The impact of exorbitant income of an individual in a nation is highly mooted topic among the intellectuals. Some people consider it beneficial to the country, whereas few people opine that the regime should regulate their citizen’s income up to certain limits. The essay will discuss both the views, along with my opinion in the following paragraphs.
To begin with, the former view, the most impactful benefit of higher income of the people would be on the economy of the native country. As the people earn more, the revenue generated by taxation will increase. Moreover, this practice will improve not only the infrastructure but also the standard of living of the local population. For example, the research by an Indian economist reveals that the developed countries are having a strong economy due to soaring wages of their local residents and an efficient revenue collection by the local authority.
On the other hand, few intellectuals believes that the extremely high salaries of some people might utilize the resources unsustainable way. As a result, the inflation will emerge in the nation. Although, inflation will not affect that limited people having a wealthy salary, the rest of the community has to suffer from high commodity rates and the poverty. For instance, the extreme use of crude oil has made the fuel costs, which reflects on the price of the basic needs of the society.
In conclusion, the exorbitant salaries of the people make a great impact on their countries. Hence, the citizens are always motivated to earn more. In my opinion, the increasing salaries of few people will have a positive impact on both the economy and their citizens of the native nation. However, the local authority has to mitigate the possibility of inflation by forming stringent fiscal policies.
The impact of exorbitant income of an individual in a nation is
highly
mooted topic among the intellectuals.
Some
people
consider it beneficial to the
country
, whereas few
people
opine that the regime should regulate their citizen’s income up to certain limits. The essay will discuss both the views, along with my opinion in the following paragraphs.
To
begin
with, the former view, the most impactful benefit of higher income of the
people
would be on the economy of the native
country
. As the
people
earn more, the revenue generated by taxation will increase.
Moreover
, this practice will
improve
not
only
the infrastructure
but
also
the standard of living of the
local
population.
For example
, the research by an Indian economist reveals that the developed
countries
are having a strong economy due to soaring wages of their
local
residents and an efficient revenue collection by the
local
authority.
On the other hand
, few intellectuals believes that the
extremely
high
salaries
of
some
people
might utilize the resources unsustainable way.
As a result
, the inflation will emerge in the nation. Although, inflation will not affect that limited
people
having a wealthy
salary
, the rest of the community
has to
suffer from high commodity rates and the poverty.
For instance
, the extreme
use
of crude oil has made the fuel costs, which reflects on the price of the basic needs of the society.
In conclusion
, the exorbitant
salaries
of the
people
make
a great impact on their
countries
.
Hence
, the citizens are always motivated to earn more. In my opinion, the increasing
salaries
of few
people
will have a
positive
impact on both the economy and their citizens of the native nation.
However
, the
local
authority
has to
mitigate the possibility of inflation by forming stringent fiscal policies.