Advent Assured

Taxing the Rich: Why it’s the right thing to do

Rich Dad, Poor Dad. This is a book I am slowly reading through to try to better grasp financial stability. There is one ideal that Rich Dad believes in that I do not.

Taxing the rich punishes those who succeed and rewards those who fail. This makes no sense.

Now I need to start by saying that I am forever politically neutral due to my most controversial spiritual faith. After all, the politics of our society are less than perfect. However,  it is possible that one day I may have more money than I need.

The fact to keep in mind is just that; rich people have more than they need. Beyond that simple fact, you should consider the benefits of paying your taxes.

Taxes actually make business sense. If you ever feel taken advantage of when paying taxes, remember that they support the infrastructure that you conduct business within. They allow you to travel efficiently through the country(highway system), they help protect you and your business assets(police & firemen), and they can even be your customer (government contracts). Even if your infrastructure is the Internet, who started it?  Simply put, taxes are the cost for using government services. Do you expect customers to pay you for your services? Why shouldn’t the government? Don’t feel you are losing part of yourself when you pay taxes. As an entrepreneur, taxed income is money you don’t pocket, yes, but it’s a worthy investment nonetheless.

Further, many businesses work hard to build a fine rapport with their community through philanthropy. Taxes directly fund libraries, school systems, and welfare. Maybe the government should give out awards of honorable mention when certain businesses help support their communities by paying taxes. Would you be more willing to pay taxes if your earned recognition? Give yourself an award for supporting your community; make your own badge of honor for your honesty in business.

What do you think?

Is it fair to tax the rich? Or is it more reasonable for business owners to loophole their way out of paying taxes?