Many people say the gap between rich and poor people is wider, as rich people become richer and poor people grow poorer. What problems could this situation cause and what measures can be done to address those problem?

Wealth

inequality

has been receiving endless public attention and

criticisms

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criticism

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from academia, in both developed and developing nations.

Although

problems associated with

this

situation can be pronounced, they are not without solutions. There are a number of problems caused by

wealth

inequality

.

First,

wealth

inequality

widens the gaps among different social classes, meaning different treatments for different social classes will likely ensue.

For example

, youthful upper-class members can attend prominent preparatory schools, which open doors not only to

such

elite universities but

also

to the universities’ highly exclusive clubs

whereas

lower-class ones do not possess the same opportunities.

Second,

since the rich possess most of the

wealth

, they have the power to manipulate politicians to enact policies in

favor

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favour

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of them at the expense of other social classes.

For instance

, recent evidence suggests that Wall Street banks have gotten even richer with policies made by the US government.

Nevertheless

, there have been many good solutions for

wealth

inequality

.

First,

since the rich cannot spend all their money, imposing higher taxes on the rich would not disrupt their lifestyles much and still substantially increase the tax revenue to assist the less fortunate. The revenue collected can be spent to build and improve educational institutions and grant scholarships or bursaries to poorer students, giving them equal opportunities to succeed.

Second,

wealth

inequality

can be caused by tax loopholes that the rich are taking advantage of.

Therefore

, the key to solving

this

issue is to close as many loopholes as possible so that it is more fair for the poor and middle class. In conclusion,

although

wealth

inequality

can cause a whole host of social issues, there are still many practical solutions. By adjusting tax policies alone, governments can be a decent contributor to a fairer society.