Should US Government Redistribute Income By Taxing The Rich

Income Redistribution
Student’s Name
Institution
Income Redistribution
Introduction
An effective tax system can facilitate closing the gap between the rich and the poor through income redistribution. Furthermore, it can help in poverty reduction since wealth will not be concentrated on a few numbers of people but rather will be fairly distributed across all persons. The steady rise of economic inequality in the recent years in the U.S. has had an effect on the economic growth (Becker & Posner, 2013). Therefore, there is a need to address the issue.
Pros of Income Redistribution
Redistribution of income promotes stability and ensures there is peace within the society. A reduced gap between the poor and the rich prevents looting of properties and civil unrest which can arise if there are a few rich people and a majority of poor people who feel neglected. As such, it can reduce the level of poverty (Vodopivec, 2004).
Income and wealth redistribution helps in facilitating a strong consumer demand. This is the case because when the majority of people in the society are poo...