Research Essay Assignment

Topic: Should the wealthy pay more in taxes?

Harsh Garg

GEORGIAN ATILAC COLLEGE

Communication Essentials

VAHIDEH RAHNAMA

1 August, 2022
 Should the wealthy pay more in taxes?

The bottom half of the wealth in terms of humanity in this world is owned by the 26

richest individuals which are somewhere around 3.8 billion people (Mark Engler, 2019). This

report or research is the latest piece of evidence disparity of wealth continues to grow in this

world. There are proposals proposed by many politicians that wealth should pay more in taxes.

Newly elected politician Alexandra Ocasio-Cortez caused minor chaos in Washington, DC by

giving a proposal to double the tax paid by wealthy people. Under this plan, the top earner of

the country will have to pay a tax rate of 70 % of their income over 10 million dollars (Mark

Engler et al., 2019).

About 9 % of the population under household in the United States earn more than 200K

Dollars and their income is pre-tax, according to the Tax Policy Centre. (David Wessel,

October 15, 2019).

It's the ending of the pandemic and policymakers are turning to replenish Covid

government coffers. The rich had a "Great Pandemic". Many wealthy businessmen gad their

great fortune to be grown in 2020 and some job professionals had suffered a lot in financial

terms. (Rhymer Rigby, March 22, 2021).

More and more tax paid by the top earners of the country makes more opportunities for

many people. Earning more and paying more tax is coming under simple resistance for top

earners. An example can be the people of Massachusetts who earn a large amount in

comparison to other regions. It is a very fundamental concept behind the millionaire's tax, an

initiative to reconsider the tax rate to make it to the election in 2022. (Marcela Garcia, May 28,

2021).
 Introduction

“A person doesn’t know how much he has to be thankful for until he has to pay taxes
on it” – Ann Landers

This quote rightly supports the topic that I have chosen for my essay. I believe that the
wealthy should pay more in taxes. The basic argument that supports my motion is that the
wealthy have greater utilization of all the services and infrastructure that are funded by the
taxes, so they should pay proportionally greater taxes. Even millionaires around the world
have demanded that they pay more taxes to move towards a fair tax system (Trust, 2022).

This would even contribute to reducing the gap between the rich and the poor. Even in the
pandemic, where the majority of the world’s population faced a financial crunch, the income
of the richest people doubled (International, 2022). This shows how deep is the income
disparity. However, the imposition of wealth tax should be done in a way that is fair so that it
does not disincentivize the people to be ambitious for being more successful. The wealthy
paying more tax also has a moral side to it in the sense that they give back to society.

Main point themes

Wealthy People have benefitted the most from the Economy. As wealthy people have

been able to generate their wealth from services and infrastructure that the government provides

from these taxes, it makes sense for the rich to pay a proportionately larger part of their income

as taxes.

The rich are getting richer and the poor and getting poorer. The income of the rich
is increasing at a larger rate than the income of other people. This is increasing the gap
between the rich and the poor. To manage this gap and prevent social instability that can arise
from such a gap, the rich should pay more taxes.
 1

A wealth tax would generate more revenue. Even a small percentage of

wealth tax would generate a large amount of revenue which would help the entire
population in return. This would even fuel a country’s economic growth when utilized
judiciously and implemented fairly.
 2

References

Lankford Jr, R. (2014). Should the wealthy pay higher taxes? Greenhaven Press.

Goldstein, L. (2021). Retrieved from

https://torontosun.com/opinion/columnists/goldstein-make-the-rich-pay-new-
reports-show-in-canada-we-already-do

International, O. (2022). Retrieved from https:

//www.oxfam.org/en/press-releases/ten-richest-men-double-their-fortunes-
pandemic- while-incomes-99-percent-humanity%5C&usg=AOvVaw36wNd2-
3_SVNba2P1vEoD8
Engler, Initial(s). (2019). Should the Wealthy Pay More Taxes? Website. Should the Wealthy

Pay More Taxes? | Morningside Center for Teaching Social Responsibility

Last name, Initial(s). [Channel]. (Year, Month Day of publication). Title of the video [Video].

Website. https://URL

Morningside Center. (2019). Word. In Dictionary. Mark Engler. Homepage | Morningside

Center for Teaching Social Responsibility