Billionaires and Millionaires Should Pay More Taxes

I was reading the newspapers the other day when I came across a piece written by a respected columnist. The article was about the dire financial situation that the country is in. The author suggested a variety of ways but one of them really caught my eye. In his piece, one of his proposed solutions would be a revised taxation system. In it he suggested that billionaires and millionaires should pay more taxes.

At first I thought that his piece was redundant, after all it is a given that the billionaires and millionaires are already paying higher taxes as they have a higher income. As such, his suggestion is already being used. Upon reading the full piece however, I realized that he wanted a much higher tax bracket for the truly rich people.

I realized that maybe there is some sense to his suggestion why they should pay more taxes. With the amount of money that these people make, giving some of it back to the country can be beneficial for everyone. While they may stand to lose a higher amount initially, the additional opportunity that is being created for the people by the infusion of the tax money can ultimately better the economy for the benefit of everyone.

Taken with more contexts, I think the idea of that columnist is not that audacious or farfetched. In fact I also read that rich man Warren Buffett himself, supported the idea that they should pay more taxes.