MARY KRISHNA L.

SALCEDO
LYLE LOIUS Y. LEDESMA

TAXING THE WEALTHY: Feedback

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JUSTICE
TAXES ARE PAID DIRECTLY TO THE
GOVERNMENT THROUGH THE AGENCY
RESPONSIBLE FOR COLLECTION. PEOPLE PAY
TAXES AS A PERCENTAGE OF THEIR INCOME,
SO THE PERCENTAGE PAID IS THE SAME FOR
RICH AND POOR. MOST LOW-INCOME
HOUSEHOLDS DO NOT PAY FEDERAL INCOME
TAXES, EITHER BECAUSE THEY OWE NO TAX
(DUE TO THEIR INCOME BEING LESS THAN THE
STANDARD DEDUCTION) OR BECAUSE TAX
Market CREDITS OFFSET THE TAX THEY WOULD HAVE
TO PAY.
 MARY KRISHNA L. SALCEDO
LYLE LOIUS Y. LEDESMA

If we tax the wealthy, it is principally fair and addresses the
income inequality evident in this country. The top 1% of
income earners control more wealth than the bottom 50% of
the population combined, and this disparity has been
growing for years. Taxing the wealthy will hugely benefit
society as it gives more funding to essential social programs
such as healthcare, education, and infrastructure that
benefit all citizens. This would help reduce poverty and
improve the quality of life, especially the less fortunate.
Additionally, the wealthy have the financial
resources to pay more taxes without affecting their
standard of living, whilst a tax increase for middle
to lower class families could result in significant
financial strain. The wealthy also
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government services and infrastructure and thus,
making a situation to raise their taxes a win-win
situation for everyone.

Moreover, research and statistics have shown progressive taxation has been very effective in reducing
income inequality and providing funding for social programs. Many countries with higher tax rates on
the wealthy, such as Scandinavia and Western Europe, have lower levels of poverty, better access to
healthcare, and higher life expectancies. The argument that taxing the wealthy more would hurt
economic growth and restrain job creation has been debunked by multiple studies and experts, who
have shown that countries with higher taxes on the wealthy generally have robust economies with low
unemployment.

Furthermore, taxing the wealthy more would help to
reduce wealth inequality, which has been linked to a
range of social and economic problems. Research
has shown that countries with high wealth
inequalities tend to have lower levels of trust, lower
levels of social cohesion, hence higher levels of
crime committed. By reducing wealth inequality,
taxing the wealthy more could help to create a more
harmonious and stable society.
Another argument in favor of taxing the wealthy more is that
it would increase economic mobility. The concentration of
wealth in the hands of a few has resulted in a lack of
economic mobility for many people, particularly affected by
this are the low class community. The lack of access to
quality education, healthcare and other opportunities has
resulted in a cycle of poverty that is a very tough situation to
break. Taxing the wealthy more would provide additional
funding for programs that could break this cycle and
increase economic mobility for everyone and the country.
In conclusion, taxing the wealthy more is an important step in
creating a more equal and just society. It would provide additional
funding or essential social programs, reduce crime, increase
economic mobility, and reduce wealth inequality. While some
won’t agree and argue that taxing the wealthy would hurt
economic growth and restrain job creation, there is no evidence
supporting such claims. Instead, the evidence shows that countries
with higher tax rates on the wealthy have a robust economy with
low unemployment. It is time for the government to take action to
address income inequality and ensure everyone has access to the
basic necessities in life.