Wealth Of Wealth Analysis

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Wealth Inequality in America is Justified
Ralph Waldo Emerson once said, “The only person you are destined to become is the person you decide to be.”(goodreads.com). We are all handed a card when we are born, some are handed a life in wealth while some are born into less fortunate situations. The American Dream is that one will be prosperous and have the equal opportunity for upward mobility. The card you are dealt at birth determines this, meaning that the American Dream is not equally attainable. This gives us the opportunity to create and fulfill our own futures. In the painting done by Georges de la Tour, The Fortune Teller, a young man of wealth is getting his fortune told. He pays the fortune teller and while that is happening three
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Despite this, In Buffett’s opinion piece “Stop Coddling the Super-Rich” he argues against the wealth difference between the rich and poor. Buffett’s first argument is how the ultra-rich get “extraordinary tax breaks…getting a 15 percent tax rate”(227). One of the reasons the wealthy pay less is based on public policy trying to direct investment and the ultra- rich are playing by the rules of game. The rules are set up by the politicians to direct investment to the public policies they want to support. In addition, the Tax Policy Center reports that 46% Americans of pay no federal income tax at all while according to Huffington Post the top 1% pays 30% of the total overall income tax collected. America is a capitalistic society therefore we encourage prosperity and investment. The key to growth in American society is investment. Therefore, the taxes should be lower, not higher for the wealthier Americans as an incentive to encourage people to work harder and be smarter about business. The ultra rich are already paying their fair share of the overall taxes that are paid and while 46% paid no taxes at all, not paying their fair share. All Americans should pay taxes because everyone uses what taxes go toward such as roads, schools, libraries, security, military …show more content…
This solution that many believe would “create more social utility” or social benefit (Council on Foreign Relations) has been called the declining marginal utility. According to the business dictionary this is “Economic concept that as consumers obtain more of something, each additional unit of that thing brings progressively less utility”. While Buffett is firstly making a generalization of all “mega-rich” people and that they would be willing to give up their hard earned money this solution has other problems as well on. This modification of wealth would be “unfair and unwise because it reduces the ability of more productive citizens to reinvest in the skills and businesses responsible for their higher relative income, thus retarding overall growth”(Council on Foreign Relations). As stated by Bruce Bartlett, a senior policy maker, this raise in taxes on the upper class’s behalf “will reduce the incentive to work, save and invest among the wealthy… which will reduce economic growth and lead to the expatriation of the wealthy from the United States, while fostering a culture of dependency among the poor that will reduce their incentive to better themselves and escape poverty.” According to Brian P. Simpson’s journal

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