National income Essay
One of the problems that an average American faces today is that of tax payment. The truth is that after they pay their taxes, there is barely enough left to sustain them. Yes, I am in support of the social security program, but as you have rightly pointed out, it is having a lot of negative effect on the average earners. The social security system is a good idea but I believe that there is a way that it can be balanced in such a way that there will be more money coming in to the social security system without necessarily affecting the average earners.
Not that I am encouraging a communism, what I am simply saying is that the social security system should be reviewed I such a way that money keeps flowing in but the average earners would not be too burdened. In order to achieve this, some practical steps can be taken. This could include the systems that I would discuss below.I believe that with the level of development in America, there is a way to monitor the per capita income of every citizen/ people in the country. Through this, it will be able to possible to identify how much each citizen contribute and thus, people that have more money can be charged in such a way that they are made to pay more taxes.
This is a viable solution when we consider that most of the people that fall in the “RICH” bracket are not actually working for the government and it is very hard to know how much profits they are actually making.Furthermore, I believe that a system of progressive payment of taxes would prove valuable. In this system, not only will taxes be paid on the first part of their salaries but that taxes be collected based on percentage of your income. This system should be done in such a way that the more you earn, the more you pay.
As a result of this, people that collect lower salaries/income will pay less and the people that earn more will pay more.Summarily, we have to realize that these people that earn so little and those that earn much more are living in the same society and the same standard of living is applicable to both of them. It is only normal and sensible that we strike a balance in our society.Reference: