Wealth Inequality Essay

Register to read the introduction… In 1976 , the wealthiest one percent of Americans owned 19% of all the private material wealth in the US Today, they own over 40% of all wealth. Their share now exceeds the wealth owned by the bottom 92% of the US population combined. (Edward N. Wolff, Top Heavy: A Study of Increasing Inequality in America Twentieth Century Fund: 1995). From 1976 till the present , the power of the wealthy has increased greatly meaning their power has increased as well. When a certain group constantly gains power they will abuse it and this can be seen with the unfair wealth distribution in this country. Although each person has the right to make as much money as possible, in the United States the government should however keep the income rise proportioned by taxing the wealthy more and the poor less. In recent years the opposite happened where the taxes on the wealthy were cut from a top rate of 68% in 1980s to 28.5% by 1988. The share of federal tax revenue paid by corporations has dropped from 33 cents of every dollar collected in 1953 to less than 10 cents today. (Donald Barlett and James Steele: America: Who Really Pays the Taxes? Andrews and McMeel: …show more content…
Davis and Moore state that certain jobs or professions that require good education and knowledge should reward more by paying more whereas jobs that can be done buy a person without much skill or education should pay less. This is true in the United States to point. Of course doctors and lawyers make more than a store manager for example , but many jobs such as being a president are not rewarded well, because a basketball player or a celebrity can make millions more than a president. This is unfair because carrying out the job of a president is a lot harder than acting or playing a certain sport. If the Davis-Moore thesis actually been accepted by a society than the president would probably make the most