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. 

 

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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   

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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)