Taxing The Rich Essay

925 words - 4 pages

The American deficit grows every day, along with the wealth divide between the wealthiest and poorest Americans. The nation’s financial standing is worsening by the second, and something must be done to improve it. The richest Americans are only getting richer in this time of economic crisis, and tax increases for the wealthy are a viable way to more equally distribute wealth throughout the lower classes in the United States. It may be true that some of the wealthiest citizens have earned their money, but action should be taken to help the struggling majority of the country instead of the privileged few. The United States has a responsibility to give the lower classes an opportunity to rise out of poverty, and if the lower class continues to grow like it is now, this nation could have larger problems to deal with in the future.
Over the past three decades, tax rates on high incomes have fallen sharply as politicians have attempted to improve the financial standing of the lower classes. Over this time, however, it has been the income of the wealthy that has increased, not the poor. In fact, income inequality has skyrocketed over the last few decades, and President Obama’s recent tax increases for the wealthy have only improved income inequality numbers by a fragment of what it has risen to currently (Krugman 1). The lower classes are suffering as the upper classes continue to thrive, and this must be improved if the United States expects to be a global economic leader. The tax cuts for the wealthy have caused the great divide between classes to separate further, and tax increases for the wealthiest Americans will not only help to improve this income gap, but they can fund programs that will help the lower classes. In October of 2012, Bill de Blasio of New York revealed an ambitious plan that could finance education programs by raising taxes for New York City’s wealthiest residents. De Blasio stated that early childhood education programs could be improved through increased funding; his programs would cost about $500 million, which “could be generated through a small tax surcharge on New Yorkers who earn $500,000 or more” (Grynbaum 1). Tax increases on the wealthy are not just about equality for lower classes, but they could create programs in education or other fields that could result in a better society for everyone.
The opposition to tax increases on the wealthy have a few theories on why it would be unhealthy for the economy, but when tax increases and decreases are compared with economic growth numbers from the past, these theories fall short. For example, some may say that taxes on the wealthy are unfair, and fairness directly relates with American...

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