Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality?
It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s tax bill, and in fact, despite those common complaints, taxing the wealthy really won’t end inequality.
Tell a Rich Person Thank You
The next time a member of the middle class comes across a wealthy person, he or she might want to say thank you, instead of clamoring for more of that person’s hard-earned money. That’s because the rich actually already do a lot for the rest of the population in America.
Rich Pay The Majority Already
First off, the wealthy pay more than the rest of the country thinks. In fact, according to the IRS, the top 1 percent of society makes 15 percent of the income. However, they pay 39 percent of all federal income taxes. Think about that; the top one percent pays more than a third of the country’s federal tax bill.
More Donations
The wealthy help the rest of the country out in another significant ways as well. Many of America’s wealthiest individuals, such as Warren Buffet and Mark Zuckerberg have made huge donations to charitable causes and continue to do so.
More Investments
Another way the wealthy make a difference is that they invest their income in other companies. That money is also put into financial institutions, which can in turn makes loans to the middle class to buy homes or start a new business.
Enough Is Enough
The fact is, the rich pay their fair share in taxes and they actually help the rest of the world in many other significant ways. There is no need to create even more taxes simply to take more of the wealthy class’s heard-earned money.
We hope you found this interview “Will Taxing the Rich Even More Improve Inequality?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm with clients all over the world.
GROCO.com is a proud sponsor of The American Dreams Show.
A Bridge to Higher Social Security Benefits
A Bridge to Higher Social Security Benefits CHOOSING WHEN TO START receiving Social Security bridge benefits is one of the most crucial financial decisions facing new retirees. Many people assume collecting retirement bridge benefits as soon as they are eligible at age 62 and supplementing that income with IRA withdrawals is the best way to…
IRS Clarifies Home Sales Rules
Did you know the IRS Clarifies home sales rules? For many of us, the equity that we have built up in our homes represents a comfortable nest egg for the future. At retirement, many people sell the family primary residence defined and move to a smaller, less expensive home. The freed-up money, thereafter invested, may…
Request Telephone Tax Refund By Amending Your Return
Request Telephone Tax Refund By Amending Your Return Maybe you filed your federal tax return, received a refund and even spent the last penny before realizing that you missed out on a one time opportunity to request the Telephone Excise Tax Refund! Luckily, some opportunities do call twice. You can still request the telephone tax…
Tax Saving Strategies For Business Owners
[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…