Should the government increase tax rates on everyone as a way to equalize income and wealth?

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Personally, I feel that would be a bad idea. So, no, I don't think the government should increase tax rates on everyone as a way to equalize income and wealth. Other people might feel that the government should do this, so the answer is completely subjective. I might not think that the government should do this; however, it is a viable way to equalize income and wealth. The tax increase would have to be variable. Charging a flat tax rate wouldn't equalize anything—the ultra wealthy would still have more money than other people. On the other hand, if you taxed the wealthy an extreme amount, then they might have the same "take-home pay" that a minimum wage worker comes home with. I do think that a major concern about equalizing income has to be worker motivation. For example, if a medical doctor is going to net the same pay as a high school dropout who has a job requiring no advanced schooling or special skills, there is far less motivation to achieve special niche skills and use those to obtain greater wealth. Of course, it might be interesting to see how sports athletes react when they are earning the minimum wage equivalent.

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Increasing tax rates on everyone is not a way that can be used to equalize income and wealth. Though at the same rate of income tax, a person earning a higher amount does pay a higher amount as tax than a person who earns less, the percentage of the income earned that is paid as taxes is the same for both.

One way of trying to bring some equality in income and wealth is by the use of a progressively increasing rate of income tax. As an illustration, 10% of the income earned has to be paid as taxes till $50000, the rate increases to 15% for the amount earned between $50000 and $100000 and there is a gradual increase in the income tax rate for higher amounts.

If taxes are to be used to decrease the income earned by the rich, the rate of income tax for those that earn more should be increased while the income tax rates for those that earn less kept lower.

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