Tax Havens

Recently, Bernie Sanders wrote an op-ed for the Guardian. In this piece, he speaks of an international movement to end income inequality, and he mentions that, " must support national and international policies aimed at raising standards of living for poor and working-class people—from full employment and a living wage to universal higher education, healthcare and fair trade agreements." Bernie continues to lament that "the six richest people on Earth now own more wealth than the bottom half of the world’s population", and that it is important to "wrench power back from the billionaires."

Whether you agree with Bernie's political views or not, we can all settle on thing. Income inequality is a global problem, and as we all know by now, it is relevant in Michigan as well. Sanders proposed prohibiting wealthy people from storing their wealth in off-shore tax havens, saying the "wealthiest individuals and corporations have stashed between $21 and $32 trillion in offshore tax havens, and that by eliminating this abuse, we could end world hunger and generate hundreds of millions of jobs."

Should this action ever come to fruition, do the members of the Caucus feel as though that the these off-shore accounts tax income that the government would obtain would actually enact change? Or do any members of the caucus feel as though that the government is fundamentally flawed in handling this money, and that more jobs are created without the help of the government. On a narrower scale, I am curious in hearing your thoughts on how this premise could affect Michigan residents. With plenty of wealthy people in Michigan who most definitely have stored some wealth in these untaxable accounts, can anyone find factual support that taxing this money would strengthen Michigan? If so, how could the state realistically enact a drastic change like this?