Question

Should the United States increase their top tax rate by taxing individuals 90% on all income they earn ABOVE $500,000

Answer 1

Answer:

Individuals who earn ~$500,000 and above 40% of all income taxes, and pay 59.1% of all taxes shared. In a common sense, the amount paid should be proportional to not only the amount they earn, but also the amount of people within that tax bracket. In essence, the United States should not increase the top tax rate to 90%, as it is an extremely unfair tax to individuals, just because they are "richer". Also, a hike in taxes to the rich would negatively affect everybody else as well. Many rich people own successful businesses that employ hundreds, if not thousands of middle class and lower class workers. An increase in taxes can lead to lower pays, stagnant job growth or even shrinking, as well as higher costs of products and services to help make up for the amount loss to taxes. The United States government do not need the extra funds if they themselves push for agendas that are not beneficial to the ordinary American, and therefore, they do not have the justification to raise the tax rate.

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