So you want to tax the rich: A how-to guide

  Taxing the rich has been a hot subject of late thanks to a few Congressional Democrats. First, New York Rep. Alexandria Ocasio-Cortez floated the idea of raising the top marginal income tax rate to 70 percent. Then Massachusetts Sen. Elizabeth Warren proposed a “wealth tax” on those who have at least $50 million in assets. And last week, Vermont Sen. Bernie Sanders proposed increasing the estate tax for those who inherit more than $3.5 million.

  These ideas have been met with predictable consternation from conservatives. CEOs and Wall Street-types gathered at the annual World Economic Forum in Davos even had a good laugh when asked about Ocasio-Cortez’s idea.

  But raising taxes on the rich isn’t a joke. It’s an economic necessity.