Economic Inequality And Its Impact On Society Essay

1351 Words Dec 9th, 2015 6 Pages
Economic Inequality Economic inequality is a growing issue on a global scale with many believing that it is part of the world we live in and there is nothing that can be done to solve it. In fact, there are many different contributors to economic inequality that can be solved individually to reduce its overall impact. Economic inequality is the difference between the rich and poor and has been an issue for quite some time. An economic balance must be found as a large wealth gap can hinder long term growth, but a gap that is too small reduces productivity. One way to solve this would be to implement wealth redistribution programs to provide the poor with higher education and reduce the impact of social classes. The government should implement programs to solve economic inequality through taxes, education, income, profits, and social classes.
Government taxes on assets will discourage people from living beyond their needs and help in paying for equality programs. Opponents will argue that taxing away the reward for innovation will discourage people from creating new inventions and companies. Economics state that a risk must equal its reward or it will not be taken(Gordon 2). Entrepreneurs look for opportunities in advancing technology that will lead them to wealth. The work involved in seeking out these opportunities requires a fitting reward or no one will take the risks involved in pursuing them. Taxing the worth of these people creates less of a reward, yet allowing them…

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