"You can't tax the rich!" We've all been in that conversation where your old relatives say the world would grind to a halt if the rich gave their wealth. But you can't defend yourself because you don't know anything about economics. Here are some facts:
MYTH: The rich will lose 70% of their paychecks.
TRUTH: The tax rate proposed only applies to dollars over 10 million a year. If they were earning $15 million, they would give 70% of $5 Million.
MYTH: Taxing the rich will make them stop investing, causing the economy to crash.
TRUTH: Trickle-down economics is a joke. When taxes on the rich were 28% - 39% the average GDP growth was 2.1% (Reagan, Bush and Trump), the growth rate almost doubled to 4% when the rich were taxed 71 - 92% (Clinton, Obama).
MYTH: Millionaires would just evade taxes.
TRUTH: It is estimated that Elizabeth Warren's 2% wealth tax would raise $2.75 trillion with very little tax evasion. 70%? 70% would raise $720 billion over the next ten years.
MYTH: Wealth is earned; they deserve it.
TRUTH: Over 60% of the wealth in America is inherited. 55% of inherited estates have never been taxed. Society is becoming dominated by a few super-rich heirs who don’t work.
Wealth and power are connected. Too many people are dying from poverty. Burying our heads in the sand is no longer acceptable.
Written by Brishti Datta
Artwork by Zara Masood
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