There has been a long debate in America over how much the mega-millionaires and billionaires should be taxed in America. While many less-wealthy Americans call for the ultra-wealthy to be heavily taxed, they are not the only ones. Some of the ultra-wealthy themselves want to be taxed more, too. This is the case for billionaire Molly Munger, whose father Charlie Munger made his money as vice chairman for Berkshire Hathaway.
Munger struggles with sitting at the top of the wealth mountain while seeing others struggle with it. Josh Boak of the Associated Press notes that the main reasoning behind these billionaires is “the government could spend their money more effectively than they could on their own by improving schools, upgrading infrastructure and protecting the environment”(CLICK HERE to read the full article). A group of twenty billionaires recently even went as far as writing a letter essentially asking to be taxed more. Despite their efforts, the President has challenged these beliefs by giving tax cuts to these individuals which makes for some interesting political debates.
Given that the 2020 election is in full swing, different candidates have different approaches to taxing the ultra-wealthy. Some candidates like Elizabeth Warren and Bernie Sanders are arguing for strong taxes on these billionaires, while Donald Trump calls for the opposite. How much do you think that the mega-rich should be taxed and why?
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