“The only guarantees in life are death and taxes” (Smith 1). Is switching to a new kind of income tax a good idea? Is using flat tax the right move for the American people? Would lower income people suffer as much as higher income people with a different kind of taxation system? In today’s world money seems to be the center of gravity for many people.
Minimum Wage Raising minimum wage would affect the world all around but not so much as the people wanting it would like. It would mess up all of the economy; to prices going up, insurances, employment rate, and how many people per job site. Minimum wage has been a thing since 1938. It all started with the Great Depression in 1938. It started at twenty-two cents an hour.
01 Mar. 2016. The American Action Forum believes that raising the minimum wage can do more harm than good and hurt the people it’s supposed to help. Job loss in the millions would happen if the wage was raised from $7.25 to $15. People in poverty before the increase would have trouble finding jobs because companies would have to have less positions to counter the wage raise.
(reduces economic gap between social classes). People would become richer but it’s at the expense of the government becoming poorer. The government will have to take out more loans and have more debt. Cons: USFG shouldn’t pay reparations to African Americans Cost America pay they don’t have As we speak, America’s debt is at 18.2 trillion dollars and rising. If we pay every slave minimum wage for their work, we would have to pay trillions of dollars.
The document reasons that if the amount of money employees earn is expanded, companies will be less likely to hire as many workers (Huppke). This causes job loss for future laborers. Businesses will not be able to financially employ as many individuals, thus, increasing the nation’s overall unemployment rate. Some employers find a means around decreasing the number of employees by limiting the amount of hours each individual can work (“Economists argue about minimum wage”). A second argument in the minimum wage war focuses around the concept of inflation.
Some say that raising the minimum wage will lift people out of poverty and provide a higher standard of living for everyone. Others believe that doing so would damage the economy and result in the loss of jobs. Raising the minimum wage would be detrimental to the economy, because it would create many problems for businesses and the free market. Raising the minimum wage would have a negative impact on the quality
There are people who work 40 hours a week and are still in poverty; this is a highly prominent issue.The uneven distribution of wealth, known as wealth inequality, is a problem that plagues not only America but also the world. With wealth inequality, there are two main issues and one solution to those issues. The problems are that the wealth in America is unevenly distributed and there people in America who work 40 hours a week and still have very little money. Wealth inequality is the root of all problems faced in America.The solution to this problem is to slightly raise the minimum wage so the lower class will be able to gain wealth. In America the difference of wealth between the top tenth of the one-percent and the other 99% is astounding.
The wage given to an employee is a motivational factor for one’s decision to work for an organization. Wages given to employees varies across different departments of an organization. Organizations have several criteria for determining who deserves what, and how much to pay the employee aside the minimum wage set by the governments. Wage reflects job efforts measured by hours of work and educational qualification among other variables. Firms pay the educated, and the more skilled workers higher wages than the less educated and unskilled workers.
Tax shelters for the wealthy and tax burdens on the poor promote Cox and Alm’s theory. In addition, the prejudices in attaining the American Dream go beyond the distinctions between the rich and the poor. Distinctions are made due to social class, religion, ethnicity and race, as well as education levels and gender leave hard workering, intelligent and truly qualified individuals overlooked and unconsidered. The caste system that Krugman refers to is encouraged by these kinds of class distinctions (Krugman 64). It is obviously ill-advised to say that everyone should be paid the same salary for their work.
Although these rich Americans want the government to handle the issue of taxation they feel posing higher taxes on them is just not fair. They feel they are hard working citizens who spend a great deal of time working at their business. It is through risks that they may have taken that got them to the positions that they got to today. They feel frustrated when people call them greedy because of their wealth because they feel the poor are the greedy people. The poor receive handouts from the government for everything in their lives, and the rich have to finance these projects.
What new, Significant question do these texts raise for me? Is it too late to depend on the government to fix this problem? If minimum wage is increased will it put many lower-level wage employees out of a job (Saltsman 40)? Is it true that there is “little connection between a higher minimum wage and reductions in poverty” (Saltsman 40)? What are the real numbers regarding households in poverty in the United States and what is the best way to help those people and families out of poverty so they can stay out?
Through research Pew Research Center found out that the gap of inequality in income earning is very wide. This means that even labor is paid on the basis of who and where one is working from. However, if all of the working people received a standardized compensation for their labor, I think things would have been different. Hence, the initiated efforts to standardize labor compensation should be materialized. 5.