Avoid meaningless discussions on "taxing the rich"

Jan 24, 2020 | Jeremy Goldfarb


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The hallways echo with shouts of the dominance of the 1%. In fact, recent studies show that the world's billionaires control more wealth than 4 billion combined people worldwide. A statistically impressive and useful stat for social justice warriors, but ultimately fleeting comparatively in the grand scheme of things. I won't argue the merits of trickle down economics or single solution equalization tactics, but I will share an interesting fact with you that flies in the face of a buzz sentence that dominates political headlines, at least in this country.

 

the rich don't pay their fair share of taxes, so we should take a long look at a wealth tax to help make things a little more equal

The fact is, the top decile of income earners in this country paid more than half of taxes paid in this country over the past 2 decades. In 2017 alone, the top decile of income earners paid more than 54% of taxes paid in this country. All the while, the share of income earned by that same group has dropped from 36% to 34%. On top of that, recent studies show that economic benefit of wage increases has generated meaningful economic impact for the lower and middle classes.

 

So before you stand up on your soapbox and shout about how the rich don't pay their fair share......know the facts.