The democrats have proposed what’s called a millionaire’s tax— or an additional 5.6 percent surtax on everyone earning $1 million or more per year. They believe that the tax will level a system ridden with loopholes favoring the rich, and raise much needed tax funds from those that will least miss it.
The idea is largely loathed by Republicans, who argue the tax will discourage job creators and business growth, and place an undue burden on those that have been financially successful.
We’ve interviewed local economist Dr. Daniele Tavani, a professor at Colorado State University who specializes in economic growth, for his take on it.
