Forefathers Founded This Great Nation, They Did Essay

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Forefathers founded this great nation, they did so with the intention of creating a nation full of liberty where the pursuit of happiness was available to all, not just a selected few. Since the formation of our government and country; entrepreneurs and business people have amassed large fortunes and have accrued immense riches by using the hard manual labor of the lower classes who work hard, sometimes for the bare minimum. I am not opposed to the spirit of entrepreneurship or of someone being wealthy. What I am opposed to is the behavior and actions of certain wealthy individuals and interest groups that influence politics in a manner that allows their business to flourish while at the same time suppressing the lower classes.

It is not common for tax increases to come at the expensive of the higher classes. In fact, before the proposed Obama Administration tax increase on the rich, the last time this occurred was in 1993. The rich and wealthy in America are very skilled in maneuvering their way out of tax hikes. The wealthy have an unlimited amount of resources and advisers that help them avoid paying their fair share of taxes. Taxpayers of the middle and lower class brackets however, are not so lucky. They are unable to make some of the same move that the rich are allowed to make, that leaves these Americans having to surrender their hard earned money while the wealthy simply shield their income and finances.

According to Barbara Price when the wealthy want to avoid paying the higher tax rates proposed by government they employ one or all of the following methods "switching out of stocks of dividend-paying companies to other more tax favored issues, such as municipal bonds; obtaining a bigger mortgage than originally planned to get a larger mortgage reduction; retiring from work perhaps earlier than planned, or if a household has two wage earners, one quitting his or her job to trim taxable household incomes; opting not to start a small business" (2). In years like 1993 when wealthy taxpayer where expected to pay more, they simply shifted the income to 1992 (the lower tax year) in order to avoid the higher tax rate. According to Price "The moves trimmed tax receipts, the government otherwise would have expected to receive $1.

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5 billion" (3). During an economic recession like the one our nation is experiencing now it is important for the economy to be injected with financial spending. In simple terms it is important for people to spend. It is however, very difficult for people of modest means to spend significantly in their local business and markets when they are struggling.

Most people knowledgeable about economics would agree that tax cuts for the rich are terrible way to help out the economy. The government should be more supportive of the people in the lower tax brackets than those in the higher tax brackets, especially during these hard economic times. According to Jonathan Price "if you reduce taxes on people of modest means, they are more likely to spend the extra money than save it because they are struggling to maintain their basic needs. That's not the case with rich people, who are far less likely than middle class or poor people to spend an additional dollar in tax cuts" (2). It true that that currently the wealthy pay a large percentage of taxes, and many of them complain incessantly, but it is only logical that they pay because of the disparity in riches between the rich and poor in this country. According to an article in CQ Researcher the following is true "In 2000 the average income of the top 1% of American households was 189 times that of the bottom 20%, compared to 1979 when the top was earning 133 times as much. By 2001, The Economist reports, the….....

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