Eight Reasons You Should Agree With Will Smith on Taxes

May 11, 2012

"America has been fantastic" to Will Smith. Like those profiled in our book, The Self-Made Myth, the 43 year-old actor, who makes an average salary of $36 million and has an estimated net worth of $215 million, knows much of his success wouldn't have been possible anywhere else but here in the U.S. As such, he has "no problem" paying higher taxes for the good of the country.

Here are eight reasons why you should agree that the rich should pay higher taxes:

  1. Tax rates on the richest U.S. households are at historic lows.
  2. The share of national income going to the top 1% has reached a historic high.
  3. The richest 1% have all but recovered from the Great Recession, while the bottom 99% experience stagnation.
  4. Low taxes increase economic inequality.
  5. Lower tax rates do not lead to economic growth.
  6. Low taxes on the rich worsens the racial economic divide. (pdf)
  7. Historically, the wealthiest Americans have paid higher taxes during wartime (like right now).
  8. He is the Fresh Prince of Bel-Air. His break-through role was about a young man's infiltration of the top 1%. Now, he's actually in the top 1% and believes very wealthy people like himself should pay higher taxes. Considering the facts above, we should all agree.

In case you're unfamiliar with the show, the opening sequence sets the premise. Enjoy!

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