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Tax Cuts For The Rich In America Is A Bad Idea At This Time

November 10. 2017

Congress

The U.S. government is currently proposing massive tax cuts for the rich in America. I am of the belief it is not a good idea. The economy took a battering during the 2008 financial crisis. Many businesses continue to rebuild in the wake of that financial disaster. Many lower income and middle class people in America experienced significant financial hardship during the crisis and are still working to get back on their feet. They are the ones in need of tax relief, not the rich and upper middle class who can afford to pay more in personal income taxes.

Rich people in America can pay more taxes. It has become a matter of greed and bragging rights for some, not all rich people. They want to see the money pile up and be able to brag about their net worth, much of which they can't spend in their lifetime. I read of a case regarding two brothers in Texas who owe the IRS approximately $2 billion dollars in back taxes (over 10-years of non-payments and underpayments). One brother died and the IRS is pursuing his estate for the money and having a difficult time in doing so. He was not able to spend all his money in life. Yet he hoarded the government's tax money he should have paid, which could have improved the country. There are others like him.

The U.S. government also needs to think about the unprecedented natural disasters that have been pummeling the country and depleting the U.S. Treasury. The rich need to pay their fair share in taxes, as the country could go bankrupt from other existing debts and rebuilding costs after natural disasters.

The poor & middle class in America need financial help via SBA loans & grants to start businesses. A tax increase on the rich could also fund it. The money generated from raising taxes on the rich can also be put into education, which is very important. Some kids are falling behind in the U.S. & need extra help.

In closing, it's one thing to cut taxes on businesses to spur growth, but personal income tax regarding the rich in America should not be cut. The money is needed for education, infrastructure and rebuilding after natural disasters, which have become more potent and frequent. Taxes on the rich should be increased in a reasonable manner.

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