do the rich in the United States need to pay more in taxes? (2-3 paragraphs)

Expert Solution

According to Oxfame international, income and wealth inequalities are rising in USA. There must be adequate actions by the government to diminish such yawning gap between rich and poor.

Government must make huge expenditure on education and social services and such expenditure must be funded through taxation. Tax must be increased for richer class. Following points underscore the needs for higher taxes on rich class:

Marginal utility of money diminishes when it income rises. Hence, it can be taxed at higher rate at higher level.
Government can make expenditure on the social services only if taxes are raised for rich class.
Government also can maintain surplus budget by taxing rich in boom period.

To sum up, it would be socially, economically and politically beneficial to tax rich class. But taxes should not be too much else such tax might affect incentives to work and investment adversely,

Rahul Sunny answered 1 year ago

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