Raising taxes has come to affect both individuals and business owners. A lot of people are not enjoying the money they have worked hard to earn due to the high taxes being charged. Businesses are making less revenue and are at a loss.
Tax payment is a voluntary act but really is a law. Nobody wants to ignore a law therefore moat people end up paying their taxes. Middle and lower –income taxpayers are over assessed. President Obama’s tax reforms reduced taxes from 35%-28% but really 23% is recommended to ease its complexity and burdensome. Taxes are unacceptably high for entrepreneurs and small business owners. As a result this becomes burdensome. Some entrepreneurs might resolve in some other private activities.
According to NTU in 2009, the following were the percentages of taxes paid by;
• Top 1% paid 36.73
• Top 5% paid 58.66
• Top 50% paid 97.75
What’s your take on raising taxes?