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Essay / Income Inequality Essay - 1524
Income inequality continues to grow in today's world, especially in the United States. Income inequality refers to the unequal distribution of individuals' assets, wealth, or income. In The Twilight of the Elites, Christopher Hayes, liberal journalist, argues that inequalities between rich and poor are growing ever wider and that it is necessary to act - tax the rich, provide better education - in order to reduce inequalities. gap. America is a meritocratic country, meaning everyone has an equal opportunity to succeed, regardless of class privilege or wealth. However, equality of opportunity is not synonymous with equality of results. People have more opportunities to find better jobs, but their incomes are much lower than those of the richest ten percent. This way, the poor will never climb the ladder and become millionaires. Therefore, the government must increase all tax rates on the rich in order to reduce income inequality.1. Tax cuts have caused income inequality. Income inequality is a big problem in the United States, as the richest and richest Americans have seen their incomes increase significantly, while others have seen their incomes decrease. The poorest people do not have the same amount of money or the same opportunity to climb the social ladder as the rich. To reduce income inequality, the government must tax the rich more and give the poor more money and more social services – education, food subsidies, health care. Tax cuts only benefit the richest and will widen inequality. gap between the rich and the poor. A recent Congressional Research Service report states that “while top tax rates are in the middle of the document, this inequality gap must not be allowed to continue to widen; therefore, the government must tax the rich heavily and redistribute their money to the poor. If income inequality continues to grow, the economy will collapse. For example, if the price of real estate continues to rise because of the rich, the poor will have no place to live since they cannot afford to buy these expensive houses. When this happens, it will create another housing bubble because the houses are not worth buying, meaning the market value of the house exceeds the value of the house; therefore, no one will buy the house, including the riches, since they already have houses to live in. Additionally, the poor do not believe they can achieve wealth because they cannot afford anything, nor can they afford the tuition fees necessary for a good education, which is the traditional path to success..