Does Taxing The Rich Work?

Does taxing the rich work? In light of recent scrutiny about "tax the rich" and new tax law changes coming from politics let's look at the numbers. Do we have an unfair tax system in America? How do wealthy people avoid paying taxes? Do you think everyone is paying their fair share of taxes? What about the ultra wealthy- Jeff Bezos, Elon Musk, Bill Gates, Warren Buffet etc? Could we come up with a solution that will bring Americans out of poverty simply by taxing these 1%-ers? Will new tax laws specifically geared towards going after high income earners ($400,000/year+) affect you? Lastly, this video gives you a list of accounts with tax advantages that you can tap into regardless of how much money you make per year. Whatever your opinion is, I encourage you to focus your energy on how you can be using tax laws to your advantage and less about politics. Raising taxes for the rich or high earners may or may not work out. Chances are it will have little effect on the rich. They are smart and will find ways to adapt. The federal government moves to slowly to keep up with the ultra wealthy. As a result raising taxes historically has only punished hard working Americans with earned incomes. Even if every new proposed tax law was approved we're talking about only a drop in the bucket. Shockingly, 10 billion dollars raised in one year covers only 0.2% of America's yearly spending. The numbers show that America's tax inequality issue does not lie with how much they receive from their citizens in income but rather how much the American government spends. We need to first fix the spending problem for an increased taxation to have any real effect. 🎒FINANCIAL BOOKS I HIGHLY RECOMMEND: 1. Rich Dad Poor Dad: What the Rich teach their kids about money that the poor and middle class do not. https://amzn.to/2SLWLhw 2. Everyday Millionaires: How Ordinary People Built Extraordinary Wealth. https://amzn.to/3dno5Mr 3. The 4-Hour Workweek: Escape 9-5, Live Anywhere, And Join the New Rich. https://amzn.to/34IkSTS 🙋‍♂️1 on 1 Sessions Available @ https://timwolffe.com/services This video is not sponsored. Some product links are affiliate links which means if you buy something I may receive a small commission at no extra cost to you. This is not investment advice. #timwolffe #personalfinance 00:00 Intro 00:49 Tax Law Changes 03:13 Tax the Rich 06:38 Taxing the Ultra Wealthy