The "Taxing the Rich" Movement Explained
Updated: Nov 3, 2021
The "Taxing the Rich" Movement is a movement that has been gaining traction in recent years. The topic has been on mainstream media and not everybody has quite gotten the full understanding of it. It's not just about taxing the rich, but rather it's about raising taxes for those who are wealthy to provide more funding for social programs and other things that help society thrive.
Taxing The Rich
The theory behind this movement is that if you tax the rich at a higher rate, they don't have as much money to spend on themselves or their businesses which means less money will be spent overall which helps keep prices low. Several Democratic presidential candidates have proposed raising taxes on the wealthiest Americans in order to reduce inequality, support programs that assist lower-income households and limit the amount of generational wealth in the United States. Those who oppose these measures, on the other hand, claim that they would have negative repercussions, such as fewer investments, slower economic development, and more innovative tax loopholes.
Regardless of the stance, you hold on the topic, let's face the reality of the status quo in which everybody has to pay taxes whether you classify as wealthy or less wealthy. Back taxes do not discriminate, and if you're rendered unable to pay your taxes, the IRS gets the last laugh. There's a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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