Should Earnings Be Capped? My Take On This

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Let's think of a world where everyone has enough money to live comfortably and get everything they desire and crave, not trying to compose lengthy messages to someone else for help, having the resources to ease them from stressful days. No one is too rich or too poor. That sounds good, right?

Everyone deserves the best. When it comes to riches and wealth, everyone desires it including the lazy ones who do not want to work but want manna to fall from heaven without having to work hard or make an effort for it. But to make this happen, we need to ask ourselves a question: Should a limit be placed on how much money someone can earn? Like, really?

Some people have thought that if there is a limit to what one earns, it will be of help in reducing the huge gap between the rich and the poor. This is called a reduction in income inequality. They believe that whether rich or poor, everyone must and should contribute to society and get a fair share. This way, there would be funds to establish social programs and infrastructure that will benefit everyone.

On the other hand, some think that limiting earnings would hinder innovation and progress. In this way, people should be free to earn as much as they can without any limitation, provided they work hard for it in the right way. Without limits, they would be motivated to keep working hard knowing they would benefit from their efforts, whereas with limits, some might feel discouraged and demotivated knowing their earnings would be capped regardless of their hard work.

This way, people would be encouraged to build entrepreneurship programmes and create more jobs for others to benefit from.

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But here is the thing: we don't have to choose between these two options. There are better alternative solutions that work for everyone. We talked about tax in the last HL edition, whether it is fair or unfair for the rich to be taxed because they earn more. Yes, the rich/wealthy can be taxed more to reduce inequality.

There are things we can invest in like education and skills training so that everyone would have a fair chance of succeeding. Social programs like healthcare, infrastructure, etc can be funded to benefit everyone irrespective of their financial status.

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In my opinion, the question of whether earnings should be capped should not be one in which we keep debating on because the answer would be to create a balance that works for everyone instead of focusing on the wealthy ones because in the end, they work for their money and there isn't anything stopping others from working hard too to make life more comfortable for them.

What is important is to make sure everyone has enough money to live comfortably while also encouraging innovation and progress. This can be achieved through creativity and searching for more solutions that will favour everybody.

Whether to cap earnings or not, there is a need to consider the pros and cons. By finding alternative solutions and working together, we can create a world where everyone has enough money to live and be at peace with themselves while working to reach their full potential.