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Should the United States Create a Wealth Tax?

57.2% yes
42.8% no

For many years, advocates have pressed for a tax increase on high-income earners. While proposals have failed to garner support in the past, President Biden recently called for a “wealth tax” in his State of the Union address for the issue to be re-visited, leading to debates over the proposal’s benefits. This tax would be a 25% rate on individuals with more than $100 million in collective assets. 

Those who argue that the United States should create a wealth tax argue that doing so will ensure that top-earners pay their “fair share” in taxes. They claim that multi-millionaires and billionaires find tax loopholes that allow them to pay a lower tax rate than other Americans, which they say is economically unfair. They also contend that creating a wealth tax will help generate greater revenue for the government to pay down the deficit or fund programs to assist lower-income Americans.  

Those who argue that the United States should not create a wealth tax argue that doing so will create greater tax burdens on a group that already pays for a large share of our country’s taxes. They claim that a wealth tax will stifle economic growth as high earners will not be able to invest as much money into markets, which they say drives the prosperity of our country. Additionally, they contend that a wealth tax will do little to curb our national debt, as real improvements will require large spending cuts. 

So, what do you think? Should the United States Create a Wealth Tax? Students may answer Yes, it should; No, it should not; or a nuanced answer in-between! Be sure to submit your answers by March 28th to be considered for this week’s contest. 

 


Note: Ideal Think the Vote responses include the following:      

  • Address the question asked in a thoughtful and meaningful manner     
  • Use cited facts and constitutional arguments when appropriate to support their answers      
  • Are expressed in cohesive sentences and are free of distracting spelling, punctuation, and grammatical errors      
  • They address counterarguments and opposing concerns in a respectful manner      
  • They organize their answer in a manner that flows logically and reads clearly   

JOIN THE DEBATE BELOW FOR A CHANCE TO WIN A $1,000 CASH SCHOLARSHIP! 

For this question, BRI will be giving away two $25 gift cards, one to each person providing the best defense of each side of the debate. Both students will also win BRI swag. Each student winner will also be entered for a chance to win a grand prize of a $1,000 cash scholarship. Additionally, the referring teachers for both students will each win a $25 gift card and BRI swag. 

This question will run from 3/14/24 to 3/28/24, so be sure to submit your answers in time to be considered for our prizes! 

(For rules/regulations click HERE) 


Reading materials


Current Standings

Alex from South Dakota voted yes

An ongoing debate in American politics is whether or not we should impose a higher income tax on the super wealthy. The wage gap between the super wealthy and the…

Jak from South Dakota voted no

All in all the increasing levels of wealth inequality in the United States, now the implantation of a wealth tax could be necessary to address economic disparities and ensure more…

Aidan from South Dakota voted yes

Should the United States create a wealth tax? This has been an argument as early as 1812 and this country has changed quite a lot in the last 212 years…

Errol from South Dakota voted no

We are in a period of inflation and economic inequality, in the USA. During this period of economic decline, there have been ideas that were made to potentially solve these…

Austin from South Dakota voted yes

ver the last few decades, middle class incomes, after taxes and benefits have grown half as fast as those of the rich, according to an analysis from the Congress Budget…

Levi from South Dakota voted no

According to Fox News, Biden's plan is to tax businesses more than individuals. The problem with that is it could cause a recession, due to the companies lower revenue the…

Lela from New Jersey voted yes

In recent years, America’s wealth gap has only continued to grow. As a result, I believe the United States should create a wealth tax. Such a policy is not perfect,…

hamaily from North Carolina voted no

No, the United States should not create a wealth tax. While addressing wealth inequality is a real concern, implementing a wealth tax is not the most effective or fair solution.…

nick from South Dakota voted yes

The top 1% of wealthy people in the United states have a massive gap between our middle and lower class. Most people believe that we need to tax the wealthy,…

linji from Florida voted no1 reply

The wealth tax is unfair and fails the core value of America, as it prevents Americans from achieving the "American Dream," where it is believed for it to be possible…


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