Reading Guide 3 (Should Wealthy People Pay Higher Taxes?)

Question 1

Summarize the arguments in support of raising taxes on wealthy Americans.

Answer 1

wealthy Americans are using loopholes and government-funded tax breaks to pay overall lower tax rates than middle-class and low-income Americans.
need the money to help the economy proper and america prosper
If we don’t start collecting more in taxes, soon the only option will be to drastically cut spending
clear way to start making a dent in our national debt

Question 2

Summarize the arguments against raising taxes on wealthy Americans.

Answer 2

harm economy
according to numbers, the wealthy do pay lots of taxes (much more than 90% of americans)
allows for huge increase in good use of the little money that we give for taxes
helped business owners expand and create higher-paying jobs.
workers had more money to spend every month
if more tax, investment will dry up, taking growth and exciting job prospects with it.