Wealth Gap Analysis

¬A wealth gap exists between the upper and lower income families. A person's wealth is based on the difference between his or her financial assets such as; a home, car, or businesses and also the amount of debts they have (Fry & Kochhar, 2015). To determine a person's wealth it is important to look at that individual's annual wages, interests, profits, and other sources of earnings (Fry & Kochhar, 2015). Some people debate if a tax should be placed on the wealth to redistribute wealth to a certain amount. If a tax were set in place for the wealthy it could benefit in the long run for those middle and lower income families.
Although a special tax may work in some individual's interests it may not work in the favor of others. If a tax were to be placed on a person who makes one hundred thousand dollars a year because they are seen as wealthy would be unjust if one were not to look at their whole …show more content…
Someone who worked their whole life to get to where they are today is someone who deserves to receive the amount they made from their job. I feel it may be a little unfair if a tax were placed on the wealthy hard workers because it wasn't something they had handed to them. Someone who makes every effort to accomplish things in life is different than someone who makes no effort. For a person who is poor and has no intentions to get a job, may just be living off the system and profiting from those who work hard everyday. If a tax were to be put in place would cause some discrepancies. Most people would view this situation as, "why should I work this hard making money if some of the money I worked so hard to get is just going to be given away to the unwealthy". Individuals may view this tax as unfair being that some people take advantage of government help. This is why some people may feel those who are not as wealthy as them, may not deserve it as much as others who do try to get a job and