Do the Rich Pay Their Fair Share in Taxes?
Since 2008’s recession, the lagging economy has been at the forefront of the United States’ challenges, with a stubborn unemployment rate plaguing Americans and a massive deficit threatening the country’s financial security. Leaders disagree, however, on how to best tackle the national debt while the threat of a double-dip recession looms over America’s recovery. Progressives rally behind a “Warren Buffet Tax” that would raise taxes on the wealthiest to help pay for the deficit without cutting the social programs on which many Americans depend. They assert that the rich have only gotten richer in recent years and thus should be expected to carry a greater tax burden. Conservatives argue that the key to economic growth is job creation, and raising taxes on the so-called job creators would bring about more unemployment and thus even less tax revenue. They point to cutting government spending as the best solution to reducing the deficit. Rival populist movements Occupy Wall Street and the Tea Party amplify the distinction between the two trains of thought. The idea of tax “fairness” is a key issue leading into the 2012 elections. Here is the Debate Club’s take on whether the rich pay their fair share in taxes: