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Argument Paper - America and Taxes

4 Pages 982 Words September 2019

Everyday money is being printed and people are becoming wealthier. President Trump's new tax plan would raise taxes for the middle and lower-class families. Raising taxes is something that happens in the United States all the time. Even going back to the Boston tea party taxes were raised and Americans weren’t fond of it. Questions asked frequently by less wealthy Americans is shouldn’t rich people have to pay more taxes? What will come from taxes being raised on the wealthy? Raising taxes for the wealthy would generate more revenue for the U.S and would create more opportunities to make America a better place.
Throughout Americas years there has always been an elite class or the one percent who have maintained a wealthy lifestyle. After WWII big corporations and the wealthy were taxed more for three decades and that caused the United States economy to grow rapidly and America became the wealthiest country in the world. Since Regan cut taxes during his term in the early 70’s the income of the wealthier members of society has increased drastically. The rich remain rich by collecting investment returns and turning their savings into assets. Wealth inequality is a big problem in the United States because of the large gap of incomes between the wealthy and middle/lower class. While the middle-class remains stagnate barely moving up the economic ladder the growing wealth of the rich remains prosperous. According to Inside Wealth by Robert Frank “63 percent of the middle classes assets are tied up in their homes, with home equity accounting for about a third since they have large mortgage debt.”
America is one of the greatest countries there is due to the fact you can come here and make dreams come true. Even though America is great it still lacks in certain areas that extra money from taxes could improve on to make this country better. In 2009 1,470 households reported income of more than $1 million but paid zero federal income t...

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