We all know the financial situation of a family, an individual, or a company. We’ve all heard about the “F” word and about the “F” word being thrown around so much. And we’ve all also witnessed the consequences and the pain that can result from a financial crisis.
At least the first few people we’ve seen in a financial crisis don’t seem to care. It is often the people that never go into debt that are the most affected by financial shocks. The first thing they do when they’re in the midst of a financial crisis is to get out of debt. But they don’t do that. Instead they take out their credit cards or buy a new car. They go out and get new jobs, or start going back to school.
Our finance factory is an example of a financial crisis that has hit the city of Chicago. It started after the 2008 financial crisis, when companies that had received a bailout from the government began to default. The crisis resulted in bankruptcies, massive layoffs, and a lot of people suffering from unemployment. In fact, the city lost more than 6,000 jobs in 2008 alone. In the years that followed, our city saw the emergence of a new form of poverty.
In one of the most disturbing incidents, a homeless woman named Jessica was seen sleeping on the street and was reported to have attempted to stab a man who was attempting to give her a lift, but was ultimately shot. She died of her wounds. This type of violence has now become so prevalent in our urban communities that the Chicago police department has begun creating programs to help prevent this type of thing from happening again.
Not every situation is so dire, but the fact that a homeless woman was killed in Chicago is certainly one that needs to be addressed. The reason this is happening is because the economy is so dependent on the creation of wealth that it has become almost impossible to create it with the people that live on the streets. So while we’re all probably tired of seeing homeless people on the streets without shelter, we’re also all probably very aware that this is a crisis that will get worse before it gets better.
What’s worse than seeing homeless people on the streets, is seeing them in a city with a housing crisis. In Chicago, there are over a billion people in severe economic distress, one that seems to be growing every day. This is not a situation that is a choice to be made. People need to make choices about whether or not they are willing to give up the money they have to fight this battle. The only way to do that is by creating more wealth.
What we can do is create more wealth by providing more jobs. In order to create more wealth, the government needs to make sure that more people have jobs. The only way to create more jobs is to have more people work. And that means more tax revenues to the government. If we create more income, we can fund more programs, and in turn, create more jobs.
So the more jobs we have, the more income we make, which, in turn, means more tax revenues to the government.
I think we can all agree that this is the most important argument in favor of the income tax. As I’ve written before, any tax that is levied on income above a certain threshold will create jobs, and thus, tax revenue. However, even if we agree that a higher income tax rate is the right and smart policy, we need to think about our argument about the amount of money we’d get back from the tax.
This is a question we can debate for many years to come. When we look at the math, we find that a tax on all earned income above a certain threshold will create jobs, but a tax on earned income below the threshold will not. That is because the earned income tax was designed to be a progressive tax that would only pay a fraction of the tax when the threshold is high.