The desire for extreme financial success is ingrained into American culture. Why do you think I’m able to name a list of billionaires off the top of my head? It’s because money is seen as the gold standard of success. But since wealth is regarded in such a high profile, it isn’t uncommon for it to be hoarded. Billionaires are holding onto a significant amount of money, which could be redistributed to those who actually need it to survive. Billionaires should be taxed significantly, and their wealth should be redistributed.
The issue of hoarding wealth can be seen clearly if you look at the ever-increasing wage gap in America. Amidst the pandemic, the rich get richer as their profits skyrocket, while the working class can barely afford to make rent. According to website Market Realist, Jeff Bezos makes about $321 million a day. Last week, there were around 4,992 evictions, as reported by the data analysis website Eviction Lab. Billionaires are holding onto wealth that could change the lives of many working-class and poor citizens.
Since the beginning of the pandemic, the total wealth of billionaires in the US has soared from $2.95 trillion to $4 trillion according to the website American’s For Tax Fairness. This is nearly double the amount of wealth the rest of the US population has, at $2.1 trillion. 651 people are holding onto almost double the amount of wealth than the rest of the country. This is absurd.
The way to curb the issue of the wage gap is simple: Tax the rich. They should be taxed appropriately, and their wealth should be redistributed into the poor and working classes. If the rich are properly taxed, then the money gained could also be put towards public works projects, and things that benefit the society as a whole, rather than the individual. This would put a utilitarian use to the money that billionaires hold. President Biden currently has a plan to raise taxes for those who make over $400,000 a year. This is a start, but it is nowhere near enough. The extremely wealthy need to be taxed more, and properly regulated.
Wealth redistribution could solve a multitude of issues that have plagued American society. It could help the homelessness situation, fund housing and universal healthcare, and decrease the amount of people going hungry in the country. It could be put towards guaranteeing that every American has things they need to survive. The wealthy should put their money towards a greater use; towards the people who need that money to survive.