The increasing of taxes towards citizens of United States has a greater chance of being more effective in generating a sustainable economy than do spending cuts. National politics are currently drafting a resolution to the current economic crisis in the hopes to decrease the overly large amount of debt that has already been stacked up. The primary focus of this resolution? Tax increases. The United States government agrees that tax increases are the best solution today, and these are the most qualified minds of the nation. The United States should prioritize tax increases over spending cuts.
To begin, my partner and I would like to define a couple of key terms of this resolution: The United States: Fifty federated states (business dictionary) Prioritize: evaluating a group of items and ranking them in order of their importance or urgency (business dictionary) tax increase: the amount by which taxes rise (princeton.edu) spending cuts: the act of reducing spending (princeton.edu)
Our first contention states that income inequality in U.S. society is harmful to the economy. Currently the oh-so-famous 47% of the nation is being taxed heavily and accounts for only 9% of federal taxes. While the upper class, which is 0.3% of taxpayers, accounts for 20 of federal taxes. We believe that income inequality sways economic growth by holding back the middle class from possible expansion. By not increasing taxes on the wealthy we are forcing the middle class to exhaust its capabilities on benefits for the upper class. By raising the taxes on the upper class we can increase total revenue and steadily work towards reducing the debt pile.
Our second contention is that spending cuts are unnecessarily detrimental to United States economy and livelihood. Should the government decide to reduce or cut funding from its budget, the first three thing to be cut would be funding for promotion of the arts, national security and public medical care. With less funding for arts, school...
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