Once a famous economist quoted, “The modern world is unfair.” In many countries, few individuals earn significantly more than the average annual income of the country. Many argue that those individuals must pay regular income tax. However, I believe they should pay raised taxes. As this is not only important for the growth and development of the country, but also increases fairness among the people. As we know, a country requires taxes for various reasons, such as regulation and betterment of public infrastructure. If an individual earns more than average, the country should benefit. When more tax is collected, new public schemes can be introduced, which eventually benefit the citizens of the country. India, for instance, provides various income tax slabs, and the surplus tax collected is reserved for the betterment of the people. Various schemes are introduced, such as Jan Dhan Yojna, which contributes to the country’s growth.
Moreover, when those individuals pay extra tax, a moral value is maintained in society. Humans are moral beings.
If this tax system is implemented, equality is maintained among the citizens. This boosts the people’s faith in the economy. Nevertheless, proper implementation is required for the idea to be successful. High-income taxpayers should also have their own benefits; for example, slightly less GST tax on some purchases.
In conclusion, the government should definitely work toward this idea, balancing the rights of both high-earning citizens and low-earning citizens.