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-top incomes have captured a large share of the overall income gains, while poverty remains a pressing policy issue, not least because of the increase in unemployment over the last few years.(Joumard et al., 2012)
Taxes, government revenues and help the public sector operate.
By paying taxes, the government can provide subsidies, unemployment benefits, and other services to those in need.
– Classifying the wealth/income levels- defined by the amount of income and purchasing value.
Progressive taxation aims to allocate different taxation amounts depending on the wealth of each citizen.
-It would be practically impossible for low-income earners to be able to pay the same amount of taxation as property owners of higher income levels.
Progressive taxation is determined by measuring the assets and liabilities of each household or property owner to determine their purchasing power and income level.
– A regressive tax imposes the same rate on all taxpayers, regardless of ability to pay.(Kagan, 2011)
flat percentage tax would be a disproportionate burden for people with low incomes
-A progressive tax also requires those with the greatest amount of resources to fund a greater portion of the services that all citizens and businesses rely on, such as road maintenance and public safety.
– They also oppose the system as a means of income redistribution, which they believe punishes the rich, and even the middle class, unfairly.
-Gini index coefficient- Inequality in income, before taxes and transfers, is measured by the concentration coefficient.
-The redistributive impact of taxes and transfers is defined as the difference in the concentration coefficients for income before cash transfers and taxes (i.e. household market income) and after cash transfers and taxes (i.e. household disposable income).
-For low-income groups, more progressivity through earned income tax credit (EITC) schemes increases work incentives but the resulting increase in labour supply may reduce wages – the EITC may increase the dispersion of before-tax income.36 However, for high-income groups, more progressive taxes may dampen work incentives and lower working hours. This could narrow the earnings dispersion. Taxes may also affect labour demand, with potential job losses more likely to affect low-skilled workers.(Joumard et al., 2012)
-The amount if tax paid to the government would make a bigger impact on a low income earner than on a millionaire. It would not be such a burden in the second case.
– “If they do anything in the next few months, they should do this: rather than raising National Insurance, tax the rich – tax us – instead.”(BBC News, 2022) → such an amount of tax revenues would finance the government and boost public spending.
In the White House, Joe Biden has proposed new taxes on households worth more than $100m.(Rushe, 2022)
-Apart from income taxes, there are property taxes and taxes on capital and wealth taxes, all of the add up to a great tax for the wealthy.
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