Poverty Diverty

1749 Words7 Pages
Draining the rich of their money will not help those who are poverty stricken. It could cause the opposite of the intended effect (more equal income) and cause a greater amount of poverty and less chances to earn a living. A wealthy person is generally thought of making more than $300,000 a year and usually has stock, real estate, or both. In developed countries, such as the United States, “income inequality has increased since the 1980s” (Woo 5). A large amount of people argue that a system such as socialism could fix that inequality. Socialism is a political and economic theory that centralizes the government and distributes wealth and jobs in order to form a social society (Evangelopoulos). Many economists and politicians have debated the issues of taxing the rich and socialism for decades; particularly whether or not redistributing the wealth of others will help the economy. The two sides of the argument have valid points. Those who advocate for higher taxes argue that the money taken from the rich could be put to uses like healthcare and education. The side that is against higher taxes debates that the long term effects of taxing the rich could cause a tremendous amount of damage, particularly with losing jobs. The rich should not be taxed more because it takes away the right to earn, and keep, a considerable amount of money and it can both damage the economy and lead to socialism which in turn has a high probability of leading to widespread poverty and a corrupt

More about Poverty Diverty

Open Document