Explore BrainMass

Explore BrainMass

    The Ramifications of Raising Taxes for the Wealthy

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Axes are a part of fiscal policy and very controversial. Some politicians want to raise taxes for incomes over $250,000, representing the 2% highest incomes, and would also include budget cuts of approximately $4 trillion over the next 10 years. Another proposal wants to lower the maximum tax rate from 35% to 25%, leaving tax rates the same for the other brackets, while also proposing a reduction of total spending by $6 trillion over a 10-year period. Another proposal has advocated a simplification of taxes by eliminating all corporate and individual deductions and estimating this would reduce the deficit by $3 trillion over the next 10 years, plus there would also be reductions in spending equal to another $3 trillion.

    What are your thoughts on the three proposals outlined above, and please feel free to suggest anything that you feel should also be considered in reducing the deficit.

    © BrainMass Inc. brainmass.com March 4, 2021, 11:53 pm ad1c9bdddf

    Solution Preview

    I believe that the concept of raising taxes for incomes over $250,000 will be a viable plan, due to the fact that based on an incremental approach to taxation and the payment of taxes, I believe that those individuals that are the wealthiest within the society should pay a larger portion of their income in taxes. I do not believe that the taxes for these individuals should be raised to an unreasonable level, where these individuals will be shouldering an unjust amount of the nation's tax burden, but I do believe that since paying additional taxes ...