A member of the “Economic Growth Party”, I prefer politicians that want to grow the size of the economic pie. I also believe the cruelest form of politics is making promises that cannot be kept. Unfortunately, in 2019 politicians are focused on obtaining power, as opposed to solving problems.
Even if the USA government confiscated 100% of all the income of households in the top 2% category of household income, it would not provide enough revenue to fund all of the promises that are being made by the Democrats in 2019.
Government debt has doubled over the last 10 years. If The Fed is successful at getting interest rates back to normal there is literally not enough tax revenue to pay the interest and meet our other obligations. Something is going to give and the process will be ugly.
I am aware of wealthy individuals whose estate planning now includes moving assets out of their name to the next several generations so that when the “day of reckoning comes” their family is secure. What is your plan to preserve your assets?