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In class, I shared my views that the ultra wealthy (and for discussion purposes the ultra wealthy will be classified as those earning $100 million a year or more), regardless of how hard one may have worked to earn this level of income, should be subjected to a higher tax bracket than the current cap of 39.6%. I do not see a tax rate of 42% (for example) as a penalty for one’s success, but rather, as a social, ethical, & civic responsibility to a country and citizenry that contributed to such success.
Take Donald Trump. From a practical standpoint, he couldn’t make his wealth without a capitalistic structure in which the government (and the people) support, or without the banks/voters/consumers that support his ventures. In other words, no one can become wealthy all by themselves. Donald needs government to allow him to build; banks to lend him money; laborers to build his hotels; and consumers to visit them. Oprah needs advertisers to buy air time; viewers to watch her show; and the public infrastructure that allows for satellite and cable T.V. Without us, they could never achieve their wealth, regardless of smart they are or how hard they work. So again, since they can’t do it without us, I don’t see anything wrong with making them give back in the form of taxation (and give back at a higher rate than those who earn less). That’s just my perspective on the matter. Do you agree or disagree, and why? I welcome your views.