Taxing millionaires and billionaires is a political no brainer for Democrats

April 15, as you are all painfully aware, is the deadline for filing your federal tax returns. The tax collector cometh but the American financial elite have nothing to fear. Everybody else is shaking in their boots, including the people who struggle to fight for the health, wealth and safety of their beleaguered families.

The numbers speak for themselves.

Donald Trump’s performance has given lie to his campaign promise to reduce prices on Day One of his second term. Last month, wholesale inflation rose by 4 percent driven by a 15.7 percent increase in gas prices. The senior economist for Nerd Wallet, Elizabeth Renter wrote, “Inflation wasn’t fully under control before the war, and it’s certainly not contained now.”

A new national survey for The Economist indicated that two out of every three Americans favor additional taxation on people making more than 1 million dollars a year. This is a political no brainer for Democrats. Even a majority of Republicans support the plan. The same poll revealed that the average person hasn’t felt any significant relief from the Trump tax law of 2021 that cut taxes for aristocrats and plutocrats.

Data from the Federal Reserve Board demonstrates that income inequality in the U.S. reached its widest gap since 1989. The top 1 percent of earners held $55 trillion in assets which is roughly equal to the holdings of other 99 percent. Mark........

© The Hill