Should there be a wealth tax on the rich? | The Tylt

Should there be a wealth tax on the rich?

Presidential candidates Bernie Sanders and Elizabeth Warren are both proposing a wealth tax that would create an annual tax on the net wealth a person holds. According to Bernie Sanders, the fact that billionaires exist is a massive policy failure—no one person should be able to accumulate that much wealth and therefore power. At some level, accumulating that concentration of wealth is undemocratic—especially when money can determine the outcome of elections. Mike Bloomberg is a prime example of that.

However, critics argue a wealth tax would lead the rich to flee with their money to offshore tax havens. Not only that, it would disincentivize the creation of wealth in the US, which gives us companies like Amazon, Apple, Facebook and more. At another level, rich people have done great things for the world through foundations and philanthropy. They trust people like Bill Gates and Jeff Bezos to spend the money in more impactful ways than the government. What do you think?

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Jeff Bezos recently pledged $10 billion a year to fight against climate change. Christopher Ingraham at the Washington Post takes a look at some ways to interpret this move here:

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Others fundamentally do not trust the government to spend the money well. 

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Experts argue a wealth tax would incentivize people to cheat the system. Money is very mobile these days, and it would be very easy for people to dodge the tax and take their money out of America, leaving the US inn a worse position. 

FINAL RESULTS
Politics
Should there be a wealth tax on the rich?
A festive crown for the winner
#TaxTheWealthy
#NoWealthTax