Bernie Sanders' Make Billionaires Pay Act May Not Be A Solution
The pandemic has crumbled the development, pushed people to the edge of vulnerability, and has savagely force-changed the financial plans of millions of families all across the globe. However, there is one section of the society that, instead of dwindling, has seen a meteoric surge in their wealth since the outbreak – their financial performance boomed as though they were already immune to the virus.
According to studies, the billionaires are least vulnerable to pandemics and it’s not so because they are super-wealthy, it’s because they have the capacity to turn the situations to their advantage.
Apparently, Sen. Bernie Sanders observed the same trends - and discovered a way to improve the debt situation of the country at the expense of wealthy people. Sanders has presented a new bill called Make Billionaires Pay Act, according to which 60% of the wealth accumulated by ultra-rich during the pandemic would be taken away as a tax.
Of course, people with deep pockets are going to complain, but Sanders’ idea of 'tax the rich' is to bring about equilibrium in the country and to pull America out of the financial crisis caused by the pandemic.
According to a survey by Solvable and GOBankingRates, of all the Americans with tax debt, only 8% make $125,000 or more in a year. The total amount of tax debt in America totals up to $441 billion. Although the solution is logical, it appears legitimately unfair for the ultra-rich.
It’s true that they are capable of giving away more than half of what they make, but that essentially doesn’t greenlight the government’s move to take its hands into pockets of the rich for funding purposes. Just like anybody in the country, the rich section is also paying their part – therefore to many, it may not strike as a wise decision to impose heavy taxes on them.
The coronavirus crisis has been hard on everybody – and billionaires have voluntarily come to the aid of society such as Twitter’s Jack Dorsey who donated $1 billion out of his wealth to fund COVID-19 relief and other charities. The bill is yet to be analyzed, but if passed, it is sure to discourage the wealthy section from making huge investments in the country.
Taxing anyone beyond what is fair is not the way to go for any country, be it developed, developing, or underdeveloped. The Senator has, for long, been wanting income-proportional taxing system, and this time it’s just a part of it.