Income Inequality Reality

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Income Inequality: The Reality Do you feel like you are moving up economically? Or do you feel that you are stuck, and can't seem to get out of the quick sand? It might not be your fault that you are in this position. Do you know that the richest four hundred Americans own more wealth then half of the American population! Four hundred Americans own more money than the assets of 155 million Americans combined! This and many more facts about income inequality are a cause of concern not only for the working class but the middle class as well. Thus to stop income inequality and the wealth gap from increasing I think that there should be a series of steps that have to be enforced. The first step that I think has to be taken in order for us to …show more content…
Others may not believe that just four hundred Americans own more wealth than 155 million Americans combined. You may ask how is this even possible? There are many reasons for why the top 1% of Americans have acquired so much wealth. Some of the factors for this immense gap include the growth of the economy which has doubled in size since the 1980s, yet the wages for most Americans have not grown with the economy, this is because most of the economic gains have gone to the super rich. Not only is this bad for most Americans but it is also bad for the …show more content…
Trickle-down economics means what it is named after. They are economic policies that help the rich "trickle down" to everyone who is under them. Most of these policies mean tax cuts. This decline of tax rates on the super rich has directly increased the inequality in America. With this extra money that the super rich have they have influenced those in the government to change the laws so they could make more income with even lower tax rates. They are only subject to 35% tax when before the 1980s the top tax rate was 70%. Most of their income is capital gains which are only subject to 15% tax. Trickle Down Economics doesn't work if the only thing that the rich are doing is hoarding the money, sometimes not even in the U.S. but in foreign countries just so they can make even more money. If the tax rates of the very rich are raised then we would make more revenue then if they are taxed super low. Although I do agree that maybe they shouldn't be taxed a very high amount, but something
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