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.
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.
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.