Millionaires Tax Debate Essay

Submitted By Nick-Vitolano
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Pages: 3
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The millionaire’s tax is a poor way of funding education, even though some claim it to be beneficial.

Many people claim that the billionaire’s tax is vital to funding education in New York, and many other states. However, what they don’t know is that the tax bracket which represents the millionaires is one that, is not only less than 5%, but is also one that is always changing. Earnings beyond $1 million dollars fluctuate from year to year, and it wouldn’t be a constant flow of funding for schools, even though it sounds like that it would.
Basing most of New York States education funding off the millionaires tax would be “putting all its eggs in one basket”. Here is what I mean; for every millionaire that leaves New York, which is happening more often than you think, more and more responsibility for these taxes is being placed on the shoulders of business owners, which will cause them to move their businesses to another state as well. The creation of a millionaires tax in New York would be an invitation for industry and business to leave the state.

Taxing the Millionaires more than they are already taxed would not have much of an impact, as there simply aren’t enough millionaires.
As if 2009, millionaires made up fewer than 240,000 of the 140 million tax returns filed. Even though that number represents .1% of total returns filed, those people brought in over 730 billion and ended up paying over 125 billion (combined) in income taxes. On top of that, they paid another $70 billion (combined) in extraneous taxes. I now ask a question. How much money does the government need before they can get something accomplished? What would an extra 5% tax really do for our government and for our economy? I understand that these people have a lot of money, but aren’t they already being taxed enough?
People who are advocates of the millionaires tax should be careful what they wish for, as the repercussions of the failure of this tax would fall the heaviest on the people who are non-millionaires. It would come in the form of lower wages, higher prices, and fewer jobs. This tax is seeming more and more like another democrat scheme to pit one type of tax payer against another. We already have enough of that: renter’s vs homeowners, parents vs couples without kids, and so on. At that point, we need a full
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