After watching the video, "Wealth Inequality in America", published by Politizane, I was surprised when finding out that only the top one percent of America has 40 percent of all the nation's wealth. It was also surprising to discover that the top one percent owns half the country's stocks, bonds, and mutual bonds, while the bottom 50 percent of Americans own only half a percent of these investments. One of the notions I had that was challenged by the video was the amount of money the wealthy actually have compared to the rest of the classes. I was aware that wealth mostly distributed to the wealthy class, but I never imagined that the division between the wealthy class and the rest of the classes would be so huge. Its incredible that the CEO's…
after-tax profits of the greatest income taxpayers much more than those of middle and low…
Tim Blixseth kept explaining to us how most rich people he know were cocky, arrogant, stuck up or flamboyant. Tim was nothing like that; he didn’t want people to judge him accordantly to the other rich people. He strongly hated the fact that most rich people are jerks and looked down toward the middle/lower class. Money does change people a lot. I feel like if you were born with money and everything given to you, than you would be a stuck up person. But if you worked hard for your money than you know where you can from and would be cared hearted toward the lower class. Money is the root of all evil. It gives the wealthy a since of more power, makes them believe they rule us. By thinking this way, we all are going to be in trouble if they can get any more power. I believe that not all wealthy people do not have this type of attitude but most are by the way they were raised. But I believe that if you are raise your children properly and teach them the correct morals of life, then you can be a great person with the wealth.…
Rich people have the option of buying imported goods which, as mentioned above, won't be taxable. They can also opt to put most of their income in their investments instead of spending it on retail goods. Because of this, the economy will depend highly on the spending of those in the lower and middle classes, who usually have no choice but to spend on food, clothing, and other necessities.…
Money seems to be the root of the problems that surround us in our daily lives. Depending on how much we earn from employment that number is concentrated on our social class in society. However, regardless of our social class we all pay a form of federal tax. Federal tax is a tax levied by the United States Internal Revenue Service on yearly earnings of employees, corporations, trusts, and other legal entities. These taxes that are collected contribute to approximately 47 percent of the federal government’s revenue. This money subsidizes national defense and funds federal programs such as welfare and infrastructure. A percentage of our income is taxed according to the amount we earn; it varies from ten percent when making zero to 20,000 dollars to 30 percent when making 50,000 dollars and above. The controversy of eradicating federal income tax involves all American residents…
, it shows us that in the state of Texas, the poorest 20% of the state pays 12.2% in taxes of their income, the middle 60% pays 7.6%, and the top 1% pays 3.3%. Being a regressive state results in having people who have a hard time supporting themselves paying more than people who have no problem with their finances. With an income tax, it would turn the state into a “progressive state” meaning that the people will be taxed based on their income, and it would be an appropriate amount for what they earn.…
The gap between the upper class and everyone else widens to a point where the richest “4,000 families in the U.S” have as much wealth as “11.6 million…
Individually, the U.S. has the one percent of Upper Class, the thirty percent of the Upper Middle Class, the thirty two percent of the Middle Class, the seventeen percent of the Lower Middle Class, and lastly, the overwhelming twenty percent of the poor. Now lets specifically look at that top one percent and the bottom twenty percent. How is it that one percent of America controls fifty percent of the national currency, and twenty percent controls a small fraction of it? A major reason for this is due to the rich influencing a specific idea or creating legislation for wealthy politicians in return for a large payoff. If a person were to look at Paine’s quote, “There, the poor are not oppressed, the rich are not privileged,” he/she would be in great…
Advocates of this ideology say taxing the wealthy will make them unhappy with the country and will make them emigrate to a country with lower tax rate. Proponents of tax breaks say that when the affluent are given tax breaks the economy will prosper because the rich are more likely to spend. The tax break advocates say cutting the top tax rate will increase economic growth because when the wealthy spend their money, growth will occur in small businesses, which in turn causes wage growth, income growth as well as job creation. The advocates say that this all increases the tax revenue for the government in the end, so cutting taxes for the rich is the long term solution to the inequality between the lower class and upper…
By non- stop taxing and increasing the taxes at that continuous rate, the government leaves no room for anyone in America to achieve the American dream. Then again, the America we used to know was democracy; judging by the principals…
Taxes is also an issue that the parties have opposing ideas on. Democrats believe that the wealthy should pay higher taxes. Republicans disagree and support tax cuts for everyone. I believe that just because a person is wealthy and working hard at life doesn’t mean they should be charged more on taxes. The wealthy have more than likely paid thousands of dollars on education that would make them more money than just a minimum wage job.…
Some people feel the rich do not pay their fair share in taxes. “The 95th/50th ratio in 2011 was $186,000 divided by $50,054, which equals 3.72. In other words, the income of houses in the 95th percentile was 3.72 times the income of households in the 50th percentile. Those in the top 25th percentile obtained a vast majority of the income in America (79.5% in 2007 and 75.9% in 2010.” (Evans, “Wealth”). This does prove that wealth is not evenly distributed among all Americans, which is an understandable thing to be upset…
Favorable tax laws to the richest people of our nation place the burden of our taxes unfairly upon the middle class and deny money that could be spent on helping the poor. We have seen many protests in recent years for the unjust taxes paid by the wealthiest of Americans and how the money could be better used by the other 99%. Until politicians decide that the money that pads their campaigns is crippling our nation, the injustice will continue and prosperity for many will be…
Which is pay no wealth tax, they can defer their income taxes, and pay a reduced capital gains tax when they decide to cash in. The wealthy have a loophole in paying taxes where they pay a lower percent of their annual income, leaving them to have more of their money to self. Whereas the poor or middle-class families are paying a huge part of their taxes to the government.…
Do you actually know the reason behind tax breaks? Currently, class warfare has being wage against the wealthy and middle classes. Tax breaks are not for all classes. The elimination of tax breaks could help settle the conspiracy issues of class warfare. Everyone wants to live a good life and have equal opportunities and furthermore, we all know that is not new in our society. In our society today, arguments are still going on between Democrats and Republicans about the elimination of tax breaks. And the dispute of tax breaks is not only between political parties, but also we the fellow citizens as well. However, many are claiming that it’s outrageously unfair. Tax breaks is the government way of lowering taxes for the benefit of everybody…