The Top 10 Percent Must Pay Their Share in Taxes

Hugh J. Campbell

Hugh J. Campbell Son of a steelworker, Philadelphia, Pa.

As the top 10 perent now owns 77 percent of U.S. wealth, the lion's share of defense spending to protect their wealth has ballooned, with defense appropriation reaching $700 billion. This is $81 billion greater than last year, defying “sequestration” spending caps set in the 2011 Budget Control Act.

Among the top two priorities of the super donor class are free trade and robust defense spending, with this spending appearing to be the third rail for these super donors as the Senate votes 89 to 9 for the Pentagon bill. In addition, 45 has back-peddled on his campaign promise to label China a currency manipulator in the name of national security. This panders to the super donor class by prioritizing both of their highly valued issues.

At a time when most Americans feel less safe because of lack of adequate gun-control and climate change denial in the beltway, we have 45 proposing huge tax cuts for himself, his family and the top 10 percent. With ever-increasing wealth inequity and related defense spending, combined with tax-cuts for the rich, the rational response is a wealth tax on the top percenters to pay for the lion's share of defense spending, which goes toward protecting their assets worldwide.                                                            

We often hear the wealthy should pay their fair share of taxes, but without specific rationale. With defense spending viewed as protecting assets, as well as life and limb, it is easy to justify a specific tax on the top percenters for the huge cost of protecting their assets here and abroad.

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Hugh Campbell is 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. Hugh has previously held positions as Chief Risk Officer (CRO), Chief Audit Executive (CAE) and Director of Sarbanes-Oxley (SOX) Compliance.

Posted In: Union Matters

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed