This paper provides an overview of many important terms related to the topic of economy, and one of the most relevant of them at the current time is the concept of redistribution. Essentially, redistribution refers to the process of first collecting resources such as money or labor to disperse and allocate them later, and in society, it is leveraged by the political apparatus (Lyon, 2020). The concept of redistribution is particularly relevant nowadays because of the rising income inequality among people worldwide and particularly in the United States, which has the highest level among G7 countries (Schaeffer, 2020). Therefore, it is crucial to develop and adopt effective solutions in the field of redistribution, such as new taxes, which could have a positive influence on the reduction of income inequality in the country. For instance, recently, President Bident proposed his new initiative called “Billionaire Minimum Income Tax,” which imposes a 20% tax on households with an annual income of over $100 million (Rahman, 2022). Such measures are targeted at the enhancement of the redistribution system in the United States and have the potential to reduce the effect of income inequality in the country.
References
Lyon, S. (2020). Gender issues across the globe. In N. Brown, T. McIlwraith, &, L. Tubelle de González (Eds.), Perspectives: An open introduction to cultural anthropology (2nd ed.), (pp. 119–147). American Anthropological Association.
Rahman, K. (2022). Joe Biden’s “billionaire minimum income tax” plan explained. Newsweek.
Schaeffer, K. (2020). 6 facts about economic inequality in the U.S. Pew Research Center.