The income inequality in the United States is equal to developed countries, but is the highest in taxes and is the most unequal when it comes to income inequality. The order that the government is choosing to tax the citizen is hurting the economy. The way the poor are being taxed isn’t matching up with their paychecks and neither is the tax given to the rich. “U.S. minimum wage and limited job opportunities for people without a college degree. He also notes disparities in educational attainment, especially for postsecondary education, that may have contributed to income inequality” (Karageorge). This showed as a problem for people and their income as people have hard times looking for work and staying
An equal distribution of income would not be wanted because a complete equality of income would not be wanted because a complete equality in revenue would not tolerate the economic growth. Inequality will always be present, but the space between the rich and poor would not rise. I would be willing to pay more for goods and services so I can raise more income for the middle
The top of the top; they acquire all the money their businesses amass and flaunt it on huge homes, fancy cars, and expensive possessions and European vacations. They are seen as greedy; some don’t keep their money; however, they seldom give it to charity organizations. As a result, they have received a lot of hate and distrust over the years. There are some that believe the mega-rich should be taxed at a higher percentage than the other classes, yet with deductions, they often pay less. In an article “Stop Coddling the Super-Rich”, by Warren Buffet, he suggests the mega rich should be taxed more than the middle and lower class, but again, they have more deductions and will still pay
These numbers undeniably show a non “equal” society but one out for the 1% and other high rollers. America isn’t protecting the people at the top nor the bottom. But again it's not fair to say the wage gap is not a problem especially with these numbers but with how taxation is heading it should be put more equally instead of pinning it on the rich.”...There is no sustainable way to make the poor richer by making the rich poorer…”-Richard A.
The article “Confronting Inequality,” written by Paul Krugman, a professor at Princeton University, emphasizes that the middle class suffers from social inequality and economic inequality. Krugman suggests building a stronger safety net so the gap between the poor and rich can be limited to by raising of the taxes. Krugman uses this claim to highlight the fact that the middle class needs to be stronger and the only way to achieve that is to have a strong safety net. Krugman says the rich use loopholes in the tax system to cheat their way out of high taxes, and the poor pay a relatively high tax compared to what they should be paying. Krugman states if these ideas were incorporated into society, it would link the gap between
Krugman writes, “the rich weren’t just getting richer; they were becoming a financial foreigner, creating their own country within a country, their own society within a society, and their economy within an economy.” 563. CEOs or people with an abundance amount of money can give money to politicians create laws or stop enforcing the laws to benefits the rich. Politicians who the Middle-Class and Lower-Class vote for favors the one that could help them and that’s the High-Class. Economic inequality is hurt the middle-class and the lower-class who already had a rough time getting a life. When the High-Class is becoming richer the Middle-Class and Lower-class become poorer it creates social Inequality. Krugman also writes,” The fact is that vast inequality inevitability brings vast social inequality in its train.” 563. When economic tide favors the high-class it starts to tear gaps between the classes. Social inequality can make it hard for many Americans to strive or even live
Governments need to tax its citizens in order to protect and serve them. Many politicians vehemently debate which taxation methods the government should or should not utilize. Most members of the United States of America pay taxes every year. No wonder taxes play a major role in politics. According to popular belief, we procure an income tax because it provides the best way to tax citizens. Pete Sepp, communications director for the Virginian-based Taxpayers Union, says that “we feel that income taxes are among the most economically destructive as well as politically deceptive ways to raise revenue” (qtd. in Jeffs). What most Americans do not realize is that an income tax actually cripples the poor. Companies mark up prices because the businesses
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. The rich feel annoyed that people do not see that they are the ones making the economy bloom by providing jobs for people. They are also angered at the fact that too many people are not paying taxes and that is bleeding the country. The rich feel they have made wise choices of how to spend and invest their money and that is the reason they became wealthy. Furthermore, they do not feel they have been given more than what they deserve and everyone needs to strive to do their best to provide for
“The Progressive Era was a period of widespread social activism and political reform across the United States, from the 1890s to 1920s” (Wikipedia, 2016). During this time, Americans decided their political system needed to adjust to new conditions and they pushed for reforms in which they faced opposition. Because of this, they had to try different ways to achieve these reforms. During this time there was racial prejudice and elitism.
In the event that the 1 percent had less, a greater amount of the 99 percent of Americans would not be getting kicked out of their homes or needing to battle to pay rent on account of the absence of cash. In light of the crevice between the wealthiest and the rest, individuals are stressed over the out of line economy dispossessing their future. As stated in the article " We are the 99 percent" they mention how the middle and poor class are getting noting while the 1 percent is getting everything. How unfair is
Income inequality is an important issue that needs to be addressed in the United States. One reason that the United
In 2007, wages and salaries, which constitute income in the country, went down from 70% all the way to 60% (Gornick & Jäntti, 2014). During this time, the income that is generated by the top 1 percent of American households has tripled from 6 percent all the way to 19 percent. This ever growing disparity is being aggravated by failures in policies and in particular, the inequality is being blamed on years of progressive tax decrease, regulatory, transfer along with failures in full-employment laws in recent
For many decades the economic growth of American has shifted to different standards. Each generation of growing up in America can and will face different economic situations than the generation before them. It is a part of circular flow of economics. One factor that is brought up, especially in recent years is income inequality. During a debate hosted by intelligence squared, two sides argued the notion the rich in America are taxed too much. Beginning with the side for the notion that the rich are taxed enough was Robert Glenn who took a straightforward approach to the argument. He stated that historically when people begin to tax something you end up producing less or getting less out of it. He suggested that it be better for the rich to
The rich are the ones who benefit the most from the government. Those big corporations and industries make billions of dollars from the public, and guess who owns them, rich people. So how do we solve our problem? You can’t make the poor pay more taxes, they don’t have the money. We also can’t really flatten the tax rate fairly because the only way to reduce the riches tax pay is to soak the middle class. That is not reducing the tax rate, we’re just making the middle pay more than the rich, and right now that is what is exactly happening. I know that most wealthy people work hard for their money, but we have people in the lower class barely getting by while the wealthy people throw around hundred dollar bills and don’t care about what anyone else thinks. They waste their money on things they don’t need while people in the lower classes struggle everyday. People that have financial disadvantages live paycheck to paycheck while the wealthy people just walk around with lots of money that they’ll waste on things they don’t need such as gold marbled tiles or million dollar perfumes. The least they can do is give a little back to the
Do you ever think of why should or shouldn’t the rich people pay more tax than others? Nowadays, people are arguing about the fairness of paying more tax. Statistics have proven that the rich have paid the majority of U.S. income taxes. A person making $100,000 will pay a higher percentage of his income in taxes than a person making $20,000 for instance. According to the Congressional Budget Office, “The 10% of households with the highest incomes pay more than half of all federal taxes. They pay more than 70% of federal income taxes.” On one hand, some experts think rich shouldn’t be taxed more because somehow the money was earned. Rich people worked hard to earn it, and their work should be valued. On the other hand, most people think that rich should pay more tax because they get more from the government. Is it ethical and rational to tax more on rich? Why must the rich pay more tax to help the poor? Although taxing more on rich seems unfair for the rich, it is necessary that rich people should pay more tax and the amount they pay are based on their incomes.