“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.” This is said by Warren Buffett, the fourth richest man in the nation.

Today I am going to look at three areas of analysis:

First, it has worked in history.

Second, taxes allow for investment in future economic development spending cuts don’t allow.

And lastly, most people want taxes on the wealthy.

My first point is that taxes on the wealthy have worked in the past. According to Robert Reich from Market Place Commentary stated that when Bill Clinton raised taxes on the wealth in the 1990’s the economy produced faster job growth and higher wages than it did after George bush cut taxes on the rich. According to the American History Association, we learn history because we learn from our past. We learn from our losses and from our victories. In school, why do we learn? We are supposed to apply the knowledge to our lives. So, if this has shown recently that it HELPS our economy, should we not apply it again?

This leads me to my second point that we can reform society with taxing. According to Forbes a soda tax would generate billions in revenue. If something as simple as taxing soda generates such revenue, what will more creative ideas produce? Simple taxes can have large effects. We don’t have to largely increase taxes on income and social security but crack down on luxuries that aren’t a necessity for a person to survive. Instead we can use the money to reform our schools which is the basis of everything we know. According to New York Times the US is in 48th place in education. Spending cuts do not generate more money than there already is. If we took spending cuts and put them into education then we wouldn’t be able to lower the deficit. This is why tax increases are necessary because the actually create revenue. With spending cuts we are not able to kill two birds with one stone, for example, education and the deficit. If we want to help our children learn, which would then set us up for the future, we have to overlook the debt that the country is accumulating. We can’t better teach our children if we focus on the debt. This is why we need taxes. So we can generate revenue that can help both situations.

On to my third point, most people agree we should tax the rich, even the rich. According to an article in the wall street journal the MAJORITY of Americans think its right to raise tax rates on wealthy people. According to Market Place Commentary Robert Reich stated that when Bill Clinton raised taxes on the wealth in the 1990’s the economy produced faster job growth and higher wages than it did after George bush slashed taxes on the rich. A majority of wealthy Americans want to be taxed higher. According to the New York Times, some 120 wealthy Americans, including Warren E. Buffet, George Soros, and even William H. Gates, are creating a position urging Congress NOT to repeal the estate tax. The petition says that ''repeal of the estate tax would be bad for our democracy, our economy and our society.'' They even stated that they would agree with raising taxes on themselves. The rich already have enough money to live a great lifestyle; it won't hurt them as much to increase their taxes as much as it would hurt the poor and the middle class. Again, American’s want this tax on the wealthy.

Today, we have looked at three areas of analysis.

First, taxes on the wealthy have worked in the past.

Second, taxes allow for investment in future economic development that spending cuts don’t.

And lastly, most people want a tax on the wealthy.

“If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.” This is said by Warren Buffet, the fourth richest man in the nation