Jade Andrew Subagan St.

Therese Child of Jesus

Should wealthy people pay more taxes?

The issue of whether wealthy people should pay more taxes has been a highly
debated topic for decades. Some argue that it is only fair that those who have
more should contribute more to society, while others believe that this is a
violation of individual rights. However, after careful consideration, it is clear
that wealthy individuals should pay more taxes.

Firstly, the wealthy have the ability to pay more taxes without it having a
significant impact on their standard of living. In fact, the top 1% of income
earners in the United States own 15 times more wealth than the bottom 50%.
This means that even if they paid a higher percentage of their income in taxes,
they would still have a substantial amount of disposable income left over. In
contrast, low-income earners may struggle to make ends meet if they are
required to pay a higher percentage of their income in taxes.

Secondly, the wealthy benefit the most from the infrastructure and services
provided by the government. They use the roads, public transportation, and
airports more frequently and benefit from the protection of the police and
military. They also have access to better healthcare and education systems,
which are often funded by the government. Therefore, it is only fair that they
contribute more to the funding of these services.

Thirdly, a progressive tax system can help reduce income inequality.

According to the World Inequality Database, income inequality has been
steadily increasing in many countries, including the United States. A
progressive tax system can help reduce this inequality by redistributing wealth
from the rich to the poor. This can lead to a more equal society where
everyone has access to basic necessities such as healthcare, education, and
housing. Furthermore, a progressive tax system can also promote economic
growth. The government can use the revenue generated from higher taxes on
the wealthy to invest in infrastructure and education, which can create more
job opportunities and increase productivity. This can lead to a stronger
economy overall, which benefits everyone.

In conclusion, the wealthy should pay more taxes because they have the ability
to do so without it having a significant impact on their standard of living, they
benefit the most from the services provided by the government, and a
progressive tax system can help reduce income inequality and promote
economic growth. It is time for the wealthy to contribute their fair share to
society and help create a more equal and prosperous world for everyone.