Should the rich pay more tax than others?
“Everyone loves to be rich,” goes the popular chant. But, it is hard to say whether being rich will make you happier or less happy. Some people might love to be rich and some might not. Does it really boil down to that? Are people really born to be rich?
Some people do consider working their way up as part of their life’s ambition. The question is whether their happiness would be better if they were to earn a considerable amount of money through hard work now versus waiting until they are rich. Many social scientists say yes, in many cases. In fact, most people who are rich are happily working hard at what they are doing.
It would be hard to find a person who does not want to have a large home, a nice family and an awesome car. Does this make the rich person a happy person? And, does the rich get any kind of job satisfaction from being able to accumulate these things? The answer might be no.
There is another side to being rich. It has to do with your financial security. Many rich people have to rely on their savings and retirement funds to provide a secure living. If something happens to them or their savings and retirement funds fail to grow, they are faced with the insecurity of not being able to provide for themselves and their loved ones.
This is not to say that everyone in the rich category is happy. You will find those who are not happy saving their money or relying on their retirement funds to provide for their family. That does not mean that they are a poor person. They are just looking out for themselves. When you combine the wealthy with the insecure, you get a problematic group.
The difference between paying a fair amount of taxes and getting your fair share of the pie isn’t very big. But the difference of paying more in taxes than you need to be a huge issue. If you think that the rich are getting an unfair advantage, it’s your duty to take action and give them their due. In other words, the rich don’t owe anybody any more than they need to.
So, why should the rich pay more tax? This is a complex question. I tend to look at it in terms of simple supply and demand. When there are plenty of items available that people want, prices tend to go up. If more people want the product, the price decreases.
When the government wants to increase the supply of items that people want, prices will decrease. Therefore, the rich get richer and the poor get poorer. It really doesn’t matter whether or not the poor get poorer – it just means that they don’t have as much money to spend. That’s not fair. The rich can afford more than the poor but they don’t need to.
Another reason that I feel that the rich don’t need to pay more tax is because they make so much money. When you work so hard for your money, why should you have to pay taxes on it? The government doesn’t need to force you to pay taxes when you work hard and you’ve made a lot of money.
Of course, some argue that the rich have more income than they should have. I tend to disagree because you could say that anyone who earns more than a living wage should be paying taxes too. If you earn more than you need, then you should be paying taxes for that income too. I don’t see why the rich should be exempt from paying their fair share of the country’s income tax.
The bottom line is this – the rich have more assets than they need. They use those assets to offset the amount of income they have to pay. That means they get away with paying less in taxes. If the rich get the same amount of money they have today, they’ll still be pretty rich.
So, should the rich pay more income tax? In my opinion, no. You only need to look around to see how many rich people there are in the world. There’s not going to be a need for rich people to pay any more income tax than they already pay.