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Taxes Should Go Up for the Upper Class - Essay Example

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Summary
One of the controversial issues that continue to pervade contemporary societies is taxes. The issues that are subject for debate include the percentage of taxes to be imposed on various individuals and organizations; as well as the kinds of taxes to be imposed on consumers products or services purchased and availed. …
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Taxes Should Go Up for the Upper Class

Download file to see previous pages... Higher taxes should be imposed on the higher income group. According to Monsebraaten in her article which appeared on the Toronto Star, she cited the president of TD Bank, Ed Clark, to aver that “as the country emerges from recession, Ottawa should consider cutting taxes for low-income Canadians who are being hit by both economic restructuring and an inequitable tax system that "discourages people from participating in the workforce". As evaluated, higher taxes to be imposed even in low-income earners would discourage people from joining the workforce and thereby preclude the government from generating individual income taxes. This was corroborated by La Follete, who, in his article entitled “Taxes Should be Higher – but fewer and direct”, indicated that “taxes should be levied in proportion to the ability of the taxpayer to carry the burden. Graduated income and estate taxes are based upon this sound principle”....
This was corroborated by La Follete (1938), who, in his article entitled “Taxes Should be Higher – but fewer and direct”, indicated that “taxes should be levied in proportion to the ability of the taxpayer to carry the burden. Graduated income and estate taxes are based upon this sound principle” (La Follette, 1938, p. 23). In a closer look at the components of earnings being subjected to taxes, Kuhnhenn (2012) disclosed that the proposal from presidential contender, Mitt Romney, indicated that a tax cap on deductions must be explicitly set to $17,000 to prevent higher income earners to present large amounts of expenses to be deductable from their taxable amounts. As averred, “Mitt Romney's idea to impose a $17,000 limit on taxpayer deductions would hit hardest on wealthy Americans, who make the most use of deductions to reduce their tax burden… Roberton Williams of the Tax Policy Center said higher income taxpayers are much more likely to itemize their deductions than lower income taxpayers. "So right away this is going to affect people at the top end more than at the bottom," he said” (Kuhnhenn, 2012, pars. 1 & 10). The effect is still higher tax revenues to be generated from the higher income group, who have the greatest potentials to earn from a variety of sources; therefore, it validly supports imposing higher taxes to the upper class group. Another point of contention that supports imposing higher taxes on the upper class is the inverted pyramid structure of income distribution. As emphasized by La Follette (1938), “the distribution of income among the people may be represented by the familiar figure of a pyramid. At the top are a few millionaires. At the bottom are the multitudes of people who have ...Download file to see next pagesRead More
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