- Posted July 10, 2012 by
This iReport is part of an assignment:
Should the rich pay more taxes?
Tax The Rich to Subsidize the poor?
- stein0726, CNN iReport producer
Taxing those "Rich" individuals classified as those making 250,000 or more should not be forced to pay higher taxes. A 5-10% increase in taxes from a very small amount of people will not fund the government’s entitlement programs that are given to the population of people that are under paid or unemployed living off government assistance nor will it be able to balance the budget.
The cost to operate a business has gone up within the last 10-15 years along with the cost of living. Employees need larger salaries to pay for necessities such as fuel and food. If we taxed business owners less they would in turn be able to afford to hire workers and instate increased worker wages. America would gain more income earners to tax which would end up creating a better economy with fewer entitlements paid out and more funds created by taxes to balance the budget.
Furthermore, Consumers demand products from electronics, clothing, etc. To make a cheaper product companies cut labor wages by outsourcing and or lowering the number of employees. Taxing individuals have nothing to do about whether or not a large company will hire more people or not. Taxation is mostly used by politicians as incentive to drive population and bring business into a certain area, using it as baited incentive. We have seen the relocation of business and people themselves due to the increase of taxation. One example is the 40% tax incentive to the Film industry in Michigan that brought in jobs and people to Michigan, but once the incentives were gone those same people searched other incentives and the population followed the work. It is like playing a game of Sim City. Soon realization will set in that we as a nation are just living outside of our means.
-Edited for Clearification SDF July 11th 2012