This is why it is long past time to aggressively impose progressive taxation on the top 1%.
I agree they should be paying a lot more. Income tax for individuals making more than 200,000 a year should actually be around 45-50%, but that alone won't fix the entire problem. A wealth tax as proposed by some sounds good in theory, but has never really worked in pratice. Tax evasion, legally and illegally, remain a problem as well, which is why loopholes should be closed (in an ideal world, the US and Europe would together figure out how to avoid multinational companies not paying a nickel in taxes on either side of the Atlantic despite making billions in profits). Another uncomfortable truth is that spending is too high, especially the military budget should be cut. But I'm sure there are a number of other programs that are too expensive as well.
My biggest concern is that the pandemic leads to another debt crisis a few years down the road, since multiple countries are running record deficits at this point. Too many politicians are avoiding this issue because doing something is often not all too popular, but one day it will come back to haunt us.
