We are all honor students here. I am honor student, and you are an honor student. Now, I am going to take away some of your points and give it to another student. You both have C’s now. This is grade equality. This is what is going to be considered fair. This is what is going to ruin America. After spending hours researching the effects of increasing the tax on the rich, I have proven that it will worsen income inequality and not help. If we do increase taxes on the rich, how will we define them? Some of you will be considered rich because of your college funds in the bank. And you will lose half of it. In addition if we tax the rich, the nation’s economy will crash. But you do not have to lose half your college fund, or ruin America. If we educate people and put more funds into schools, we can beat income inequality and save ourselves. If we are to increase taxes on anybody, our economy will shatter. According to CNN money, Experts “examined what would happen to the gap between the wealthy and the poor if the U.S. raised the income tax rate on the highest …show more content…
More companies could increase their salaries. You could be hired for a job, and earn twenty dollars an hour at minimum wage. The great recession will end. The economy will rebound and be better than ever. But, what if we did tax the rich. The economy will shatter. The market will crash. The early two thousands will be known as the second great depression. Massive layoffs and huge salary cuts. The best job you could get would to be a janitor. America will be seen as the newest third-world country. China could take over us. Are you ready to learn chinese? I am not. And this is no dream. According to governments researchers, if taxes are increased on the wealthy, income inequality is worsen, and not improved at all. The gap grows. Do you want to worsen income inequality? Do you want to be a part of china? Do you want to lose half your college
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In this article by Sean Mcelwee(2014) he talks about why income inequality is the toughest issue America will face in the next few decades. In the article, Why income inequality is America’s biggest (and most difficult) problem, Mcelwee(2014) believes that after the studies he has seen, the most effective way to solve the policy issue of income inequality is by higher taxes on income and wealth. However, the rich would never buy into this solution, because it would take more of their wealth, when the wealthy are trying to maximize their money returns. Mcelwee (2014) also talks about how when a family is wealthy, money tends to stay in the family for 10-15 generations, which is also true for families with lower incomes as stated here by
When the government spends, there is more money flowing through the economy. The last chart shows the share of taxes that the top 1 percent contributes to our economy. The tax shares of the top 1 percent are around 20 percent. While the top 1 percent earns about 40 percent of the nation’s wealth, they’re only contributing 20 percent of what they’re earning back into the economy. This information is relevant because the share of taxes for the top 1 percent is not proportional considering the amount they’re earning.
The share of after-tax income received by the top 1% of households increased from 8.5% to 12.3% during this time frame, indicating a concentration of income at the top. The majority of tax savings from Reagan's policies went to the top-income earners, while the middle-class and lower-income groups gained much less. The hoarding of wealth at the top hindered the economic gains of lower-income groups This disparity in the distribution of tax benefits raised calls into question the equity of Reagan’s tax policies and how it was strong enough to affect all earners in America
If everyone is skilled and part of the middle class and who is going to work the low end jobs and how much will it cost to fund this? I believe a tax reform and much leaner government would have a bigger impact on rejuvenating the middle class. The middle class should get some tax breaks, the wealthy should pay a bit more, and corporate tax should be decreased. But the reason why we pay taxes is to fund the government programs and if the money in not going into the right places, what the point of paying taxes? In my opinion, there will always be inequality between the rich and middle
“The bottom 40% of Americans own almost nothing.” Said the video, Wealth Inequality In America. The lower class are scraping by and are not able to invest in stocks or other consuming items whether it deal with money or time. The video, Wealth Inequality in America also said, “The top 20% of Americans own almost everything.” The wealthy community should contribute more to the lower class, allowing more equality of wealth.
Throughout all of history wealth has never been distributed evenly; no monarchist kingdom, communist utopia, socialistic society, or modern free market has ever existed in a state of equilibrium. The laws of the land have always seemed to operate in a manner of some sort of prejudice. The rich generate wealth at a much higher rate than the poor. Income inequality has existed, in some form or another, since the first trade transaction. Since, we have begun record keeping, statistics show the rich controlling increasing amounts of the total income.
One of the arguments used is that we could regulate and tax the 1% income because that would be “fair” but these numbers show how harmful that way of thinking is. 18% of taxes for the “bottom” of the bracket which is around 20% of the U.S population.
The “American Dream” has been set in stone by the founding fathers since birth of the United States. This concept has always been discussed in every history lecture that we have sat through from elementary school to college. But, why discuss about the American dream in every history class since its debut? The purpose of the lectures is to discuss about how the “American Dream” affects the American people. In result, The “American Dream” has sparked a lot of controversies and debates for decades about the topic of if the “American Dream” is an unrealistic goal or if it is possible that anyone can achieve it.
Also, the wealthy is known to be rich, so as they collect more and more taxes, they will spend it on stuff we don't need; instead of paying it on taxes. For
The article says, “While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall.” (Stiglitz 2011) While the rich are getting higher incomes prices the poor are getting higher income by taking it from the one in the middle which therefore, makes them get a lower income percentage. America has fallen behind because of not being an equal country to the population by the income equality there is a huge gap between the income being earned by the poor and the rich. The rich are wealthy and the poor depend on the government for everything. As stated in the article, “America lags behind any country in the old, ossified Europe that President George W. Bush used to deride.
1. Introduction Income inequality has grown significantly during this past decades and this phenomenon continues to increase over the years. This problem is constantly discussed in the daily news all around the world. Several consequences of this increase of inequality between people leads to economic problems such as high unemployment rates, lack of work for young people, fall of demand for certain product. The gap between rich and poor is increasing, the rich are richer and the poor are poorer as a result politicians and economists try to adopt certain policies in order to reduce this gap.
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.
Many people are strongly debating whether or not the rich should pay higher taxes. I believe it should be that the rich do pay higher taxes. When times in the economy are rough, the government needs to look consider at how they could bring in more money. Charging the wealthy higher taxes could be a strategy the government could use., and the wealthy people are the ones who could afford it.