46. Argumentative essay: ‘Should rich people be required to pay more taxes?’

 Today the rich people are continuing to become richer while the poor people getting poorer. This difference in the economic status of people has brought a heated topic about increasing the tax rate for people with higher earnings. This paper will shed light on the concept of taxation and explore whether rich people should pay more than lower and middle-class people.

 One of the important in which the government of a country raises its revenue is the collection of tax from its citizens. Tax can be defined as the mandatory financial charge or fee levied by the government on the citizens to gather funds to spend on different public expenditures. Taxation is also a means of measuring the capacity of a state, power relations in the society, and state formation. It also serves as a tool for encouraging as well as discouraging certain behaviors, correcting different market imperfections and modifying the wealth distribution. The tax system of a country plays a vital role in determining the macroeconomic indices such as public debt, economic growth.

 Should rich people pay more tax or not

The view that rich people must pay more taxes bring about a number of thoughts among different people. Some people believe that individuals must pay taxes as per their ability to pay to build the nation. The believers of this view also believe that the tax fund recipients must avail taxes per their specific needs. The view of other people is that rich people need to pay higher specific needs. The view of other people is that rich people need to pay higher taxes. There are yet some other people who believe that high taxes must not be imposed on rich people because, in order to increase their wealth, they have worked very hard and sacrificed a lot. Tax is often considered a tool to reduce inequality. Many people believe that making rich people pay more taxes can help in reducing inequality in the nation.

 In conclusion, the question of whether the rich should pay more taxes is a complex and multifaceted issue. While there are valid arguments on both sides, there is a strong case in favourof progressive taxation that imposes higher tax rates on the wealthy. This approach promotes fairness and equity, supports economic stability, and allows for crucial public investments in infrastructure, education, and healthcare.It is essential to strike a balance between raising revenue and maintaining economic incentives, addressing concerns about double taxation, and preventing capital flight. By designing a tax system that is both progressive and efficient, governments can ensure that the burden of taxation is distributed fairly while supporting economic growth and social well-being.

In my opinion ultimately, the rich have a moral and societal obligation to contribute more to the common good, given their greater capacity to do so. A progressive tax system can help achieve this goal while fostering a more just and equitable society for all.

 -Submitted by  Amalnath P.V.