For decades, we’ve been told that tax cuts for the wealthy will somehow boost the economy and help everyone. This concept, often referred to as trickle-down economics, has been repeatedly debunked. Something like, “Mr. Moneybags, may I have some of your scraps?” or “Please, sir, I want some more” type of economy. Trickle-down economics only reminds us that we can have a piece of the pie — if we ask nicely.

Instead of reinvesting in workers and innovation, corporations and billionaires often hoard wealth through stock buybacks, tax havens and luxury assets. They really need their yachts — they really need their private airplanes. If billionaires were serious about lowering the national debt, they would be advocating for higher tax rates on the ultra-rich. Warren Buffett and Marc Benioff are among the few billionaires calling for increased taxes on the wealthy. Meanwhile, income inequality has skyrocketed and the middle class is being squeezed harder than ever.

If we reversed the Trump-era tax cuts and ensured that the richest Americans and corporations paid their fair share, we could generate hundreds of billions of dollars in revenue. The top marginal tax rate was once 91% under President Eisenhower. Today, after recent Trump tax cuts, it’s just 37%. And yet, some billionaires pay little to nothing in taxes thanks to deductions and loopholes.

A fair tax system doesn’t mean punishing success — you still can swim in your money, Scrooge McDuck — it just means ensuring that those who benefit most from our economy contribute proportionally to its stability. Right now, billionaires often pay a lower tax rate than nurses, teachers and firefighters. How? Through capital gains loopholes, offshore tax shelters and an outdated system that favors wealth over wages.

One of the biggest culprits is the carried interest loophole, which allows hedge fund managers to pay lower tax rates than ordinary workers. Another is the ability for the wealthy to pass down massive inheritances tax free, further entrenching inequality. Closing these gaps wouldn’t just be about fairness, it would be a game changer for deficit reduction.

Elon Musk, often hailed as a self-made billionaire, has built his empire with significant help from the U.S. government. His companies, Tesla, SpaceX, SolarCity and others, have received billions in government subsidies, tax breaks and contracts. Tesla alone has benefited from federal and state tax incentives for electric vehicles, making them more affordable for consumers while boosting the company’s sales. SpaceX has secured lucrative NASA contracts, effectively allowing taxpayer dollars to fund the company’s research and development. Additionally, Musk’s ventures have taken advantage of government-backed loans, such as the $465 million loan Tesla received from the Department of Energy in 2010, which helped the company stay afloat.

It is clear that government support has played a crucial role in his success. This raises an important question: Why does he so often push back against paying higher taxes while continuing to benefit from public funds?

Instead of slashing essential programs like Medicare, Social Security and public education, we should focus on generating more revenue from those who can afford it. Some common-sense solutions include:

• Raising the top income tax rate: Even a modest increase could generate billions.
• Taxing unrealized capital gains: The richest Americans accumulate vast wealth through assets that go untaxed until sold.
• Implementing a wealth tax: A small percentage on ultra-high-net-worth individuals could bring in significant revenue.
• Closing corporate tax loopholes: Many major companies pay little to no federal income tax despite record profits.

These aren’t radical ideas. They’re policies supported by economists, embraced by past leaders and proven to work in other developed countries.

When politicians claim we need to “tighten our belts” to reduce the deficit, they almost always target programs that help working families. But the reality is, we don’t have a spending problem; we have a revenue problem. The richest Americans have seen their wealth explode over the last few decades, while the average worker’s wages have barely kept up with inflation.

Taxing the rich isn’t just about fairness; it’s about sustainability. If we want to secure the country’s financial future without gutting essential programs, it’s time to make the wealthiest among us contribute their fair share. Otherwise, the burden will continue falling on those who can least afford it.

The choice is ours: protect billionaires or protect the future of our economy. The right answer should be obvious.

Justin Haslam is an Ogden native and nurse practitioner with a strong interest in economics, particularly in how systems, policy and financial markets impact mental and physical health. In his free time, he enjoys running through the mountains listening to financial podcasts.