During the presidential democratic race, most of the candidates want to issue a higher tax on the wealthy. Considering that the richest 5% own two-thirds of the wealth in America, a higher tax income makes sense, but Bernie Sanders looks to employ a wealth tax as well which will effectively cut the wealth of billionaires in half.

This isn’t the first time billionaires have received criticism for how they spend their wealth. Many say that they should donate more to charity and help third-world countries and others propose a higher income or wealth tax on the rich. 

The free-market is one of the defining qualities of the American economy, the belief that private businesses are allowed to compete against one another is the founding principle of America. It is what separates this country from the others, and by taking away the money people have worked for, the federal government inherently gains more power as they get to choose how to spend the money they receive from taxes.

Even Mark Zuckerberg, the founder of Facebook, says that people can have it both ways. Those who accumulate their wealth should have the choice to do what they want with it. Whether it is donating to charities that help third-world countries, environment, or scientific breakthroughs, they are all beneficial to the success of society.

Clearly not all billionaires deserve the wealth they have, but it is unfair to say that all billionaires should not exist because of how it ruins the American economy.

Even a majority of American citizens believe that billionaires should exist according to a study done by the Cato Institute. This shows that despite the growing inequality of wealth among the rich and the poor, the federal government won’t necessarily be able to fix the income gap by just taxing the rich. There has to be more measures put into place to try and resolve this issue. 

No matter what the federal government tries to do with its taxes, the wealthy will always find a way around it. Instead of trying to get rid of the billionaires that are present in our country, a flat tax would be the fairest for everyone regardless of wealth and simplifies taxation which in turn could lead to greater economic growth in America.