Income Gap Inequality : A Dividing Problem Essay
Income inequality is a pressing issue for many economists, researchers, and politicians. The gap between the top 1% and the other 99% of Americans has increased for the past three decades (DeSilver; Cobb; Milanovic; Hatch, Ribgy; Jacobs, Dirlam; Cooper, Palumbo, Lutz). Income inequality is defined as the uneven distribution of income in the population, and the gap between the wealthy and everyone else (Priester, Mendelson).
In 2013, the top 1 percent of the population took home more than 20% of income earned (Saez, Piketty). Bill Gates and Warren Buffet alone account for the income of the bottom 40% of the United States (Freeland). The gap between the top 1% and the rest of the country is so large that if the United States had the same level of equality it did three decades ago then the top 1% would have had their annual household incomes decrease by over $800,000 today (Priester, Mendelson).
Income inequality financially hurts those who are not wealthy. It makes the country seem like an elitist country; where the wealthiest individuals are the ones calling the shots. It can also lead to corruption when large corporations or wealthy individuals will contribute to a political campaign for a nominee if in return the candidate’s account to their interests. If there is no action then the top 1% and their children, who will eventually inherit their wealth will hold their wealth and most likely make it…