Tag Archives: the poor and oppressed

Taxing the Second Million

Earning the first million dollars of income is the hard part, we are told, but the second million is comparatively easy. A financial advisor could line out this truism, as well as the time required, depending on the investments. Nevertheless, I’m fairly certain that investing most of your million (even after saving out a little for conspicuous consumption) would net you another million within a reasonable time frame. I’d bet it would certainly be sooner than earning the first million.

What are the reasons for wanting a second million? And should we not place a higher tax on that second million?

One reason for earning money far beyond our basic needs could be a desire to improve and/or grow a company. Another might include growing wealth in order to give much of it to charitable causes. Others: comfort in old age; passing to children; buying the things we lacked growing up; or simply a desire to own as many things as possible.

We make our own judgements of right and wrong ways to use wealth. Along with these judgements is the question of what is the proper taxation of that wealth. How do we in the United States decide this issue?

I wonder why, with all the wealth in this country, we not only experience tax deficits but also poverty, especially child poverty. Yes, I know, the drug epidemic has certainly fueled some of it. However, plenty of low wage earners work hard, stay off drugs, and still have problems meeting basic needs.

Some of it happens because men don’t support the children they father. Some of this can be tied to the breakup of a common belief that a man and a woman should be committed in marriage before they have children.

Nevertheless, the children should not suffer inadequate food and housing because of what their parents did or didn’t do.

Yes, we should establish safeguards and checks against welfare going to the wrong people. However, every child in this wealthy country should have basic needs met. That includes proper schooling as well as food and a safe place to grow up.

If this requires more taxation, I believe the taxes could be raised on our wealthier citizens without any injustice to them.

The Psalms of the Old Testament were written thousands of years ago. Yet, the call for justice to “the poor and oppressed” is often stressed in its pages. For any of us who value justice, the care of the poor and needy is a minimum requirement for a just society.