words - 13 pages loopholes to avoid taxation. One such policy that unduly benefitted the rich was assign taxes to specific geographic regions instead of to individuals. Since the wealthy tended to have more power, they were able to avoid paying large taxes by assigning the burden to those beneath them (Bartlett 1994, 298). While the increase monetization of taxes is hypothesized to have increased trade since farmers had to sell their goods in order to have sufficient

The question of what constitutes a permanent establishment is of crucial importance in the international taxation of business profits

2241 words - 9 pages Q. The question of what constitutes a permanent establishment is of crucial importance in the international taxation of business profits. Explain why this is so and critically examine recent developments in the interpretation of the concept.A. Introduction: Importance of permanent establishment.The term permanent establishment (PE) of a non-resident is a key concept in the typical double tax treaty, and in the OECD model tax treaty. The

What were the causes of the french revolution? inequality of the state, taxation, Louis XVI weak ruler

1095 words - 4 pages troops and a naval squadron to help the Americans, men came back to France eager to try rebelling themselves. Seeing the Americans rebel and fight for their rights influenced them and the results that the Americans got, among many "the Bill of Rights" encouraged them to have their own revolution.One of the most outstanding causes was the taxation system that had been exercised for many years. The third estate were the only people forced to pay taxes

Discuss the economic arguments for and against imposing substantially higher levels of taxation on the sale of alcohol

1229 words - 5 pages Alcohol is categorized as a demerit good. A demerit good can be defined as a product, such as cigarettes, which consumers may overvalue and tend to over consume but which the government believes may be harmful for consumers. Demerit goods are those goods whose negative externalities are very high.First, to be able to analyse whether the government should impose substantially higher levels of taxation on the sale of alcohol, we must determine the

Analyse the application of the multi-factor test as applied in the attached case study (Dominic B Fishing Pty Ltd and Commissioner of Taxation [20

1061 words - 5 pages ACT Visiting Medical Officers Association. Therefore it is conclusive from this factor that Hemingway was not represented as part of the business, thus being an independent contractor. Income tax deduction It is difficult to classify in terms of income taxation whether Hemingway contracts for service as he fails to keep records of his employment. Evidence for this is where he admitted that he let the taxpayer take care of his tax affairs where

Similar Essays

America: Land Of Opportunity Or Land Of The Wealthy?

2288 words - 10 pages This disillusionment sentiment experienced by American society towards its wealth biased government is substantiated as many members are wealthy or has direct ties to wealth, perpetuating the trend of income inequality through policymaking. The legislative branch of the government, or the branch that is directly involved in policymaking and lawmaking is populated by various members of massive wealth that represents many sectors of the economy

A Pervasive Savagery: The Narcissism Of The Super Wealthy

1987 words - 8 pages There are many similarities that can be drawn between the rich of the 20s and the rich of today. There is supposedly a dream that Americans can rise from the bottom to the top, and be the happiest people in the world. But, Jimmy Gatz the poor farm boy who rises from the clutches of poverty to the ranks of the super wealthy was never content. Gatsby throws lavish parties, yet he is never truly happy, and lives in ignorance of the conditions that

One Can Be Simultaneously Wealthy And Of The Christian Faith

932 words - 4 pages The world is filled with both poverty and prosperity. While many people in North America would not consider themselves "rich," the fact is that on a global scale, we really are very wealthy. We have many more possessions than a large percentage of the rest of the earth's population. Many people argue that it is wrong for Christians to have a lot of wealth, and that they should give it away. They think that you cannot be a Christian and follow

Legislation For The Taxation Of Online Retailers

767 words - 4 pages to make money, through taxation, off of the internet. This was abruptly stopped when the Internet Tax Freedom Act was passed in 1998. The one form of tax this did not stop was sales tax made by purchasing goods online. There are two opinions that oppose each other in this matter, as well as some grey area. One side, made up mostly of government workers, says that sales taxes are owed to the government, and should be collected by all retailers