Critical Thinking Reflection
Critical Thinking Reflection
Tommy Williams
HUM/115 Critical Thinking in Everyday Life
01-29-15
Prof. Renae Bundy
Of the topics that I could choose from, I chose to discuss how to reduce poverty in the United States. Poverty in the United States has been something that I have been personally hearing about since I was a child. It has always been a topic during every Presidential debate that I can remember. While growing up, I have always pondered ways of helping others that were less fortunate than myself. This had led me to believe whole-heartedly that the poverty rate can be reduced through several avenues. The first way that poverty can be reduced is by increasing the minimum wage. The current minimum wage is $7.25. “In the late 1960s, a full-time worker earning the minimum wage could lift a family of three out of poverty” (Vallas, 2014). If the minimum wage back then was indexed to inflation it would be $10.86 per hour today (Vallas, 2014). If the United States would raise the minimum wage to $10.10 per hour, it would bring more than 4 million Americans out of poverty (Vallas, 2014). Another major way I feel that the poverty rate in the United States can be decreased is by taxing wealthy a lot more than they are currently being taxed. As of 2010, the lowest 20% of Americans paid an 11.1% tax rate while the top 1% paid only 5.6% (Waldron, 2013). The lowest percentile is paying nearly twice as much in taxes compared to the top 1 percentile. If the taxation of the rich was at a higher percentile then the monies accumulated could go toward programs that could help lift the less fortunate above the poverty line. It may be my personal opinion, but I do feel that the 1% can “afford” the higher taxes due to them not being affected by it as much as the lower and middle class. Even Warren Buffet stated, “I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that” (Buffet, 2012). If we choose to change
Tommy Williams
HUM/115 Critical Thinking in Everyday Life
01-29-15
Prof. Renae Bundy
Of the topics that I could choose from, I chose to discuss how to reduce poverty in the United States. Poverty in the United States has been something that I have been personally hearing about since I was a child. It has always been a topic during every Presidential debate that I can remember. While growing up, I have always pondered ways of helping others that were less fortunate than myself. This had led me to believe whole-heartedly that the poverty rate can be reduced through several avenues. The first way that poverty can be reduced is by increasing the minimum wage. The current minimum wage is $7.25. “In the late 1960s, a full-time worker earning the minimum wage could lift a family of three out of poverty” (Vallas, 2014). If the minimum wage back then was indexed to inflation it would be $10.86 per hour today (Vallas, 2014). If the United States would raise the minimum wage to $10.10 per hour, it would bring more than 4 million Americans out of poverty (Vallas, 2014). Another major way I feel that the poverty rate in the United States can be decreased is by taxing wealthy a lot more than they are currently being taxed. As of 2010, the lowest 20% of Americans paid an 11.1% tax rate while the top 1% paid only 5.6% (Waldron, 2013). The lowest percentile is paying nearly twice as much in taxes compared to the top 1 percentile. If the taxation of the rich was at a higher percentile then the monies accumulated could go toward programs that could help lift the less fortunate above the poverty line. It may be my personal opinion, but I do feel that the 1% can “afford” the higher taxes due to them not being affected by it as much as the lower and middle class. Even Warren Buffet stated, “I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that” (Buffet, 2012). If we choose to change