Biden and Sanders’ Taxation Ideas Draw Criticism Amidst Rising National Debt

Bernie Sanders recently called for the government to confiscate wealth over $999 million. He argued that nobody needs any money above that amount, and the government should take any money that goes above that specific amount.

Conservative commentator Dan Bongino argues that wealth taxes in the past have been ineffective because legislators have had difficulty defining wealth. Due to this difficulty, many wealth taxes have failed in their aims in the past. Many people have said that this proposal is a terrible idea because they think the government will continue further taxes on wealth and would not stop at this amount of taxation. Others have argued that this idea is nonsensical because certain assets such as art or stocks cannot be measured as wealth.

It is also unknown why Bernie selected the figure of $999 million specifically as the cutoff for wealth that an individual should be entitled to in this country. His idea was presented carelessly and he did not provide much evidence to support the proposition that there should be a wealth cutoff. He suggested that people could “make it” with this amount of money. This is a dangerous way of thinking to accept as people can obviously “make it” on significantly less. It is clear that Bernie and the communists who support him hate success and wealth.

Whoever runs Joe Biden’s social media accounts has been posting similar sentiments recently. His account claimed that Republicans are trying to make him allow the wealthy to cheat on their taxes. He repeatedly advocated for the wealthy to be heavily taxed. Bernie suggested that the money earned by successful individuals should be given to the government. It is always shocking to hear politicians suggest increasing taxes on the wealthy when the government does such an abysmal job of managing the resources it already has.

This chart shows the amount of money the government has received and spent in the first half of the fiscal year. They have spent over one trillion dollars more than they have “made.” Biden also claims that the US has “never ever” failed to pay back its debts, which many Twitter users pointed out is not correct as the US has defaulted on its debts many times. Politicians like Bernie and Biden like to claim that taxing the wealthy will help to solve the crippling national debt and “make things more affordable” for the lower or middle class, but they are failing to address the abysmal spending habits of the government that have created this alarming spending deficit. Many Americans believe that the government’s spending is out of control and needs to first learn how to properly manage the country’s resources before giving money to foreign countries or increasing taxes on any demographic. 57% of Americans said they believe that resolving the government spending deficit should be the top priority of the president now.

Hopefully, we will see the country’s financial state improve and overspending decrease. We know that someday everyone will be accountable for how they manage their resources, and we can seriously hope for the benefit of our elected officials that they can get a grip on the country’s resources and manage them more competently.

Erin Casey is a Staff Writer at Turley Talks.

Copyright, 2023.