A few people with high annual income need to pay increase rate of increase income tax. I agree with I disagree with this statement because countries of citizens develop shown by their development shown by their annual income.
Higher income tax rate leads to decrease in people’s economy. It will cause problem in their daily lives for and difficulty in managing expenses and it will lead to wage problem in the country. Country with high income rate can be go through economy problem. Countries with low income rate will still develop even people earn high amount of salary. For instance, Dubai still developing even with low income tax rate and people saving lot of money are living their lives without economic burden. Sometimes higher income tax rate can cause lead to financial crises in the country and lower the GDP of the country. As a result it higher prices in the daily goods. Even though increase income tax rate prevent the individual of prevent keeping block money but may cause problems for middle average income and poor people.
In conclusion, raising income tax is not an effective strategy for the country as well as for citizens with high amounts of finance. Higher income tax leads to reducing amount of wages for people; moreover, it impacts the entire country economically.
