Seeing as I'm pretty much a newbie here, I hate to jump in on something that is obviously controversial. I just have to disagree with this idea that the rich shouldn't have to pay a higher tax rate. A percentage rate is only equitable when everyone is earning what could be considered a similar wage. However, at a point real dollar figures do become important. As someone mentioned it is considerably easier for someone making $300,000 to pay 25% of their earning than it is for someone making $30,000. The issue of percentage disposable income arises here. Basically all people require a certain amount of money to meet their living necessities. For someone making $30K, there is a very small portion of their income left over after paying for these basic necessities. Whereas a person making $300K has a much larger percentage of their wage comprising their disposable income. I don't imagine this comes as a revelation to anybody here.
To say that making the rich pay a higher percentage tax rate is something of a punishment for being successful is kind of a misguided statement. Taxes are designed to fund those programs that we, as a society, have deemed to be for the public good. So to view paying them as a punishment is to view taxes as though you don't recieve anything for that payment. To put it in perspective, the better our education system is funded, the more well educated youth we produce. The more options those youth have. The less chance they will resort to crime. Hence, less chance kids will be stealing your Ferrari.
Finally, and probably most controversially, to say that the rich have worked hard and deserve what they have made, seems a bit presumptuous to me. This is always claimed as though everyone who is not rich is simply lazy or stupid. Unfortunately, the economy is based on the concept of limited resources. Not everyone can be rich, no matter how hard you work, or how determined you are. In order for there to be rich people, there has to be a sizable portion of the population that is poor. So, I have no doubt that most of those who are rich have indeed worked for it. However, there are many, many, more people who are not rich who also work very hard. Someone has to fix your Ferrari. Just something to think about.
-Steve
To say that making the rich pay a higher percentage tax rate is something of a punishment for being successful is kind of a misguided statement. Taxes are designed to fund those programs that we, as a society, have deemed to be for the public good. So to view paying them as a punishment is to view taxes as though you don't recieve anything for that payment. To put it in perspective, the better our education system is funded, the more well educated youth we produce. The more options those youth have. The less chance they will resort to crime. Hence, less chance kids will be stealing your Ferrari.
Finally, and probably most controversially, to say that the rich have worked hard and deserve what they have made, seems a bit presumptuous to me. This is always claimed as though everyone who is not rich is simply lazy or stupid. Unfortunately, the economy is based on the concept of limited resources. Not everyone can be rich, no matter how hard you work, or how determined you are. In order for there to be rich people, there has to be a sizable portion of the population that is poor. So, I have no doubt that most of those who are rich have indeed worked for it. However, there are many, many, more people who are not rich who also work very hard. Someone has to fix your Ferrari. Just something to think about.
-Steve