Editor's Note:

With the 2020 presidential election around the corner, Democratic presidential hopefuls and lawmakers have put forth bold proposals such as returning the top marginal income tax rate to 70 percent, levying wealth taxes as Sens. Bernie Sanders and Elizabeth Warren have proposed, or “taxing the hell out of the wealthy” as New York City Mayor Bill de Blasio put it.

Others such as Rep. Alexandria Ocasio-Cortez claim that capitalism is “irredeemable” and a system that “allows billionaires to exist” is “immoral.” Sanders recently declared he does not think “billionaires should exist.”