Did you realize that the richest 1% of Americans own almost 42% of the wealth in the U.S.? If that didn’t get your attention, how about this one? The wealthiest 0.01% of Americans (just 16,000 families!) have 11.2% of all the wealth. That means the average net worth of these top families is over $500 million each!
For some, these numbers get their blood boiling… “Why on earth do people need so much money? With all the starving people in this world, those net worth numbers are just ridiculous! We should tax those selfish rich people more so we can eliminate poverty!”
I’m sorry, but I don’t agree with this statement at all.
If we taxed the rich heavily, two things would happen:
The poor would become more dependent on handouts, which would decrease our overall productivity as a nation (don’t just give them fish, teach them to fish! . . . → Read More: 8 Reasons the Rich Get Richer…And How You Can Too!