Why are some people poor and some people rich?
Social Studies
How Rich People Pay Taxes

Some people are poor and some people rich because the government gives power to rich people. According to History of Taxing the Rich explains how rich pay taxes in the past Thomas Piketty says “1944 During WWll the Revenue Act of 1942 raised taxes to 94 percent highest level ever.” This means that in 1942 rich people pay more taxes like an 80%. Thomas Piketty shows “1988 the reagan tax reforms dropped the marginal rate to 28%.” However, over time in 1988 the government changed the law and rich people pay less taxes only 30% of taxes. This is unfair because the rich already have money so they better have to pay more taxes for people that really need as the poor people who are in the street, for school etc. New York reports “President Trump lowered the number of states required to pay the federal estate tax by increasing amount ( The amount you do not need to pay taxes on ) to $5 million per person”. the president wants that when a rich person dies they do not pay taxes and that the money passes to the children or grandchildren then that is a problem because every time the family will grow and that money will stay in that family.
The rich people should still pay the same taxes that they pay in 1942. But the weakness is that the president is racist and just want money for him and rich people. In conclusion the government of before is better than the one that is now because they don't care about the poor people.
Bronx ,NY
Lisbet Estevez
This item is shared by Lisbet Estevez with the Community and the World.
Created on 2019-10-18 at 16:16 and last updated on 2019-10-25 at 15:29.