TO TAX the RICH or NOT to TAX the RICH, THAT IS THE QUESTION

Should we tax the rich? Would we benefit from taxing the rich? Is it fair to tax the rich? Before any of these questions are answered, it’s important to know what exactly does it mean to tax the rich? Taxing the stock of wealth directly, taxing capital income because most of the income of the super-rich comes from capital income, or taxing high-income earners are all 3 different scenarios on how the rich would be taxed.

Would we benefit from taxing the rich? Taxing the rich would be very beneficial during this time. The US has been in debt for a very long time and with recent president Joe Biden wanting to expand and grow the country it will take a toll on our economy. A tax raise is in place but the debate is who should these taxes be raised on? Wealthy individuals in America are able to sneak away with a lot. Many make billions and have it for keepsake, not getting taxed on their earnings, then pass it down to their relatives who do not face any sort of tax. Sneaky situations like this could be making the US worth trillions of dollars less. How would we fix this problem? The idea of having a tax on those who inherit the fortune is up for debate. Being taxed on money from a relative would only come if the relative did not pay these taxes. The rule is if you make mass amounts of money such as 1 billion dollars then you have to be taxed on it. If you are not, then when your heir receives the 1 billion they will face the consequences.