Taxes between rich and poor
The rich 1% own up to 35% of the nation’s wealth while the 88% of the lower class holds 11% of the nation’s wealth. Because the rich made so much money and owned so much, they were able to afford to pay taxes, in the 1950’s and 1960’s, the wealthy had to pay up to 91% taxes but today that has gone down to less than 43% leaving the middle and lower class to pay most of the taxes. As of today, many of the lower classes are contributing to the taxes paid in united states than the upper classes men.
I don’t think that it’s fair to those that aren’t able to afford having their paychecks deducted greatly to make up for the money not being paid by the rich. The upper class should be the ones to pay more taxes because they wouldn’t be losing much to the point that they won’t have to worry about putting food on the table. By charging the lower class up to 12% of taxes and the higher 1% only up to 1.2% taxes, we as an economy are losing trillions of dollars each year because the money used by the wealthy is not going anywhere and is not helping the economy in any way.
Based on CNBC “, the poorest 20 percent of Americans paid an average of 10.9 percent of their income in state and local taxes and the middle 20 percent of Americans paid 9.4 percent. The top 1 percent, meanwhile, pay only 5.4 percent of their income to state and local taxes. Washington state had the most regressive state tax system, taxing the poorest residents at 16.8 percent while taxing the top 1 percent at only 2.4 percent, the study said. Florida ranked number two, with the poor paying 12.9 percent of their income to taxes, while the top 1 percent pay 1.9 percent. Texas ranked third, with the bottom playing 12.5 percent and the top 1 percent paying 2.9 percent”.
According to bloomberg politics “Americans in the top 1 percent, and especially the top 0.1 percent, have seen their wealth and income multiply in recent decades as the rest of the country’s share of the economic pie shrank. Since 2000, a recent study found, the top 1 percent have made those gains almost entirely on income from capital, especially corporate stock—not on labor income. One reason may be the financial options of the wealthy: Business owners can lower their tax bills by paying themselves in dividends rather than in salary, for example.
Meanwhile, the U.S. Treasury is expected to run a 2017 deficit of $693 billion, according to the Congressional Budget Office’s latest estimate, some $108 billion more than in the 2016 fiscal year. As baby boomers retire and health-care costs rise over the next few decades, the government’s fiscal situation is expected to worsen.”