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Should the IRS Tax the Very Rich?

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The Beatles' Taxman

The question has been around since the days of Robin Hood, whose group of bandits went around England hundreds of years ago stealing from the rich to give to the poor. It was quite popular then and the general public welcomed them. The King's army hunted them down in the Sherwood Forest missing many times until caught in the 1300's, as so is claimed but disputed. Whomever was Robin Hood (there seems to be several), had the right idea or name for this sort of gang.

In pop culture, the most signature anthem regarding this theme was (and still is) from The Beatles in 1966 on their Revolver LP. The song, Taxman, is one of George Harrison's best songs ever and remains a classic Beatle song that was No.1 on the charts for weeks. The lyrics, as well as the music, pulsate like a garage band sound as George sings, "there's one for me and nineteen for me", or " try to sit, he'll tax the seat" and so on. It was written when the British government was literally taxing everything in one's personal life. There still has not been a song that is still relevant today and into the future.

Now, Biden's plan to tax the rich is like a modern day Robin Hood. And there is no reason why the tax revenue gathered in this target audience should not occur. Despite the Republicans who oppose it only because it is a Democratic president, the plan ONLY taxes the very rich, meaning those whose assets yearly are in the billions. The number of these individuals are less than 20. Of course, taxes would also increase for those earning more than $400,000 a year. But taxing those earning billions in a year much more is fine, they can afford it, as much as they would not like to pay it.

But even taxing these very rich people is super lenient. Under the plan, Biden would not tax them higher rates unless they earned over a billion for the past consecutive three years! The taxes gathered would only come from unrealized gains from earnings made in the stock market etc. For instance, if the person invested $10 million in stocks and after a year the value had risen to $50 million, the $40 million in gain would be taxed. This gain is only on paper, the owning person did not actually get $40 million in cash This type of gain is unrealized because it is not actual cash. Of course, the IRS would also tax this gain if the owner did sell the shares and earn the $40 million. That is just normal.

Of course, with any new law, there are a lot of loopholes and debate about how this might impact corporations, LLC's, small business, but if Biden's plan limits this taxing the very rich in such a manner, it would help pay for many of the programs and why shouldn't the rich and very rich pay their fair share, they have so much money, they do not know what to do with it since they have everything they wanted and need. Put it to better use to help those at the bottom via social programs like paid daycare, Medicare paid dental coverage, .

The root of all evil is money and the worship of it. The Republican mantra against this is the usual socialism creeping in argument, where the government offers so many paid programs. But is this really a threat? There are plenty of socialist but free countries like Sweden, Norway, where the government does offer paid daycare, high minimum wages, free medical care. These citizens still have complete freedom of expression and choice in their daily lives, they have free elections. So, it is fake cry by them, making socialism a word associated with nations that are not free akin to communism.

Why shouldn't a nation help its citizens obtain a better life and why shouldn't the rich and very rich pay more in taxes? Those who have $20 million, paying $500,000 in taxes may anger you on a personal level, but you still have over $19 million! You are not going to even notice it except in your bank account.

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