Should Taxes Over $ 250, 000 A Year Be Changed?
Should Taxes On People Making Over $250,000 A Year Be Changed?
Brandon Hall
Strayer University
English 215 Research and Writing
Professor Julie Davenport
November 2, 2014
Remittance or paying of taxes is both a civil and social duty for all citizens who earn incomes. However, the rate at which tax is charged and the means of paying taxes varies depending on the source of the income, the amount of income and more importantly due to the relevant tax legislations. In America, the government has established rates of taxation for various income brackets considering factors such as marital status, physical impairment and economic factors such as the amount of disposable income (Urban Institute, 2010). Usually, the government imposes taxation with various considerations in mind. In particular, the government considers the level of income. As such, most revenue collection …show more content…
Increase in taxes would have minimal economic implications on people earning such amounts of money. By contrast, the disposable income of people earning below $ 250,000 reduce significantly once they tax rate in their bracket increases. Therefore, to address income inequality the government should increase taxes for people earning over 250,000 annually. This would ensure that middle and lower income earners have adequate disposable funds. From an economic perspective, people earning over 250,000 should pay more tax since they have the capacity to do so without reducing their disposable income significantly (Pollack, 2010). From a moral perspective, people with higher incomes have a duty to support the other economic groups so that the economic and social development is even. In addition, the extra tax charged on such a group would enable the government to support social programs that will address the plight of the economically and socially marginalized
Brandon Hall
Strayer University
English 215 Research and Writing
Professor Julie Davenport
November 2, 2014
Remittance or paying of taxes is both a civil and social duty for all citizens who earn incomes. However, the rate at which tax is charged and the means of paying taxes varies depending on the source of the income, the amount of income and more importantly due to the relevant tax legislations. In America, the government has established rates of taxation for various income brackets considering factors such as marital status, physical impairment and economic factors such as the amount of disposable income (Urban Institute, 2010). Usually, the government imposes taxation with various considerations in mind. In particular, the government considers the level of income. As such, most revenue collection …show more content…
Increase in taxes would have minimal economic implications on people earning such amounts of money. By contrast, the disposable income of people earning below $ 250,000 reduce significantly once they tax rate in their bracket increases. Therefore, to address income inequality the government should increase taxes for people earning over 250,000 annually. This would ensure that middle and lower income earners have adequate disposable funds. From an economic perspective, people earning over 250,000 should pay more tax since they have the capacity to do so without reducing their disposable income significantly (Pollack, 2010). From a moral perspective, people with higher incomes have a duty to support the other economic groups so that the economic and social development is even. In addition, the extra tax charged on such a group would enable the government to support social programs that will address the plight of the economically and socially marginalized