Argumentative Essay: Should Rich Pay Higher Taxes?

📌Category: Economics, Life, Money, Personal finance
📌Words: 380
📌Pages: 2
📌Published: 25 January 2022

Should richer people have to pay higher taxes compared to poorer people? This is an argument that people have been having for many years. Firstly, most American people can agree that if you make $400,000 or more a year, you are considered in the higher class/rich. Bill Fay says, “Many economists believe that taxing the wealthy would help the economy.” Therefore, not only would it help the less fortunate, it would also help the economy. 

Are there any tax laws going on right now? Yes, in (2019) Senator Elizabeth Warren proposed a 2% annual tax on households with a net worth of 50 million or more. She also proposed a 3% tax on people with a net worth over a billion dollars. Unfortunately, her proposal has not been accepted yet. Elizabeth Warrens says, “her wealth tax plan would allow the country to build back better.” According to Brad Tuttle, there was a poll and 77% of Democrats agreed with the statement, while a majority of Republicans (53%) agreed too. 

What are they going to consider rich and what are Joe Biden’s ideas for taxing rich people? A vital factor in taxing rich people is what the tax lawmakers are going to consider “rich”. Joe Biden's proposal is to seek 1.5 trillion over a decade by making higher taxes. This would be able to help child care, paid leave, expand education, and so many great things for the economy. According to Greg Lacuri, Joe Biden plans on collecting tax revenue from American citizens who make more than 400,000 a year. “If Joe Biden's tax law is passed it will help the economy grow faster” says Rex Nutting.  

Yes, people like Jeff Bezos and Elon Musk are against taxing the rich but that is because they are multi-billionaires. Also, many people don’t think that the rich should be taxed because most of those people work for their money. Yes, Although some millionaires work hard for their money but most of them were just lucky that they got famous. Most millionaires are TikTokers which get paid thousands of dollars for making a fifteen-second video. According to Ramsey Solutions, 21% percent of millionaires inherited their wealth. 

In conclusion, no final tax law has been put in place yet. Many people are still fighting for this cause so that it can help the economy. In the end, if any of these tax laws are finalized it would help so many people, industries, and families.

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