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Blog: Stop trying to raise taxes!

Raising taxes is not the answer.

November 27, 2012

Raising taxes is not the answer.

The fiscal cliff is approaching and quickly. President Obama has said he won’t accept any deal that won’t raise taxes on the 1%. Well, Mr. President, with the most respect for you and the office I would strongly and undoubtedly disagree. Raising taxes is not the answer. If anything it is the exact opposite way we, as a nation, should go. The top 1% pays over 40% of the federal government tax revenues the the top 10% pays over 60% of the tax revenues in the federal government.

Now, let’s say someone is making $60,000 a year. They pay under only 1-5 thousand and that is 5% of their income if the paid $3,000 in taxes. Someone who makes $2,000,000 pays 40% in tax revenues, and they will pay $800,000. Now, someone who makes money off capital gains pays about a 15% tax rate. So let’s say they made $10,000,000 in capital gains. They pay $1,500,000 in taxes.

Now that leaves them with $8,500,000, but that isn’t including other taxes. Also almost all top 1% give huge sums of money to charity, hospitals, grants, foundations, and some of them start their own foundations like Bill Gates. He and his wife started the Bill and Melinda Foundation. Also, if we tax the 1% in a way that France does, the 1% will flee the nation and go to a third world country, or a nation where they will be be able to keep their money.

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Comments

8 Responses to “Blog: Stop trying to raise taxes!”

  1. James on December 1st, 2012 7:49 pm

    Falling off a ‘fiscal cliff’ : US politicians are debating tax rises and spending cuts but are the doomsday scenarios being evoked credible? A rather interesting article from Al-Jazeera: http://www.aljazeera.com/programmes/insidestoryamericas/2012/11/201211276956215111.html

    [Reply]

  2. James on December 1st, 2012 7:49 pm

    Falling off a ‘fiscal cliff’ : US politicians are debating tax rises and spending cuts but are the doomsday scenarios being evoked credible? A rather interesting article from Al-Jazeera: http://www.aljazeera.com/programmes/insidestoryamericas/2012/11/201211276956215111.html

    [Reply]

  3. Lauren Elizabeth Kirk on January 2nd, 2013 8:33 pm

    The main issue with your writing, and there are a few, is that you are very one sided. I understand that your personal beliefs may conflict with the opposite side’s views, but in leaving out the valid (and non-valid) points made by other parties and people with other beliefs you are detrimenting your own writing because you are stating your views, and you are unable to question the ideas of others and prove your own through this.

    [Reply]

  4. Lauren Elizabeth Kirk on January 2nd, 2013 8:33 pm

    The main issue with your writing, and there are a few, is that you are very one sided. I understand that your personal beliefs may conflict with the opposite side’s views, but in leaving out the valid (and non-valid) points made by other parties and people with other beliefs you are detrimenting your own writing because you are stating your views, and you are unable to question the ideas of others and prove your own through this.

    [Reply]

  5. James on January 14th, 2013 2:24 am

    To Lauren: It’s a student-run newspaper, what do you expect?

    [Reply]

  6. James on January 14th, 2013 2:24 am

    To Lauren: It’s a student-run newspaper, what do you expect?

    [Reply]

  7. Lauren on January 22nd, 2013 5:28 pm

    To James: I understand that, I don’t expect it to be perfect, but just because it is a student newspaper doesn’t mean that improvement isn’t necessary. Believe it or not I am a student too. I am a ninth grader at another high school, and I was just voicing my opinion on the writing.

    [Reply]

  8. Lauren on January 22nd, 2013 5:28 pm

    To James: I understand that, I don’t expect it to be perfect, but just because it is a student newspaper doesn’t mean that improvement isn’t necessary. Believe it or not I am a student too. I am a ninth grader at another high school, and I was just voicing my opinion on the writing.

    [Reply]

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