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Complete 5 pages APA formatted article: Taxing the Rich is Not a New Idea. The author of this article is Dr. Thomas Sowell, who belongs to Stanford University in the Hoover Institute. He is now new to
Complete 5 pages APA formatted article: Taxing the Rich is Not a New Idea. The author of this article is Dr. Thomas Sowell, who belongs to Stanford University in the Hoover Institute. He is now new to controversial articles. He got the degrees of Columbia, Harvard, and Ph. D from the University of Chicago. He is quite an authoritative personality in the niches of taxing policies as well as the effects of these policies on the revenues.
The reader might agree with most of his points since these are based on his vast experience in taxation policies. The readers might argue with the author that taxes should directly be paid to the government, and the policies regarding the taxation should be changed to maximize the profits incurred from taxes. The author seems to make us believe that the taxation policies of 1921 shouldn’t be repeated now since they have already failed. The author also wants us not to fall into the trap of class warfare politics between politicians and journalists.
Andrew Mellon, Secretary Treasury argued that the money is shifted out of the economy quickly without being utilized in the national taxes as well as tax-exempted securities such as loads of municipalities. Tax exempted securities had estimated investments that increased nearly three times in just 10 years.
For the injection of taxable income of rich people into the government’s economy, Mellon requested Congress to remove the tax exemptions from the municipality bonding and other securities. Congress rejected this offer sternly since that would have caused severe reactions from the officials of the state and municipalities.
Congress reduced the tax incurred in the top tier from 73 to just 24% in the mid of the 1920s that allowed the money to flow back into the economy that had some chances in terms of tax exemptions securities. This decision and policy proved quite fruitful in terms of creating job opportunities as well as increasing the revenues from tax for the government as compared to increasing the taxes for the .wealthy people.
