Taxing the Rich

Satisfactory Essays
The American deficit grows every day, along with the wealth divide between the wealthiest and poorest Americans. The nation’s financial standing is worsening by the second, and something must be done to improve it. The richest Americans are only getting richer in this time of economic crisis, and tax increases for the wealthy are a viable way to more equally distribute wealth throughout the lower classes in the United States. It may be true that some of the wealthiest citizens have earned their money, but action should be taken to help the struggling majority of the country instead of the privileged few. The United States has a responsibility to give the lower classes an opportunity to rise out of poverty, and if the lower class continues to grow like it is now, this nation could have larger problems to deal with in the future.
Over the past three decades, tax rates on high incomes have fallen sharply as politicians have attempted to improve the financial standing of the lower classes. Over this time, however, it has been the income of the wealthy that has increased, not the poor. In fact, income inequality has skyrocketed over the last few decades, and President Obama’s recent tax increases for the wealthy have only improved income inequality numbers by a fragment of what it has risen to currently (Krugman 1). The lower classes are suffering as the upper classes continue to thrive, and this must be improved if the United States expects to be a global economic leader. The tax cuts for the wealthy have caused the great divide between classes to separate further, and tax increases for the wealthiest Americans will not only help to improve this income gap, but they can fund programs that will help the lower classes. In Oct...

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...late the economy have been proven ineffective, as they promote inequality between wealth classes. We can benefit everyone through these increased taxes, funding new programs and distributing wealth more equally among the population. The wealthy may disagree, but in a country increasingly divided by income, we may not have a choice.

Works Cited

Grynbaum, Michael M. “Higher Taxes in de Blasio’s Schools Push.” The New York Times Company, 4 Oct. 2012. Web. 23 Jan. 2014.
Hughes, Siobhan. “Report: Tax Cuts for Wealthy Linked to Income Inequality.” Dow Jones & Company, 14 Sep. 2012. Web. 23 Jan. 2014.
Krugman, Paul. “Taxing the Rich.” The New York Times Company, 28 May 2013. Web. 23 Jan. 2014.
Reich, Robert. “Taxing the Rich is Good for the Economy.” American Public Media, 18 Apr. 2012. Web. 23 Jan. 2014.
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