Woke Politicians Call for a Cap on Personal Wealth

As a result, many activists and American people have begun to openly discuss the idea of creating a wealth cap. Now, many politicians have also begun to discuss creating this policy — even though many critics have stated it would hurt the American economy. 

Sanders has called out many corporations and wealthy Americans for the disparity in the U.S., especially in regards to the low amount of taxes the 1% seems to get away with.

This move would tax any income over $1 billion at 100%.

When asked if the US government should confiscate any personal wealth over $999 million, Sanders replied, “Yeah.”

“You may disagree with me, but I think people can make it on $999 million,” he said,

“You can have a vibrant economy without [a handful of] people owning more wealth than the bottom half of American society,” he said, adding that if he had things his way, those making “a whole lot of money” would have to “pay a whole lot of money.”

Per Fortune, “The Vermont independent senator called for the richest 0.1% of American households—or those with a net worth of more than $32 million—to be liable for a new annual tax, with the tax rate increasing with net worth.”

Sanders argued during his campaign that “under this plan, the wealth of billionaires would be cut in half over 15 years, which would substantially break up the concentration of wealth and power of this small privileged class.”

Fellow progressive House Representative Alexandria Ocasio-Cortez has also publicly talked about fixing the income inequality in America.

The representative has also pointed out that the U.S. had higher tax rates for the wealthy in the mid-20th century. 

These taxes could help rectify the issues that many claim capitalism has created, particularly when it comes to the poor and working class.

Warren also hasn’t fully called for a wealth cap. However, she is also a supporter of higher tax rates for the 1% in the country.

“Our current taxation system is inadequate;  it’s not very successful at taxing the ultra-wealthy,” he said. “[Facebook CEO] Mark Zuckerberg or [Google co-founder] Larry Page can largely avoid the California income tax” if they don’t sell their stock.

“The working class pays their fair share — it’s time the ultra-rich pay.”

These types of taxes and caps could further narrow the large wealth disparity seen in the country at the moment.

In recent years, Mark Cuban, Ray Dalio, and the heiress of Disney, Abigail Disney, have shown support for the introduction of higher taxes for the richest Americans.

Over 57% of the poll participants said that American billionaires weren’t taxed enough. 

Nearly 4,500 Americans claim the very rich should “contribute an extra share of their total wealth each year to support public programs.”

For example, the wealthy would be more inclined to spend their money, rather than hold on to a surplus amount. This money could then be invested or spent, which would help the U.S. economy.

They could relocate their money or assets to other countries or areas where they wouldn’t be taxed at a higher rate. In this way, they could still hold on to their money.

If a wealth tax or cap existed, then this money could be redirected to improving various social welfare programs run by the government. This would help the entire U.S. society.

“We don’t think it’s possible because they tell us it’s not possible. They tell us that because they don’t want to pay what they owe.”

These detractors have claimed that many entrepreneurs put money into technological advancements because of the idea of wealth. If they do not have the opportunity to become rich, they may not willingly partake in these developments. 

As a result, the idea of imposing a wealth tax on American businesses and citizens will likely remain a hotly debated issue for the foreseeable future.