CMV: Mike Bloomberg's campaign is proof that the ultra wealthy in the US can afford a higher tax rate with no ill effect on them
Mike Bloomberg recently dropped out of the 2020 Presidential race after spending over $500 million dollars of his own money on his campaign. Even with this loss, he is still worth over $55 billion dollars.
I believe that this effortless spending on Bloombergs part showcases the reality that is wealth inequality between the ultra rich and working class. While I do not believe the rich should give up their fortunes, I do believe that any arguments against taxing them more is simply propaganda from those who hold the wealth and higher power at this point.
Certain media outlets claim that taxing the super wealthy is unfair and would be detrimental to those below them due to "trickle down" effects. There is also rhetoric that many self made billionaires worked hard for their fortunes, and that if we as Americans work hard, we might be rich ourselves one day.
I believe that moving forward, we should push for much higher taxes on those earning/worth more than 1 billion USD. If the money Bloomberg spent on his campaign went to actual communities that need funding, actual change could have been possible. Social programs could benefit greatly from these funds, and maybe we could afford to better fund national programs such as healthcare or family leave.