An article in the new york times about former secretary of state Hillary Clintons campaign for...

An article in the new york times about former secretary of state Hillary Clintons campaign for president notes that she proposed to "increase taxes on the wealthiest Americans to combat a widening gap between rich and poor people". currently does the effect of federal taxes make the distribution of income more or less equal? Briefly explain. what are the benefits and drawbacks of using the federal income tax code to reduce income inequality?

Expert Solution

'Inequality' has been one of the widely debated concepts in our society.Its a matter of concern that the in reality the quality of life and welfare of common people does not improve despite rising economic growth rates,National income and per capita income etc.Inequality lies at the core of the problem and today we are concerned about how to reduce the same in order to attain the social welfare goal."increasing taxes on the wealthiest Americans to combat a widening gap between rich and poor people" is no doubt a good idea to reduce the inequality.In other words,we are talking about "progressive tax rates".In order to maximize social welfare and reduce inequality,the very first thing is that the govt. requires fund and no doubt progressive taxes helps the govt. to generate considerable amount of revenue but taxation alone cannot help us achieve the desired goals.If we talk of the current scenario,most of the economies are moving towards the progressive tax rates.As far as federal rates are concerned,being progressive,its making a differ

Rahul Sunny answered 1 year ago

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