It’s Time for a Surtax on Millionaires

We should all be paying attention to Bernie Sanders, Senator from Vermont. He’s a strong, consistent voice in the political wilderness (AKA “Washington, D.C”).

Now he’s introducing a bill that would impose a surtax on millionaires.

It’s about time for some “shared sacrifice” from those who have profited most in the recent meltdown.

81% of American citizens support a surtax on millionaires, to help offset the deficit.

As Bernie Sanders points out, it would raise $50 billion/year.

Comments

4 Responses to “It’s Time for a Surtax on Millionaires”
  1. Michael R. Kesti says:

    Just about everybody who has contributed to a 401(k) retirement savings fund for the last 25 years can legitimately be called a millionaire. Let us be careful for what we wish, shall we?

  2. depelton says:

    Good observation, Michael. Your point is well-taken, and highlights the need to clarify what Sanders is proposing.

    In fact, if you watch and listen to his short speech, you’ll see that he’s referring to “income” (presumably yearly) — not net worth — of over $1 million.

    I support it on that basis.

  3. Michael R. Kesti says:

    Right you are, Don, the senator was referring to an income tax.

    I wonder how many of those 81% who support that tax understand all of the potential for unintended negative consequences accompany such proposals? I wonder how many of them pay no income tax?

  4. depelton says:

    More good questions.

    We are living in a time in which much lip service is paid to the notion of “shared sacrifice.” But most of us understand that the extreme rich often get that way by privatizing profits and socializing costs, shifting investment risks to taxpayers (who are the deep pockets for bailouts). In other words, they shift the burden to the non-rich, rather than share it.

    It’s difficult for me to see what unintended consequence could be so bad from asking the extremely rich to begin bearing their fair share of the burden during these hard times.

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