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Millionaire's Taxes: [Maybe Not] A Way to Boost Economic Growth and Tax Revenues - Article Example

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Name Instructor Class 7 October 2011 Millionaire's Taxes: [Maybe Not] A Way to Boost Economic Growth and Tax Revenues? There has been recent political dispute on the 5-percent tax-increase for millionaire earners, proposed by President Barack Obama. Republicans and Democrats squabble on how much the wealthy should pay, in terms of taxes, to help others cope with the reeling economy…
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Millionaires Taxes: [Maybe Not] A Way to Boost Economic Growth and Tax Revenues
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Download file to see previous pages Since I am not a millionaire, it is easy for me to say, go ahead, tax the richer and it will all help us deal with our stumbling economy. This thinking, however, does not always consider different conditions that should be present to make the millionaires’ tax effective in boosting job creation. My first concern is: Will this proposal make it through Congress with such a divided country? The issue of the millionaires’ tax is so conflict-ridden that even Democrats have some reservations about “some parts” of the news tax plan from the White House, says Pear. They may not believe that tax increases can lead to job creation and a better economic growth rate. The Republicans, however, are united in their efforts to block this proposal. For them, tax increases are public allergens, because they tend to counter the idea of job creation in the public’s mind. I agree with this viewpoint, because more taxes mean less incentive to make additional money, for instance, so tax increases will only dampen business and investment activities. In particular, small businesspeople, who can be categorized as “millionaires,” are making enough money to sustain their businesses or to possibly expand their business by opening a store or two every several years. Adding a millionaires’ tax, on the contrary, can diminish their investment spirit. They would be thinking, what is the incentive of adding business when I will be paying more taxes than increasing my income? This can lead to lower business investment, and consequently, to lower job creation. When this happens, higher taxes will not necessarily increase jobs or improve the economy. Instead, it can only stunt or delay economic growth until tax surcharges are decreased. How about the public? What is their take on this issue? A survey on public opinion provided support for the Democrats’ tax proposal. Pear cites that the CBS News poll shows that 64% of survey participants agree that households earning more than $1 million or more should pay more taxes, while 30% assert that the government should resolve the budget deficit without any tax increase on those households. This poll entails the support of the public in aggressively taxing the rich during times of economic woes. Nevertheless, only 25% of the participants think that the tax increase can improve job numbers, 18% believe that this would damage job creation and around half says that this will not impact job creation. This dimension of the public poll shows apprehension that the tax surcharge can directly translate to more jobs for Americans. Tax increases, apparently, do not significantly assure the public that they can directly benefit from it, though they might consider that this can increase government revenues needed to sustain their economic resuscitation strategies. If this is the case, then the Democrats and the people are not “one” in the thinking that the tax increase will develop greater government revenues. Opposing directions on the logical connection between tax increases and job creation can lead to lower public and political support for the millionaires’ tax Second, a millionaires’ ...Download file to see next pagesRead More
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