Taxation systems, as well as other regulations designed to curtail excessive wealth in the hands of a few people, have consistently been altered in favor of the upper classes. Corporate institutions have fought for the deregulation of the corporate sector. This has especially been rampant since the 1980s. The net result of these predicaments is a corporate environment that is too risky and unconstrained. Several economic analysts believe that deregulation propagated the 2008 financial crisis. Wealthy people have been given free rein to conduct business as they wish due to the part they play in politics. Likewise, taxation rates have continually disfavored the poor who pay higher rates than the rich. It is evident that the power they wield in the country’s economy has augmented their ability to push for their own interests.
Several individuals also take advantage of tax loopholes inside and outside their borders. Many of them often avoid paying taxes or may do so at unfairly low rates. Rich people hold offshore accounts in areas that do not question their sources of income. There are no global corporate standards that have been agreed on by countries considered as tax havens. Only a few wealthy individuals have a moral conscious that causes them to ask for more stringent taxation. The majority of them look for these loopholes and evade taxes. The overall effect is an even greater accumulation of wealth among them. The poor are prevented from accessing social services like education that would have been used to improve their standards of living.