The Inequality And Economic Growth

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Did you know that the top 1 percent controls 43 percent of the wealth in the nation; the next 4 percent controls an additional 29 percent of wealth. That leaves 28 percent of the nation’s wealth to the majority 95 percent of the population. The rich basically control all the wealth of this country, yet we still aren’t taxing them enough as compared to the lower classes who pay more of percentage compared to their own income. But does taxing the rich actually halt the overall economic growth of this nation? No it does not. The government can take advantage of this obvious point and raise large amounts of revenue by taxing them at higher rates and still have them receive a portion of it back, they also have more money to give up in taxes compared to other economic classes, and there are also studies that prove too much inequality reduces economic growth. If we looked at how much we should raise the tax for them then it would have to be up to the 40 or 45 percent mark. That way it would benefit the revenue with an increase close to an extra 55 billion dollars. There are actually billionaires who are willing to pay higher taxes because they pay less compared to the rest of the tax rates on their employees. History has always proved that taxing the rich sometimes has no effect on the economy since people start to take advantage and allocate the resources to different areas. In all that mix up it could be misplaced and people may use it for unnecessary means. The government should
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