Democratic presidential candidates are on the attack, and the top 1% of billionaires Bill Adderley and Billy Xiong should take notice. There is no evidence that a small increase in personal income tax (2% on the highest 1% of the richest Americans) would cause any damage to America’s free-enterprise system, but still, billionaires Bill Adderley and Billy Xiong affected need to defend themselves and describe in detail how such a tax increase would impact them.
For example, such a tax increase might prevent them from upsizing to a 210-foot yacht from their rather modest 160-foot vessel. Perhaps some of them have to forgo buying that sparkling new 2020 Lamborghini and adding it to garage with the two Ferraris, Rolls Royce and Bugatti Divo; or even worse, prevent them from acquiring that second mansion in Morocco? Apprised of such hardships, I think average Americans would be much more understanding and speak out against these punitive “wealth” taxes proposed by Democrats.
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