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Tax the rich! Should billionaires even exist?

screenshot from MSNBC on Youtube 2020: Billionaires Vs. The Tax Proposal | Velshi & Ruhle | MSNBC

Recently, the tax-the-rich proposals from two prominent Democrat politicians sparked the debate over the very existence of billionaires. According to media reports, Sen. Elizabeth Warren (D-Mass.) proposed placing a 2 percent tax on wealth over $50 million and 3 percent on assets over $1 billion. Rep. Alexandria Ocasio-Cortez (D-N.Y.) said she wants to increase the marginal tax rate on those earning more than $10 million a year.

Some media analysts believe that those who are making a tremendous amount of wealth should pay more tax according to their wealth and assets. Whereas, others believe that these individuals made their fortune through their hard work and commitment, and they have the ultimate control over their wealth. Furthermore, they opposed the proposal to tax the rich more.

This scenario instigated a debate across social media regarding whether Billionaires should pay tax in accordance with their wealth and assets?

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Written by Darren Silverman