Thursday, July 14, 2016

Tax Returns: Public Knowledge!!!

Should how much we pay in taxes be made accessible to the public?  Let us review some of the arguments for and against.

The against unsurprisingly sights privacy.  You can see how much people pay along with how much they deduct for their debts, medical bills and even charity.  Some people don't want others to know they have high debts or medical bills as they feel embarrassed or they feel it may hurt them when interacting with their peers or potential job opportunities.  Basically, an employer, or group can see if you look like a liability more easily, or people can learn of your financial situation and try to take advantage of you.

Those in favor of release, it helps insure people pay by embarrassing people who try to dodge their taxes.  So it makes it harder to hide them siphoning money into a tax haven, and prevents corruption as all eyes are now on the people who earn so much yet contribute so little.  It basically leaves no place to hide for people with respect to paying their taxes.  Additionally, Sweden, Norway, and Finland all have public tax records.  Their reasoning according to the Economist is that it spurs continuous debate on the tax code to see that it is not too burdensome and that it helps people see if they are pulling their own weight with respect to contributing to the government in taxes.

Conclusion:  I find myself siding against people's privacy on this issue for government is something that is owned by the people and people do need to see who is pulling their weight with respect to contributions.  Not to mention embarrassing people into not having a tax haven and preventing corruption and tax dodging is an extreme benefit as we can boycott those people who try to usurp the system.  It even ensures that our politicians don't take bribes as we can see all the money in all of the bank accounts if they multiple and are able to ask where the additional money came from that they did not earn through their job.  Basically we can tackle corruption and tax dodgers all at once.


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