Price to Pay
Income inequality is an issue which has plagued America for years, and it will not disappear anytime soon. Essentially, wealth is distributed to 2 parties only: the top 1%, and the rest of us. The top 1% makes 20% of America’s total income, which is a huge issue. This group includes athletes, celebrities, and entrepreneurs, but the fact that they make so much more than us is astounding when you look at the fact that their tax rate is only 23%. In some cases, they pay less taxes than we do, which widens the gap between us and them, effectively creating more problems.
Some say that raising minimum wage will help to close the gap, but that is very unrealistic because the cost of living has gone up so much, minimum wage would have to be raised almost tenfold to keep up with where the cost of living is now. The only answer to me is raising the tax on the rich, and slightly decrease the taxes for the middle class so that the middle class isn’t carrying the workload in terms of paying taxes. The rich complain that too much taxation is not democratic, but I would have to disagree. A strong middle class is the key to a successful economy, not a bunch of rich people paying for a president. Bringing them back to earth in terms of income can help rebuild a disappearing middle class and cut down the income inequality, hopefully bringing down the cost of living with it.
By raising taxes for the 1%, the middle class won’t be subject to raised taxes, stabilizing the economy and building the middle class up again as wages stabilize as well. The rich will absolutely hate being taxed more, but our country used to tax them at 90% and america was flourishing as an international power even, and that correlates directly with the taxation of the rich. Keep minimum wage as it is now, but increase taxes on the top 1% and you are asking for a better economy and thus a better country.