Since the mid-1970’s the top 5% has receive the lion’s share of U.S. prosperity (see graph) and the linked article provides the details. In addition, fast-track trade legislation has enabled corporations to off-shore jobs for the benefit of the top 5%, creating the need for ever-increasing military spending to protect their assets around the world.  A few 2020 Democratic Presidential candidates favor a wealth tax, by jus ...

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Since the mid-1970’s the top 5% has receive the lion’s share of U.S. prosperity (see graph) and the linked article provides the details. In addition, fast-track trade legislation has enabled corporations to off-shore jobs for the benefit of the top 5%, creating the need for ever-increasing military spending to protect their assets around the world. 

A few 2020 Democratic Presidential candidates favor a wealth tax, by justifying it as benefit-based rather than purely arbitrary to tax the rich, can general increase support and force opponents of a wealth tax to defend why it isn’t justified and fair. Such a tax is one the few hopes for getting the top 5% to support more prudent military spending.

With the top 5% accruing the lion’s share (80%+) of the benefit of military spending isn’t fitting for them to fund 80% of the military budget with a wealth tax!

Authors Bio:
A seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. He has previously held positions as Chief Risk Officer (CRO), Chief Audit Executive (CAE) and Director of Sarbanes-Oxley (SOX) Compliance, is a son of a Philadelphia, Pa. Steelworker and very concerned citizen with regards to the fate of our Republic.