Senator Bernie Sanders (I-VT) and Representative Jan Schakowsky (D-IL) have both sponsored legislation that would provide for an increase on federal income taxes affecting those who made more than one million dollars. Sen. Bernie Sanders's plan would raise about $50 billion while Rep. Schakowsky's plan would raise nearly $75 billion.
Why would taxation of the ultra-wealthy be in the best interests of a society? Contrary to conservatives that are still delusively coughing up the now-debunked mime of supply-side economic theory, the wealthy do not magically create jobs.
In fact, both conservatives and liberals equally admit that more jobs are created by small businesses and entrepreneurship than the ultra-wealthy.
Moreover, in the past 30 years, wide-ranging developments have occurred including greater wealth inequality much like that of the Depression era, a weak manufacturing sector and blue-collar industries leaving a lot of the less educated population unable to find livable wage jobs, an education system still following the original factory-style ruts it was created on, and a deregulatory environment which has allowed the richest 400 people in America to own as much wealth as the bottom 50% of the entire U.S. population.
This is not about the tired attacks on those who "work hard" or about "penalizing" wealthy people. This is about staying true to those values that are dearly held: the belief in everyone's right to equal opportunity and the strengthening of liberty, especially from the tyranny of plutocracy, which is exactly what has happened in the past three decades.
From the beginning of the erection of the United States of America, America has always had wealth and bounty at its beck and call. While the population was doubling every two decades, while genocide of the Natives was occurring, while exacting almost free labor in the form of hereditary slavery, America gained unprecedented natural resources and land to feed the appetite of its highly mobile and industrious populace while pushing towards Manifest Destiny.
Just as one knows deep in the heart that nature, fortune, and circumstance gave America an unredeemable bounty that can never be repaid except by the blood of the oppressed; so too do Bernie Sanders and Jan Schakowsky both know that without taxes on the fortunate and circumstantial wealthy, America will only be able to continue with its growth by the blood of today's oppressed.