TAX WEALTH, NOT WORK
Wealth inequality is driving our cost of living crisis. We have seen a massive transfer of wealth from the middle and working class to the rich. Over the last 30 years, 80 Trillion in wealth (businesses, homes, media, land) has shifted to the richest in our society. The top 1% now has as much wealth as 90% of all Americans. This consolidation of wealth has had enormously negative impacts on our society, and the best way to correct this is to increase taxes on wealth until we can decrease taxes for the middle and working class.
Taxing Billionaires and Their Accumulation of Assets
The wealthy in our country are hoarding assets. Housing is an obvious example of this, but it is happening across all sectors of our economy. The rich hoard our countries finite resources, and so we see those resources going up in price. The middle and working class are put into competition with people they can’t compete with, millionaires and billionaires. We are losing this competition and the rate at which the middle and working class are losing their assets is increasing. To stop this massive transfer of wealth to the richest 1%, Samuel is proposing a wealth tax targeting billionaire assets and wealth.
Closing Loopholes in Our Tax Code
It is no secret that the wealthiest pay little to no tax in our society. Samuel believes that everyone should be paying their fair share. We must restructure our tax code to prevent billionaires from paying less than the average worker. There is no reason that a Nevadan making $50,000 a year is paying 20-30 percent in taxes, while billionaires pay less than 10. We must reform our tax code.
