Another Senator Says It’s Time to Go After the Wealthy

Another Senator Says It’s Time to Go After the Wealthy

We all know that death and taxes are two certainties in life. However it seems that we should probably add the argument that the wealthy should pay more taxes to that list of certainties. According to reports, Senator Bernie Sanders of Vermont recently shared his views on a progressive tax for billionaires and multi-millionaires.

According to Mr. Sanders, the current U.S. tax system is not doing enough to tax the wealthy. In a recent speech at an AFL-CIO convention Sanders reportedly said that the country’s billionaires should be paying their fair share of taxes. Mr. Sanders also expressed the need for the country’s tax system to correct the wealth inequality in America.

Are there enough wealthy people to tax?

 So how does Mr. Sanders think that these issues should be resolved? He is taking aim at the extremely wealthy. According to Mr. Sanders, taxing the top .25 percent of the richest Americans is the best and fairest way to minimize wealth inequality. He also believes that by going after the country’s wealthiest individuals, the United States would be able to pay for investments in education and infrastructure, as well as reduce the nation’s $17 trillion debt.

The other side of the coin

 However, despite his arguments, other research shows that Mr. Sanders might be completely wrong. According to a recent study by the American Enterprise Institute, making the extremely rich pay more taxes is not nearly as effective as cutting spending when it comes to reducing the national debt.

We hope you found this article “Another Senator Says It’s Time to Go After the Wealthy?” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm with clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

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