Do you think our economy would be better off if billionaires paid their taxes? NO! Taxing The Rich WONT Help US and it never has. That’s why the rich paying more taxes is not as good as we think it is.
For paying off taxes, the rich will have to save and collect a large amount of money. However, since their investment money consists of stocks and real estate, they will not have any ready cash to pay their taxes.
So what will they do then to get the money they need to pay their taxes?
The answer might surprise you!
They will have to sell their assets, which will then deflate the prices of stocks and real estate. This, in turn, will make it harder for the middle class and the poor to afford these things. So you see, taxing the rich is not as good as it seems. It actually makes things worse for everyone, especially the middle class and the poor.
The rich have always been taxed more than the middle class and the poor. And while some argue that this is unfair, the fact is that it’s necessary in order to maintain a healthy economy. The rich are typically the ones who own businesses and invest in the stock market. They’re also the ones who can afford to hire accountants and lawyers to help them minimize their tax liability.
While it may seem like the rich are getting away with something, the fact is that they’re actually paying a larger percentage of their income in taxes than the middle class and the poor. In 2014, the top 20 percent of earners paid nearly 70 percent of all federal taxes, while the bottom 20 percent paid just over 5 percent.
So while it may be tempting to want to tax the rich more, doing so would actually hurt the economy. It would reduce the amount of money that businesses have to invest, and it would make it harder for people to save for retirement. It’s also worth noting that most wealthy people are not looking to avoid paying their fair share of taxes. In fact, many of them are actively calling for higher taxes on themselves.
If we want to improve our economy, we need to focus on creating opportunities for everyone, not just raising taxes on the wealthy.
