Should We Tax The Rich?

Life is tough and with the economy the way it has been, the uncertain job and real estate markets, the likelihood that an education won’t guarantee you a good career anymore and massive debts held by individuals and entire countries all while the top 1% (or whatever figure gets used) live completely worry free and arguably spending less than ever you have to ask the question “should we tax the rich”. Surely putting high tax on those that won’t miss the money is a great way to pad the bottom of the barrel, so to speak, and help even out the playing field and general standards throughout a country.

In short to the question “should we tax the rich?” my answer is a simple YES.

BUT…

Of course the ideal is that when you have plenty you would be willing to give plenty back. In a system where everyone, or at least the majority is on board and we believe in the shared ideology of a democracy the rich, you would think, would be falling over themselves to give money back into the system. A better more comfortable world for everyone makes everything in life better, well that’s how I view it.

Of course that world does not exist. We can’t be sure our tax dollars are going in the right places as it is and the system is of a complexity that no one can understand, it has kind of taken on a life of it’s own.

A lot of tax is already collected and arguably much of that tax is squandered and moved into the wrong places. In a fair system tax collected from cigarettes and alcohol would go into the nation’s health. Tax collected from cars would fix roads. Maybe profits from companies that gain from war should be heavily taxed to spend on war, I certainly don’t like the idea of my hard earned cash being used to fund drones dropping bombs on wedding parties!

I know the system can’t be as simplistic as that but a bit more transparency, real democracy and building a sense of community and wanting to belong would mean that those 1%’ers may be more willing to funnel some more of the cash down and the need to try to force tax the rich may no longer exist. Maybe in a fairer better system philanthropy would rise, sure we could even have high taxes and of course high reliefs for those genuinely in need.

This is just all thoughts I wanted to rattle off. I would love your opinion and discussion.

4 thoughts on “Should We Tax The Rich?”

  1. To your question I think we should tax everyone one. The question begs to ask then should we tax the rich more then lower and middle class. To that again I would say yes, BUT I don’t know where the line should be drawn as to how much should be taxed for each level of income and money.

  2. We already tax the rich at a MUCH higher rate than the rest of us. The only really fair system would be a consumption tax or (VAT) on products and services purchased. This, of course must be in LIEU of the current income tax. Everyone would pay something, and obviously higher earners are higher spenders so they would be paying more into the system. An individual could, for example decide their own tax burden by the decisions they make as a consumer. Should I buy that Cadillac, or would a Chevrolet be sufficient?

    1. Hi Kei, I do agree a consumption tax could work… However people with better social mobility may find themselves able to access ways of avoiding such taxes. This could be through importing a sports car rather than buying form home and such things. I think it could work but a lot of holes would need to be plugged. The other issue is the price of everything would rise. Those who don’t pay any tax because they earn nothing already can’t afford things, suddenly this would get even harder for them without MORE government assistance.

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