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Should the wealthy pay more taxes? Show more Show less

Western societies have become more economically unequal, with a small minority holding the majority of the wealth while public services continue to decline. The back drop of austerity has made this inequality even starker, leading many to question whether the richest should be paying more to help fund public services?

Yes, the wealthy should have to pay more in taxes Show more Show less

The wealthy should not be able to accumulate capital in the way they currently can, and should pay more taxes so other benefit.
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Raising taxes on the wealthy would reduce inequality

Income inequality would significantly decrease if the wealthy had to pay more tax, stabilising the middle class.
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Context

The Argument

The current tax system in most Western capitalist societies creates economic polarisation, dividing society between those with economic means and those without. A system that taxes the poor and rich at a similar rate leaves those on lower income with less money available to meet the growing price of essential goods, including housing, transport, and food. Higher rates of tax on the wealthy as opposed to the poor serves as a check on this and preserves the critical middle classes, ensuring that there is room for social mobility.

Counter arguments

The vast majority of wealth and job creation is created through the ingenuity of a minority of individuals who often recycle their wealth by re-investing it into the wider economy. A higher tax on the wealthiest in society disincentivises this behaviour and is often seen as punishing success. It is no surprise that some of the most productive economies in the world with the highest levels of job creation also have lower levels of personal and corporate taxation.

Framing

Premises

[P1] The current tax system exacerbates inequality. [P2] To lessen this, the wealthy should pay more in tax.

Rejecting the premises

[Rejecting P2] Raising taxes on the wealthy only serves to deincentivise wealth creation.

Proponents

Further Reading

References

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    This page was last edited on Monday, 20 Apr 2020 at 07:42 UTC