Tax Cuts For The Rich In America Is A
Bad Idea At This Time
November 10. 2017
Congress
The U.S. government is currently proposing
massive tax cuts for the rich in America. I am of the belief
it is not a good idea. The economy took a battering during
the 2008 financial crisis. Many businesses continue to
rebuild in the wake of that financial disaster. Many lower
income and middle class people in America experienced
significant financial hardship during the crisis and are
still working to get back on their feet. They are the ones
in need of tax relief, not the rich and upper middle class
who can afford to pay more in personal income taxes.
Rich people in America can pay more taxes.
It has become a matter of greed and bragging rights for
some, not all rich people. They want to see the money pile
up and be able to brag about their net worth, much of which
they can't spend in their lifetime.
I read of a case
regarding two brothers in Texas who owe the IRS
approximately $2 billion dollars in back taxes (over
10-years of non-payments and underpayments). One brother
died and the IRS is pursuing his estate for the money and
having a difficult time in doing so. He was not able to
spend all his money in life. Yet he hoarded the government's
tax money he should have paid, which could have improved the
country. There are others like him.
The U.S. government also needs to think
about the unprecedented natural disasters that have been
pummeling the country and depleting the U.S. Treasury. The
rich need to pay their fair share in taxes, as the country
could go bankrupt from other existing debts and rebuilding
costs after natural disasters.
The poor & middle class in America need
financial help via SBA loans & grants to start businesses. A
tax increase on the rich could also fund it. The money
generated from raising taxes on the rich can also be put
into education, which is very important. Some kids are
falling behind in the U.S. & need extra help.
In closing, it's one thing to cut taxes on
businesses to spur growth, but personal income tax regarding
the rich in America should not be cut. The money is needed
for education, infrastructure and rebuilding after natural
disasters, which have become more potent and frequent. Taxes
on the rich should be increased in a reasonable manner.
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