Essay On Wealth Inequality
Wealth Inequality Wealth inequality can be described as a lot of different things. The one that comes to mind the most though is the gap between the rich and poor. This gap is made up of a variety of different things. The one that comes to many minds is the tax code system. In order to correct the wealth gap in the United States efforts should be made to change the tax codes to close the gap between the rich and poor.
THE WEALTH GAP
The wealth gap is the difference between the rich and the poor’s income. This quote by Miles Corak tells us where it all started. “During the 1950s and 1960s, the halcyon days of America's middle class, productivity boomed and its benefits were broadly shared. The gap between the lowest and the highest earners …show more content…
There are several of the rich who avoid paying taxes. They pay lower tax rates than many Americans who must pay with their salary income. Well according to The Economist Newspaper over 70% of Americans support the estate tax, even though only 1 out of 100 pays it
LAWS & TAX CODES In 1979 until 2007 a variety of major tax changes were made to make the federal code less productive. (Linden) According to The Center of American Progress by one measure of inequality, the federal tax code in 2007 was about one-third less effective at reducing income inequality than it had been in 1979. If we had a tax code system that would increase inequality the gap would then begin to decrease in size. This makes it better for each different group that’s climbing up the economic ladder. If every household gave the same amount of their income in taxes than the disparity of income would be less. Many Americans today don’t care much for the tax code system, and it’s not because they pay too much. It’s that they feel that the more “wealthy” aren’t paying their fair share. Well according to The Center of American Progress the OECD report finds that the richest 10% of American households earn about 28% of the overall income pie. That’s a lot. Surely they can spare a
THE WEALTH GAP
The wealth gap is the difference between the rich and the poor’s income. This quote by Miles Corak tells us where it all started. “During the 1950s and 1960s, the halcyon days of America's middle class, productivity boomed and its benefits were broadly shared. The gap between the lowest and the highest earners …show more content…
There are several of the rich who avoid paying taxes. They pay lower tax rates than many Americans who must pay with their salary income. Well according to The Economist Newspaper over 70% of Americans support the estate tax, even though only 1 out of 100 pays it
LAWS & TAX CODES In 1979 until 2007 a variety of major tax changes were made to make the federal code less productive. (Linden) According to The Center of American Progress by one measure of inequality, the federal tax code in 2007 was about one-third less effective at reducing income inequality than it had been in 1979. If we had a tax code system that would increase inequality the gap would then begin to decrease in size. This makes it better for each different group that’s climbing up the economic ladder. If every household gave the same amount of their income in taxes than the disparity of income would be less. Many Americans today don’t care much for the tax code system, and it’s not because they pay too much. It’s that they feel that the more “wealthy” aren’t paying their fair share. Well according to The Center of American Progress the OECD report finds that the richest 10% of American households earn about 28% of the overall income pie. That’s a lot. Surely they can spare a