Wednesday, December 01, 2010

Pros/Cons Of Increasing Taxes On The Rich

Few things in life will bring as much heated debate in the United States as the question of whether or not the taxes of the rich should be increased or not. What are the pros and cons to increasing the taxes of millionaires and billionaires? The answer to that question depends mainly on your political point of view more than anything else. The pros to raising taxes on the rich involve raising tax revenue from the people who have the best ability to pay. The cons of raising the taxes of the rich revolve around the fact that rich people in the United States create the most new jobs and what is need right now more than anything else in the US is new job creation.

For a bean counter, with a narrow view of the world of finance, it makes perfect sense to tax the daylights out of the rich in order to not only balance the US budget, but to also fund additional federal programs. To liberals and other socialist leaning Americans, most of what is wrong with this country could be cured simply be increasing the taxes on the richest among us. For die-hard conservatives, the idea of taxing the richest Americans is nothing less than biting the hand that fuels the US economy. To conservative leaning Americans, the biggest thing on the cons side of increasing the taxes of the rich - is that by doing so the largest potential job creators in that nation will choose to just write huge checks to the US federal government - instead of putting that same money back into expanding their businesses and creating new jobs.

While I personal lean right politically, I do believe that some kind of middle ground must be found between the conservative view that no taxes should ever be raised on anyone and the liberal view that no limit should be placed on increasing the taxes on rich Americans. There are pros and cons to any US federal government tax increase and for me as long as the President and Congress do not put into place massive government spending cuts, no new taxes for anyone should be put on the table. No one group of Americans - rich, middle class or poor should escape the financial pain that will be necessary to clean up the mess our elected representatives have created on our behalf for decades. While there are pros and cons to increasing taxes on the rich, all Americans must be willing to step up and accept their part of fixing this huge financial problem.

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