Ask Leo - Should the wealthy be taxed to help the poor

In 2017, according to the World Bank, the richest 20% of the world's population owned 85% of the wealth, while the poorest 20% of the world's population owned 1% of the wealth. The rich get richer while the poor get poorer. The rich pay little or no taxes and the poor work hard for their money. The rich own most of the world's resources but have little or no responsibility toward the poor.

The widening gap between rich and poor has been a problem for decades. Rich and poor are not two opposite groups of people. There is a spectrum of income levels that make them not equal.

images 7.jpegsource

Why taxing the rich will help the poor

Taxes are only a means of redistributing wealth if the rich are taxed to help the poor. I think the rich can afford many things the poor can't and that's why the poor struggle to make ends meet and can't afford a luxurious life like luxury cars, mansions, and even private jets. The rich can afford things the poor can't. But if the rich were taxed, they would be less able to afford these things and the poor would benefit.

But some say that taxing the rich will not help the poor. To understand the benefits of taxing the rich, you need to look at it from two perspectives. First, taxing the rich will help reduce wealth inequality. Second, taxing the rich will help finance the state's social programs and make the state stronger. It is important to think about the many benefits of taxing the rich.

This is a controversial topic, with many people arguing that the rich should not be taxed because they create jobs for the rich and help the economy. What I can't even say myself, they indeed help the economy. To decide, think about what the rich do. Do they create jobs? Do they help the economy? In that case, they should not be taxed. If not, they must be taxed. You should also think about whether the rich take money from the poor. In that case, they must be taxed. If not, they should not be taxed.

It's a fair question, what's your opinion on this?

Posted Using LeoFinance Beta