Taxes redistribute wealth and income.
A close look at flat-tax plans such as Herman Cain’s 9-9-9- proposal shows that such plans mean the rich would get richer and the poor poorer, as we discussed yesterday.
How do Americans feel about the distribution of money and wealth in our country?
Income inequality has risen sharply, as a new study from the Congressional Budget Office reports. The Atlantic published an article on the CBO report, as David Crumm noted yesterday in his comment. Click on the image, at right, and take a look at the graph. It’s startling.
Two-thirds of Americans say that “money and wealth in this country should be more evenly distributed among more people,” according to a New York Times/CBS poll taken in late October. Only one in four (26%) say the current distribution is fair.
The majority of Americans don’t favor flat taxes, as we reported Monday. Rather, they do want to see an increase in taxes on the rich. For example, 65% think taxes should be increased on households earning more than $1,000,000 per year, according to the Times/CBS poll, in order to lower the national deficit.
How do you feel about the principle of redistributing wealth?
If you’d like to change income distribution, are taxes the right way to do it?
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Originally published at www.OurValues.org, an online experiment in civil dialogue on American values.