Band 5+: In many countries, a small number of people have extremely high annual incomes. These people should be required to pay a much higher rate of income tax. To what extent do you agree or disagree with this opinion?

In recent years, in various countries whether highly financially stable individuals should pay significantly higher income taxes has raised a global debate. Some people contend that a person having large annual income must contribute a major portion of his disposable income in tax, facilitating economic growth. I strongly agree with the concept of higher taxes for upper class societies. This essay will delve into the explanation of this personal opinion.

To commence with, while governing agencies have constructed income tax slabs as per the earning capacity of its citizens yet it is the middle class society which mostly carries the burden of paying taxes. Furthermore, ultra wealthy individuals finds numerous ways to save their earned income from paying taxes, such as subsidies for business ventures. In contrast, people making moderate money annualy lack such benefits.

Moreover, taking significant portion of hard earned savings from an average person could profoundly impact his routine life. For instace, funds required for education of person’s offsprings might go into paying taxes. On the other hand, posing intensified taxes on person with huge annual salary might affect his various financial plans but not as significantly as for the middle class individual.

In conclusion, since person earning massively, is capable of speding his income for economic development of country by the means of income tax, they must be encouraged to do so. Implementing such laws will foster nation’s progress by increasing the governement’s revenue along with promoting healthier society, in which taxes are generated, considering the economic constraints of citizens.