Brief History of Taxing in the United States

Many ponder the idea of federal taxes and whether the wealthy deserve to pay a higher percentage rate of their overall income. That is, they argue that because our society needs more equality and a lower national budget deficit, taxes on the rich must be raised. This specific topic has been discussed for decades, and due to the severely different perspectives, it is unclear whether the two sides will ever come to an agreement. President Barack Obama and much of the Democratic Party strongly lean towards raising taxes on the rich, while the conservatives and the Republican Party heavily lean towards a more balanced flat tax. However, after extensive research and focus on what would be best for the equality of individuals, the nation and its economy, this paper will firmly prove that the top one percent should not be taxed any more than they are today.

Directly off of the IRS Federal Government website, the 2014 United States Federal Income Tax Rates are as follows. The top one percent for single filing pays $118,118.75 plus thirty-nine point six percent on taxable income over $406,750. The top one percent for married filing jointly pays $127,962.50 plus thirty-nine point six percent on taxable income over $457,600. The top one percent for married filing separately pays $63,981.25 plus thirty-nine point six percent on taxable income over $228,800. The top one percent for head of household filing pays $123,424.00 plus thirty-nine point six percent on taxable income over $432,200. (1)

Taxing in the United States was originally put in place to raise money for war efforts in the early 1800s. The country needed training, supplies, transportation, artillery, nurses, and soldiers, and so collecting money from within was the onl...

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...o charities and health centers. The government should look to possibly allow for taxpayers to decide what happens with their money. Again, if the country truly wants to cut the budget deficit, it starts with removing some of the middle class benefits for which the wealthy are already struggling to pay. To raise taxes on the rich will only stunt economic growth and cut jobs, which are two key components to having a prosperous country. Success and development within a nation strictly comes from the power and wealth of the economy and the integrity of earning and deserving what one puts in through hard work. The United States lives by the American Dream, and as long as this drives the majority of individuals, there is no logical reason to take more than what is necessary, especially from the ones who have taken advantage of the opportunity the best.