Analysis Of The Article ' Stop Coddling The Super Rich '

The main concepts of the article are describing the corporate welfare system and how it is responsible for growing economic imbalances between the poor and rich populations. The article elaborated on how we cannot ignore the issue anymore because of the substantial loss that we are facing by letting the gap grow (Huff, 1993). The article also goes into the IRS and how there are tax exemptions and deductions that people qualify for and what is allowed.

Two important factors that determine a workers' income, regardless of their class, are their race and gender. Minority groups as well as women are less likely to receive an income they deserve, regardless of the job. They are seen as less educated and less capable of doing certain jobs, and they are restricted in advancing and achieving a more suitable income. Only the top capitalists, white males, are receiving the bulk of the nation's income revenue and all the benefits that come along with it. They are the richest people of the United States and instead of being taxed like everyone else, they are allowed even more lee-way. "There is a solution to this problem that will save small farms and businesses, eliminate the ‘death tax' for all Americans and still preserve the integrity of the federal budget: Tax the net worth of the very richest Americans on a regular basis during their lifetime" (Eitzen & Leedham pg. 40). The already rich continue to earn more and more money with their jobs, and they are not being taxed in proportion to their income. They have gotten away with accumulating more of the nation's wealth, while others struggle to make it in life.

In the article “Of the 1%, by the 1%, for the 1%” Joseph Stiglitz, a noble prize winning economist, argues that the upper 1% controls about 40% of all wealth in America. This top 1% has taken about a quarter of all income in America, and has seen their income rise about 18% in the past decade. This has made the inequality between classes in the US expand. Eventually, this inequality gap will even hurt the top 1%, because the other 99% will either fight for a bigger piece or just stop working all together. The top 1% can buy anything they need, but their fate realizes on the other 99% to work hard and not fight back. If the 99% stopped working, there would be a simple way to gain back money… that would be to raise taxes on the rich. However, the rich get rich by capital gains, which have a low tax policy. So overall, the upper percent can eventually learn, but a majority of the time it is too little too late.

It is with out a doubt that in our country the United States of America the lower and middle class have the common perception that the government and the “super rich” have some kind of unknown agreement to maintain extremely lower tax rates on the “super rich”. What do the “super rich” do with all the saved money coming from the tax cut is another unknown, perhaps some luxurious new home, car, or maybe put it to work and continue getting richer. While all this may be true to some degree, one of the “super rich” elite members has stepped fourth not only once but a few time but none compare to his current attempt to make change.

Paul Krugman, in a recent article has eloquently discussed the issue of unequally distributed income in the United States (Krugman, 2015). He alludes to a number of general economic principles in this article. He talks about how a major misconception about the effect of taxes on income inequality in the United States has been addressed through a recent research carried out by Branko Milanovic and Janet Gornick.

There is no doubt that wealth inequality in America has been escalating quickly; the portion of total income earned by the top one percent has doubled since the beginning of the 1970’s. The wealthy are the main beneficiaries

The Bureau of Labor Statistics reported that as of 2015, 100% of married couples had at least one family member employed, including 19.4% of married-couple families had no one working. In 36% of that 100, the man was employed in that relationship. The possible reason why so many Americans aren’t working could be due to the fact that the way money is distributed in America isn’t what the people think it is, and it isn’t even close to the ideal. Uneven distribution of wealth is the cause of poverty is the United States, and here’s why.

In the article, "Stupid Rich Bastards", the author, Laurel Johnson Black, gives an insight on her life and upbringing in a "poor" family, the effects it had on her, her life goals, and dreams. Black’s article was published in the book This Fine Place So Far from Home: Voices of Academics from the Working Class in 1995. Throughout the article, Black gives an explanation of the conditions in which she and her family lived in, which include her parents having to take on various jobs such as her father being a plumber, junk man, car salesman and her mother—a cook, school crossing-guard and a McDonald 's counter worker as well. With all these jobs, Black also mentioned that the income was still inadequate. Being that her family 's way of living was not the best, her parents decided that one of their children has to make it or go to college, and Black was the one who was going to be the one to do that. She did this with hopes that she would earn more money, be able to make a better life for her and her family, maneuver along with the "stupid rich bastards", talk like them, learn their ways but not be like them, and explain to her family about the lives of the same "stupid rich bastards", people who had or made more money and had better lives or felt better than others. Along with her telling her story, the main purpose of Black’s story is to bring to our attention that she is trying to “keep the language of the working class in academia” (Black 25).

Capitalism has been the central force behind the growth of the United States’ progressive economy. Within such advanced economic system the chances of economic disparity are significantly high. In fact, over the past three decades there has being a steady increase in unequal wealth distribution among the economic classes. To sustain the current unequal wealth distribution among the classes of the American population, there are numerous factors that influence and shape this trend. For some members of the population it is alarmingly disturbing to know that recent statistics have shown that, “In the US [alone] the wealthiest 1% of its population owns more than the bottom 95 %” (Gutman). As for the difference in economic wealth, it resulted

Furthermore, when analyzing the different classes, and the distributions of wealth and income in the United Sates; for instance, the upper, middle, and lower classes – it is an astronomical amount of wealth that the top 1 percent acquire. It is also noted by Johnson & Rhodes (2015), “that income and wage inequality have risen sharply over the last thirty years” (pg. 228). Equally important to this, is how the average change in income is divided in Americas quintiles and the widening gaps. For example, in Table 5.2, while the lowest fifth quintile increased from $11,128 to $11,361 – a difference of $233.00 from years 2006 to 2012; the highest quintile increased from $289,446 to $319,918 – an exponential increase of $30,472 (pg. 229). With income inequalities at this rate, it is difficult for the majority of the United States to experience upward social mobility. Pursuing this further, in a line stated by Johnson and Rhodes (2015), “The wealthiest Americans can live on the dividends from their investments without having to touch the principle or work for a salary” (pg. 230). From this, it is visible to see how society has compartmentalized different levels of functions to keep a so called balance for the greater

Warren Buffett has notably said several times that he gives a lower effective tax rate than his secretary, and that this is one of the problems with the U.S. tax system. In fact, Hillary Clinton supports the "Buffett rule," which provides for a minimum 30% effective tax rate for the assets, in order to make sure they give further of their income than the middle class.

This fact remains accurate after government attempts at wealth redistribution such as taxes. This shows that the government is not successful at helping to redistribute wealth and the dramatic increases in wealth of the rich while the poor barely improve show the inefficacy of the “trickle-down economy” model. To figure out why the 10% is gaining wealth so quickly, the people that make up this small group must be analyzed. The top 10% is essentially comprised of three main groups: superstars, CEOs, and high-income professionals. However, the incomes of superstars and CEOs are increasing more rapidly than those of the high-income professionals (Belsie). While the incomes of high-income professionals and superstars are market driven, they do not benefit from the same rate that CEOs do.

Another reason that the wealthy should pay more taxes is because they owe it to society to do so. Every person wouldn’t be where they are today without the people who helped raise them and the society they were raised in. In “The Great Gatsby”, Nick Carraway is disgusted with Tom and Daisy, “Tom and Daisy—they smashed up things and creatures and then retreated back into their money or their vast carelessness, or whatever it was that kept them together, and let other people clean up the mess they had made” (Fitzgerald 179). Nick is repelled by how Tom and Daisy, with all of their money, would do nothing to help the society or other people. Successful people are largely successful due to the society and conditions that they were raised in. Without the better conditions that they were luckily born into, it is logical to question just how successful someone in the top one or ten percent could have been. In a recent commencement speech last summer at Princeton, author Michael Lewis stated “Recognize that if you have had success, you also have had luck—and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky”. In a

When it comes to income taxes, the focus is usually on jobs, personal investments, and savings. The debate on who should bear the greater burden when it comes to income taxes is timeless. If all types of tax are aimed at developing the economy, it should be everyone’s equal responsibility to engage in taxation regardless of one’s economic class. Both parties involved proclaim the legitimacy of their arguments. The articles under discussion are representative of this debate. On one side of the debate, there are those who feel that the rich should pay more taxes. Then there are those who feel that the rich should not be punished by shouldering the burden of taxation (Benson and White 1). From an economic theorist’s point of view, both articles articulate valid arguments. However, this does not nullify the significance of the prevailing economic situation. The above debate can be based on various economic contexts.