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Rockefellers and Disney – The wealthy should pay Higher State Taxes
Today is Tuesday 22nd March 2016 and we are asking the question should the wealthy pay even higher taxes?
Recent Data gathered shows that in 2015, the United States houses 536 Billionaires and 10.1 million households with over $1 million of investable assets. The IRS has also shown that well over 1 million people in the US earn in excess of $500,000 per annum.
At the same time there are in excess of 45 million people living below the ‘poverty line’ and or receiving ‘food stamps’ – according to official statistics.
So with such a diversity of wealth vs poverty we were intrigued to have heard of an initiative where more than 40 millionaires in New York have asked state lawmakers to take a bigger bite out of their pay cheques.
Yes you’ve guessed it, those philanthropic families such as Disney and the Rockefeller’s are suggesting that those who are in the top 1% of income earners should pay higher State Taxes in New York, with the aim of using the additional revenue to address child poverty, homelessness, ageing bridges, tunnels, waterlines and roads.
So bearing in mind that this may affect some of our subscribers we thought we would ask your opinion on such a proposal. Should the top 1% pay an extra 1% in State taxes? Is this enough? Should they pay even more? Or should one just rely on the philanthropy of individuals to cure such problems. Also why are the Rockefellers involved? A publicity stunt maybe?
Your opinions would be welcome. For what it’s worth, we quite like the idea (though we doubt it will pass), providing of course the money is spent on those problems highlighted and that it is not seen as the ‘thin edge of the wedge’ to increase taxes even more in the future. However, on the other side of the coin, the State should also look at reducing its bureaucracy and spend those savings on those very same measures.
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