All over the world, the rich are becoming richer and the poor are becoming poorer. What problems does this cause? How can we overcome them? Problems – Solutions
The gap between the wealthy and the poor is widening Income inequality Unequal distribution of wealth The disparity of wealth Economic disparity
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It is a universal truth that the gap between the wealthy and the poor is being significantly widened in certain nations. Such unequal distribution of wealth can cause several pressing issues and I believe that adjusting the tax systems is a viable solution to minimize the gap between the two classes of society. As income inequality is becoming more evident, several grave problems could be anticipated. One of them is that it could breed political disorder and social instability. Because the poor are
marginalized and treated unfairly in many aspects of life, from getting good education to experiencing superior social services, which could only be accessed when paying a large sum of money; they might end up being resentful and resort to revolution to gain their power and social status. This is, by no means, a welcoming scenario for any society. Another striking issue would be the increasing crime rate as the rich-poor gap widens. The rationale is that although the financially-disadvantaged strive hard to earn a living, they rarely meet their basic needs due to the inequality of pay gap. This could be a driving factor to lead them into the life of criminals. As alarming as the aforementioned issues are, I believe that they could be tackled by levying a higher tax on the affluent while remaining the same tax level for the poor. When rich people are taxed higher as they are making more money, the state could utilize this fund by diving them into two sources. One is used in subsidizing the welfare and wellbeing of the impoverished. For example, the poor can buy food or receive medical treatment at a discount price or their children could go to schools where the tuition fees are all covered by the authority. This helps the poor to temporarily overcome poverty and not commit any bad deeds. The other half could be used to finance sessions in schools or organize extra classes which teach people about financial management. For instance, hosting workshops and talk shows where the rich are invited to share about saving and investing could help the lower incomers to start making good use of money. By changing the disadvantaged’s mentality about finance and how to deal with money, the gap may potentially be narrowed in the foreseeable future. In conclusion, social disorder and growing popularity of crime are two main repercussions of having bigger gap between the rich and the poor; and these issues could be addressed by making changes in the tax rate. Written by Phat Nguyen.