Some individuals are of the opinion that wealthy families should be subjected to high taxes to reduce the salary gap. However, others share their opinion that this action has detrimental impact on the economic development and investment. Personally, while I agree that governments should subject some taxes for the rich, I do not believe that this will decline such sectors.
It is noticeable that to reduce wage differentials, governments or councils should subject such high taxes for the rich. Often, wealthy persons earn a large amount of income in each sector and make a large proportion of money with a low charge to the state, while ordinary people earn lower salaríe than them and are required to pay higher taxes for public services. As a result, it is important to begin subjecting high taxes for the rich, which gradually balances between ordinary people and the wealthy for salaries. For example, when the wealthy are forced to pay the high taxes imposed by the government, this money will become a new source to contribute to society and communities, particularly people who have a difficult background, which is beneficial for both sides.
However, in the second point of view, it depends on how a sprawling city or a place can develop sustainably through other methods that they have. It is noticeable that somewhere relies on the investment of the rich to develop these areas, but other places generally develop by only their favourable methods in their areas. Taking the development of Hanoi city as an example, due to the state’s strategic implements for improving the high-quality of this city, Hanoi has overall improved itself over decades, like meditation and entertainment. Therefore, this is the main reason why wealths do not generally play a vital role for area development or economic growth.
In conclusion, although there are some arguments about whether governments should implement high taxes for the rich, I believe that this promotes an equality between the poor and the rich in salaries, while simultaneously the strategic step does not have a negative impact on economic development and investment.