Soak the rich? Well that is the question that America is currently dealing with. Some politicians are proposing 70% tax on money over 10 million while others are proposing up to 90% over 10 million annual. A Politico/Morning consult poll conducted shows that 76% of registered voters say that the wealthiest Americans should pay more in taxes. This is surprisingly a issue that has bipartisan support with 54% of Republicans polled said they are ok with more taxes on the richest Americans.
Economic inequality needs to start coming back to parity or the forecast for Americans future looks Socialist. “There is a deep wellspring in terms of perception of unfairness in the economy that’s been tapped into here that either didn’t exist five years ago or existed and had not had a chance to be expressed,” said Michael Cembalest, chairman of market and investment strategy at JPMorgan Asset Management.
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