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- QUESTION
I need this paper written to the criteria listed below. I also need this paper to be free of eras grammatically and structurally. This paper need to be written using academic references only preferably form the Strayer University LRC if possibly. If not possibly than make sure the references are academic ones.
Provide an appropriate title and an interesting opening paragraph to appeal to your stated audience (appeal with logic, ethics, or emotion).
2.Include a defensible, relevant thesis statement in the first paragraph. (Revised from Assignment 2)
3.Describe the history and status of the issue and provide an overview of the problem(s) that need to be addressed. This should be one or two (1-2) paragraphs.
4.Explain the first problem (economic, social, political, environmental, complexity, inequity, ethical/moral, etc.) and provide support for your claims. This should be one or two (1-2) paragraphs.
5.Explain the second problem (economic, social, political, environmental, complexity, inequity, ethical/moral, etc.). and provide support for your claims. This should be one or two (1-2) paragraphs.
6.Explain the third problem (economic, social, political, environmental, complexity, inequity, ethical/moral, etc.) and provide support for your claims. This should be one or two (1-2) paragraphs.
7.Provide a concluding paragraph that summarizes the stated problems and promises a solution.
8.Develop a coherently structured paper with an introduction, body, and conclusion.
9.Use effective transitional words, phrases, and sentences throughout the paper.
10.Support claims with at least three (3) quality, relevant references. Use credible, academic sources available through Strayer University’s Resource Center. Note: Wikipedia and other Websites do not qualify as academic resources.
| Subject | Law and governance | Pages | 8 | Style | APA |
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Answer
Should Taxes On People Making Over $250,000 A Year Be Changed?
Introduction
The issue of taxing the rich and cushioning the poor against taxes has generated a lot of debate since the introduction of income taxes for all citizens. Initially income taxes were only paid by the extremely wealthy and it was introduced to the masses to support the war effort during the American Civil War. Research indicates that most Americans believe that the rich should pay more and there are groups that fight the implementation of tax deductions for the rich. However, data from the IRS indicates that the rich do pay way more in taxes than the middle class or the low-income earners, which contradicts popular opinion that the rich do not pay enough taxes (Sewalk & Leaman, 2014). Statistics indicate that the income tax paid by the top 1% of high-income earners surpasses the tax paid by the entire middle class, while the low income earners actually receive more form the government that they pay in taxes. Owing to the credible evidence on the current status of taxation, this paper champions the thesis that taxes on people making over $250,000 a year should not be changed in order to create an environment of equality and equity.
The rich provide employment
The first defense for my position is that the rich provide employment to the lower-income earners as they are usually entrepreneurs who create numerous employment opportunities for other Americans. The rich usually class their income as income from investments because many of them invest in companies that provide employment opportunities to new graduates as well as seasoned experts, which in part help the government in its role of reducing unemployment in the country. Given the crucial role that the rich play in providing employment, one might even argue that their tax burden should be reduced as they also pay payroll taxes as well as corporate income taxes for their companies. The rich also pay capital gains taxes on their investment income, which has been an issue of great debate due to the tax deductions allocated to investment income (Cohen, Manzon & Zamora, 2015). The government cannot provide employment to the many unemployed Americans and requires the help of the rich in creating employment opportunities for the larger American workforce. Taxing the rich more would result in less revenue collection as they would not want to expand their businesses and higher more people as the government shall be taking a larger portion of their money.
The rich take bigger risks
Most of the people earning more than $250,000 per annum are entrepreneurs who took their life savings and decided to start business that provide employment to the workers who want a 9-5 job. These people take on the daily risk of providing jobs for the rest of America who want the assured comfort of a 9-5 job and a salary at the end of the month. This is regardless of the fact that one some months, small businesses will make losses, but still the entrepreneur has to take out loans or borrow from his savings in order to pay his employees. In many cases, the entrepreneur has to work with banks for trade finance as well as other forms of finance that come with additional risk to his capital and his business (Hogan, Maroney & Rupert, 2013). Nevertheless, the brave small business people continue to risk their futures each day by choosing to run their own businesses instead of seeking the comfort and security of a 9-5 job. Some of the professionals such as doctors and lawyers who are also high-income earners risked many years and significant amounts of money in professional schools to get better education that could allow them to earn bigger incomes.
The rich work harder and deserve to keep their money
The rich who are mostly entrepreneurs or highly paid professionals usually work longer hours than the traditional 9-5 that most people work. Therefore it is only appropriate that they should get to keep most of their hard earned money given the long hours that they dedicate to their work and to making money (Sewalk & Leaman, 2014). The highly paid professionals put a lot of hard work into many years of study to earn their professional designations and deserve to keep a significant portion of their earnings because of the same. Most entrepreneurs work on their businesses every day and do not take breaks such as the 9-5 workers who are usually off on weekends. Entrepreneurs might find that they have to work on aspects of their business during the time that their employees are off in order to ensure the success if their businesses. Therefore, it is only appropriate that they should keep a significant portion of their income and not be taxed more.
Conclusion
In summary, the rich should not be taxed more because they give a lot to the society in terms of providing employment opportunities that cannot be provided by the government. The rich also take big risks with their capital and their business and as such should be rewarded by being allowed to keep much of their income and not being taxed more. The rich are already paying more taxes than the rest of the population and as such should not be burdened with more taxes. The rich also work longer hours than most of the population, which is crucial to the survival of their business; hence, they should not be taxed more. Therefore, given the crucial role that the rich play in the economy, it is only appropriate that their tax burden should not be raised.
References
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Cohen, J., Manzon, G., & Zamora, V. (2015). Contextual and Individual Dimensions of Taxpayer Decision Making. Journal Of Business Ethics, 126(4), 631-647. Hogan, B., Maroney, J. J., & Rupert, T. J. (2013). The Relation among Voice Value, Policy Outcomes, and Intensity of Support on Fairness Assessments of Tax Legislation. Journal Of The American Taxation Association, 35(1), 85-109. Sewalk, S., & Leaman, R. (2014). A Comprehensive Net Wealth Tax: The Solution to Tax Simplification, Fairness, Equity & Saving Social Security. Franklin Business & Law Journal, 2014(1), 2-43.
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