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Whenever it comes out how little the wealthy pay in taxes, the phrases “Tax The Rich” or even “Eat The Rich” become popular again.
A new bill in Congress could start actually raising taxes on the wealthy.
House Democrats recently proposed a tax increase for anyone who makes over $400,000 a year. The wealthy should've been paying higher taxes a LONG time ago – but how will this bill, if passed, affect the rest of us?
A tax hike for the rich could mean a lot more available money. Some of the money could go toward the new social and infrastructure bill, which also helps with climate change research. While this could be beneficial for the cities we live in, some of this money could land in our pockets as well.
More investment in infrastructure means more jobs in high-paying fields like construction and renewable energy. Democrats are also planning to expand some social services like child care, education, and health care with this tax money as well.
This all sounds obvious – the rich should pay their fair share in taxes, and the benefits of doing so are clear. But it’s not a done deal. We shouldn't have to debate whether the wealthy should be paying taxes, or whether we deserve the services those taxes would pay for. But that is the debate currently happening in Congress.