The Rich are Taxed Enough Debate

In this debate from Intelligence Squared, the two sides square off about the taxation of the rich in the United States and whether they should pay more than they currently do to cover the costs of government spending. Both sides agree that government is running deficits that need to be paid for and that entitlement programs like Social Security and Medicare need reform before they spiral government down into much more debt in the coming decades. The side arguing for the motion suggests the best way to raise revenues is to "broaden the base" of the tax system, to cut out of control government spending, and to cut tax rates so that wealthy individuals will invest more into the economy and boost employment which will in turn boost individual income and generate more in overall taxes. The side arguing against the motion suggests that it is a necessity to raise taxes on the rich because of the current deficits government is running and because a more progressive approach in the tax system is the fair thing to do and will ultimately benefit the growth of the economy. They also argue for closing tax loopholes which have prevented the rich from paying their fair share. Both sides feature economists that throw out a lot of statistics supporting each of their arguments, but the moderator John Donvan tries to get beyond the numbers to the core ideas behind each side.

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