It’s that time of the year again — tax season — and with April 15 rapidly approaching, some Americans who belong to the upper 1 percent — the rich — are not OK with paying higher taxes.
An article from CBS News said that if you make anywhere north of $250,000 a year, you pay more in taxes, while those earning less will pay less. In 2008, then-vice presidential candidate Joe Biden said he wanted to put more money in the pockets of the middle class. He believed that this would keep America balanced.
Fox News reported in 2012 that President Obama wanted to bring back Biden’s idea of rich Americans paying higher taxes, but many Republicans didn’t like the idea of raising taxes on the 1 percent. They thought that would hurt small businesses, and damage the economy. Under current U.S. tax law, it’s legal to move a company’s headquarters to a country that requires lower taxes, according to Forbes. However, as large public companies continue to grow, it becomes more difficult to move a headquarters.
Jay Carney told the Washington Times:
“That kind of imbalance is both not fair for regular folks who are working hard, trying to make ends meet, but it’s also not good for our economy.”
Higher-income people paying taxes helps keep America stable. There are too many middle class and poor people who live paycheck to paycheck. If you require higher taxes from them, they will have a harder time supporting themselves and their family. In the end, the more money you make the more taxes you will have to pay, but that’s a small price that will help American families.