Politics has always been a divisive issue between the wealthy and the middle/lower class, but today this divide has become wider and more problematic than in the past due to the extreme wage differences. The wage gap between the upper and the middle class is becoming wider than ever, and people are starting to resent the politics that are in place that appear to be keeping the rich richer. Taxing the 1% more is a way to take control of the country's economy, and ensure that not one group of people holds all the power . With that being said, the purpose of this paper is to discuss the escalating political issue regarding the widening wage gap in the United States.
In the United States, the top 1% of wealthy people own 35% of the nation's wealth, while the bottom 80% own just 11%, and 65% of residents in the New York metro area see this discrepancy as very problematic . Although built upon democracy, the United State's open market capitalism creates the ability for individuals to amass exorbitant amounts of money. This money can be made through various means, although a large chunk of it is inherited wealth. Extreme wealth will always be in a fortunate position, since the 1% is able to harness their monetary power and parlay it into political power . They do this by donations to candidates they agree with, and there is often a …show more content…
Why does one individual think they need $1 billion, and how is it possible that in this economy people are able to make this amount of money while others are homeless. This type of greed is problematic, and is designed to keep people in lower income brackets. Taxing the 1% more will create much more revenue for the government, while leaving the rich to retain most of their wealth. This revenue can be used from everything like relieving the burden of tuition on four year universities to contributing to the enormous federal deficit of $426 billion
In the United States, the top 1% of wealthy people own 35% of the nation's wealth, while the bottom 80% own just 11%, and 65% of residents in the New York metro area see this discrepancy as very problematic . Although built upon democracy, the United State's open market capitalism creates the ability for individuals to amass exorbitant amounts of money. This money can be made through various means, although a large chunk of it is inherited wealth. Extreme wealth will always be in a fortunate position, since the 1% is able to harness their monetary power and parlay it into political power . They do this by donations to candidates they agree with, and there is often a …show more content…
Why does one individual think they need $1 billion, and how is it possible that in this economy people are able to make this amount of money while others are homeless. This type of greed is problematic, and is designed to keep people in lower income brackets. Taxing the 1% more will create much more revenue for the government, while leaving the rich to retain most of their wealth. This revenue can be used from everything like relieving the burden of tuition on four year universities to contributing to the enormous federal deficit of $426 billion