When we talk about taxing the rich, who are we really referring to? Billionaires on private jets? Neighbors up the street who seem to always have the flashiest new cars and exotic vacation photos?
This election season, a number of candidates have floated proposals to tax the wealthy to address extreme inequality and finance new spending programs. Often left unsaid is which segment of the wealthy they’re referring to and why taxing the very rich is necessary for everyone to prosper, both to raise revenue and put a brake on the undemocratic concentration of wealth and power. The truth is we need these taxes on the rich, now more than ever. To get there, we need a deeper understanding of who we mean by “the rich.”
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