Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples

Type of paper: Essay

Topic: Poverty, Poor, People, Wellness, Taxes, Life, Workplace, Wage

Pages: 3

Words: 825

Published: 2020/12/01

All times there were the rich and the poor. This pair of people group goes together through all ages of humanity like inseparable friends. However nowadays the gap between them is getting bigger; the rich are getting richer and the poor are becoming poorer. Anyway governments are responsible organizations for people so they should take improving measures to avoid at least narrow the gap between these social groups. Since governments are elected by people as they believe that they can change their life for a better. Governments should tax the rich at a reasonable rate as a consequence increase average wage because most of poor people are ordinary employees or unemployed people who also can be benefited from social help. However getting rich and improving financial statement is depend on individuals’ personal character and the way of thinking. If a man doesn’t help himself no one and nothing can help him.
The debate over inequality is focused on taxes, fairness and government. Every citizen in any country pay taxes and governments assure them that taxes they pay are used generally to improve citizens’ life. There is no doubt everyone is agree to pay taxes as everyone understand without taxes governments can’t pay wages and salaries, provide electricity or gas, medical help and so on. But the fairness here is in the amount paid by the rich and the poor. A billionaire investor Warren Buffet on January 25, 2012 in his interview to ABC News Bianna Golodryga said that despite a higher tax bill than in previous year he would likely still pay a lower rate than his secretary (ABC News interview). His secretary paid a tax rate of 35.8 percent of income, while Buffett paid a rate at 17.4 percent. The difference is more than half so government should change tax the rich at a reasonable rate moreover let ordinary people pay taxes at lower rate than the rich. This strategy will give governments the ability to increase minimum wage.
Most of the rich get money from stocks and dividends while most of the poor’s life quality is depend on the amount of minimum wage. Some people are happy when governments increase salary however it is not far good news because inflation is also rapidly rising. If inflation rate is higher than a minimum wage it will not help to shorten the gap. Nowadays in US it is really hard to live on today’s minimum wage, which is much lower, when adjusted to for inflation, than it was in the late 1960s according to congressional research service (Craig K. Elwell, 2014). In brief governments should raise the minimum wage to 1960, at least.
Poverty is not the fault of the poor however there are many people who were born poor but because of their own character and the way of thinking managed to become wealthy people. Tell the truth everyone should take full responsibility for their own life and try to make difference. I am sure many people are familiar with the book Rich Dad, Poor Dad by Robert Kiyosaki which teaches how to be rich and take responsibility for own actions and try again and again, stop being lazy. Give money to poor and come back in a year nothing will change. They will spend the money on cars and other things instead of long term profit or education. Their mind should be changed otherwise nothing will help. Anyway if a person doesn’t help himself how can others change his life? To reach goal it is necessary to stop complaining, blaming the world for their failures and step out of the comfort zone. As long as the poor stop being victims they will be able to take action for a better life and this way is the best way promising a good life and freedom.
Poverty exists because the poor are too lazy as there many people who became billionaires from nothing and started out dirt poor. George Joseph, Kenny Trout, Allen Garry, Carl Berg, Carl Linder, this list can be continued further (Stonnington, J, 2010). Other famous examples are a rapper of 50 cent’s Curtis Jackson, Mike Tyson and ray Charles. These people managed to escaped poverty and change not only their life but inspired millions of people with their talents and proved that only a man should take responsibility and fight for success. They were simple poor people who wanted to win so it can be concluded that a person is also guilty in his financial position. It is optional and individual to be rich or poor.
In conclusion governments should do their part of duties in order to improve people’s life by creating favorable conditions for the poor and changing financial policies as well as the poor should take their part of responsibility for their own life and use all chances properly. The gap between the rich and the poor can be narrowed only in case if all parts try to escape poverty.

Reference:

Craig K. Elwell, Jan. 8, 2014. Inflation and the Real Minimum Wage: A Fact Sheet. Congressional Research Service 7-5700 www.crs.gov R42973. Available at: http://fas.org/sgp/crs/misc/R42973.pdf
Stonington J, Dec. 1, 2010. 20 Billionaires Who Started from Nothing. Available at: http://www.businessinsider.com/twenty-billionaires-who-started-with-nothing-2010-12?op=1
BBC News, Jan 25, 2012. Warren Buffett and His Secretary Talk Taxes. Available at:
http://abcnews.go.com/blogs/business/2012/01/warren-buffett-and-his-secretary-talk-taxes/

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WePapers. (2020, December, 01) Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples. Retrieved April 16, 2021, from https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/
"Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples." WePapers, 01 Dec. 2020, https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/. Accessed 16 April 2021.
WePapers. 2020. Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples., viewed April 16 2021, <https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/>
WePapers. Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples. [Internet]. December 2020. [Accessed April 16, 2021]. Available from: https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/
"Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples." WePapers, Dec 01, 2020. Accessed April 16, 2021. https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/
WePapers. 2020. "Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples." Free Essay Examples - WePapers.com. Retrieved April 16, 2021. (https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/).
"Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples," Free Essay Examples - WePapers.com, 01-Dec-2020. [Online]. Available: https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/. [Accessed: 16-Apr-2021].
Should Governments Use Financial Policies To Narrow The Gap Between The Rich And The Poor? Essay Examples. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/should-governments-use-financial-policies-to-narrow-the-gap-between-the-rich-and-the-poor-essay-examples/. Published Dec 01, 2020. Accessed April 16, 2021.
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