Saturday, June 22, 2024
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Woke Advocates, Politicians Call for Wealth Limit

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Woke Advocates, Politicians Call for Wealth Limit

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The United States has long had a huge gap between the rich and poor. Recently, this wealth disparity seems to have grown more severe.

As a result, many activists and Americans have begun to openly discuss the idea of creating a wealth cap. Now, politicians have also begun to discuss creating a wealth limit. However, critics have stated that it would hurt the American economy.

Senator Bernie Sanders’ Proposals

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While progressive Senator Bernie Sanders hasn’t outright called for a wealth cap to be imposed on citizens in the United States, he has openly talked about how unequal the country is for years now.

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.

A Wealth Tax

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To put money into fixing the wealth disparity in the country, Sanders has claimed that a wealth tax on the wealthiest people in the nation should be adopted.

This move would tax any income over $1 billion at 100%. When asked about this tax, Sanders said, “People can make it on $999 million.”

AOC’s Plans

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Sanders isn’t the only one in Congress who has called for imposing some level of wealth limit. Fellow progressive House Representative Alexandria Ocasio-Cortez has also publicly talked about fixing the income inequality in America.

Ocasio-Cortez has agreed with raising tax rates for the 1%, similar to Sanders. The representative has also pointed out that the U.S. had higher tax rates for the wealthy in the mid-20th century.

A 70% Tax

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Ocasio-Cortez, as well as other progressives and organizations, have claimed that a 70% tax on the wealthiest people in America could help decrease overall inequality in the country.

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

Elizabeth Warren’s Policies

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Senator Elizabeth Warren, a Democrat, has tried to put forth various policies that would, in some way, implement a form of a wealth limit.

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

Supporters of a Wealth Tax

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Those in support of a wealth tax or wealth cap have claimed that income inequality can be fixed by spreading money around, thereby creating a more balanced country with various resources to help all, rather than only a few.

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

Helping the Economy

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Advocates of wealth caps and taxes have also stated that these policies could further push the spending of money, which would help the economy in the long run.

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.

Moving Money Around

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Some analysts have pointed out that the opposite could happen. If a wealth cap existed in the U.S., then the wealthy could simply move their money around to hide their mass wealth.

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

Improving Social Welfare Programs

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As mentioned earlier, the main reason why many support the idea of a wealth tax or cap is because of the severe inequality in the United States. Many Americans see how well the rich thrive and how poorly everyone else lives.

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

The Concerns of Critics

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Critics of wealth cap or tax have stated that these policies could completely hinder innovation, technological developments and advancements, and entrepreneurship.

They claim 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.

One’s Personal Rights

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Even though good could come from these taxes and caps, many believe that a wealth cap infringes on their right to enjoy their life and money they worked hard to earn.

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.

The Economy System

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In a global economy where billionaires and large corporations hoard greater and greater proportions of the world’s wealth, the democratic promise of equality is being sacrificed.

Human values of community, sharing, and justice become regarded as quaint when faced with the inevitable consequences of an economic system based on the pursuit of greed. Woke capitalism buttresses a ruling elite class who believe that their wealth is deserved.