While some might say that the tax system in the United States is a little bit on the wrong side of off, and it is, you can guarantee that at the very least now that everyone that is within a certain scale has to pay a certain percentage of their income.
Sure, someone that makes two million dollars a year is going to pay a higher percentage than someone that makes thirty thousand because if you took half for example from both groups, the guy with two million wouldn’t exactly be starving at the end.
Friend of mine once won the lottery, about seven or eight million dollars after taxes and I asked him if he was upset about having to pay that kind of money in the taxes at the start of all of it. He told me simply that it’s a lot better than buying that one dollar lottery ticket and having nothing. At the end of the day he came out pretty far ahead.
Now when you look at the tax structure, there is some semblance of people paying their fair share. When you get to people like Elizabeth Warren they want you to pay your fair share, and then ten other people’s fair share.
Presidential hopeful Sen. Elizabeth Warren (D-MA) is proposing a new “wealth tax” on Americans with more than $50 million in assets, along with a significant increase in funding for the Internal Revenue Service (IRS), in an effort to curb income and wealth inequality in America.
In a series of tweets shared from her official presidential campaign Twitter account, Warren outlined her plan.
The rich & powerful run Washington. Here’s one benefit they wrote for themselves: After making a killing from the economy they’ve rigged, they don’t pay taxes on that accumulated wealth. It’s a system that’s rigged for the top if I ever saw one.
— Elizabeth Warren (@ewarren) January 24, 2019
“We need structural change. That’s why I’m proposing something brand new – an annual tax on the wealth of the richest Americans. I’m calling it the ‘Ultra-Millionaire Tax’ & it applies to that tippy top 0.1% – those with a net worth of over $50M,” Warren stated in one of the tweets.
The Washington Post reported that the proposal involves a two percent wealth tax on those with more than $50 million in assets, along with an additional three percent on those with more than $1 billion in assets.
Warren is currently working with, and being advised by, two left-leaning economists from the University of California, Berkeley.