The debate may have been exhausted, but it’s worth taking another look at the important question of: do the rich pay their fair share?
Although the general consensus in the United States is that the government should take more wealth away from the affluent to help bomb Muslim countries and make interest payments, a new video from Prager University takes another look at the topic and provides some further insight into the question.
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Any professor who speaks about the rich and confuses high earners or high IRS “income” with wealth is pulling the wool over your eyes. To then jump to the fairness issue after describing Social Security as insurance is intentional distortion.
Only an idiot (or commission life insurance salesman) would pay insurance premiums for 50 years without any benefit until after they retire and call it insurance. Social Security and Medicare are simply retirement benefits paid for from government revenue. The tax base does not matter because money is fungible.
A fair tax should be the same for rich and poor. Consider a low flat 26% tax or the option of an 8% income tax with 2% net wealth tax (excluding $500,000 in retirement savings, capital gains, gift and estate). It is fair to let all taxpayers have the same choice of lowering their income tax rate by paying a wealth tax. Only the rich will want to pay a higher rate, but that is fair. Their estate can make up the difference.