Money

Senator Sanders and others keep saying that the rich have to pay their fair share but until recently what that means was not discussed. In December of last year Sanders said all income above one billion dollars should be taxed at 100%. This will bring in $260 billion per year assuming that the rich do not find ways to minimize their income above one billion. Currently the top one percent of earners pay 40% of all federal income tax. If all money over one billion is collect the top one percent would pay 50% of all income taxes. The bottom 50% pays 2%. His argument is that anyone should live comfortably on $999 million. Working people would look at this plan and say that one million is more appropriate because people should be able to live on $999,000 per year. Others say that before we start taking money from the billionaires, we should find out what they are doing with their riches. The answer is that they have the same four choices that everyone has. They can give it away, invest it, save it or spend it. It’s not likely that anyone would object to giving it away so that’s out. If they save or invest the money is used to provide loans to grow the economy so that’s not too bad. If they spend it that is where we get them. They don’t need four yachts or five homes or trips around the world twice per year. Perhaps it would be better to find ways to bring up the bottom instead of bringing down the top and there are many things that can accomplish that.