-Why taxes should be lowered for the wealthy
Taxes should be lowered for the wealthy on the basis of working harder to pay less because if you have worked harder in life to make the most money you can, then you should be rewarded for that hard work by keeping a bigger portion of your earnings for yourself. It isn’t fair to be punished with higher taxes just because you make more money. So put down your pitchforks. The wealthiest 10% pay a big majority of federal income taxes. The top 10% of taxpayers paid over 70% of the total amount collected in federal income taxes in 2010. It has been increasing every year since 1986 when it was 55%. The remaining 90% of Americans contribute to just under 30% of the tax burden. And 47% of all Americans pay hardly anything at all.
"There's been a huge myth created that the rich aren't paying anything," said William McBride, the Tax Foundation's chief economist. "The rich pay a much higher rate than the poor."
During Obamas second term, a new tax reform was established for the first time in 20 years.
Made these changes of:
39.6% top rate for households making more than 450,000
20% rate on dividends and capital gains for households making more than 450,000
40% estate tax rate
Why is it fair for only the top tax bracket to be raised?
Why is it fair to tax dividends and capital gains of ONLY households making 450,000 or more?
Capital gains and dividends are the result of smart investments, not only people making more than 450,000 invest, so why are they the only ones paying the higher tax rate?
Taxes should be the same rate for everyone across the board because it isn’t fair to take more away from people that have worked the hardest.
The average federal tax increase:
40,000-50,000 pay 579 more
200,000-500,000 pay 2,711 more
But more than 1 million pay 170,341 more
We will use the low end of each spectrum, 40,000, 200,000, and 1 million