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Tuesday, November 30, 2010

Tax Cuts to expire

I recently read an article on USnews.com entitled "Why Tax Hikes for the Wealthy are Inevitable" regarding the upcoming expiration of the Bush tax cuts that will soon end for the top income earners. While the articles poses several interesting reasons regarding the expiration of the tax cuts and the effects it will have on the top income earners, it seems as though a greater percentage of the population favors increases in taxes for the wealthy. Although at first glance this seems fair or ethical, it is interesting to note that, as we discussed in class, the top income earners, although a minority group in size, provide a majority of the revenue collected through taxes. The article states that 15% of the population agreed that the tax cuts should end for everyone, while an astounding 44% polled believe that they should just end for the wealthiest Americans. It is of concern to recognize that members of the lowers tax brackets, often contributing much less in tax revenue, seem to have majority control over who should and should not have to pay higher taxes. In class we suggested that a flat tax would eliminate this problem, which would tax a fixed percentage regardless of income. This seems to me to be the best possible solution for the taxation of American citizens.

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