• Don’t Be Fooled: ‘Wealth Tax’ Would Be Bad for People, Business, the Nation

    Surge Summary: Some of today’s Democratic presidential hopeful are pushing the idea of a “wealth tax” – something that would visit quantifiable damage on individuals and society overall. One of many terrible policy proposals being advocated by the Left.

    Chris Woodward over at OneNewsNow correctly surmises anyone who’s paid any attention to this election season thus far probably has heard at least one candidate bring up the idea of a “wealth tax”.

    So, what do those two words mean? Some might find them rather vague or benign sounding. And maybe that’s the point?

    “A wealth tax is distinct from an income tax,” explains Adam Michel, a tax policy analyst for The Heritage Foundation, a center-right think tank in Washington, D.C. “It would be an entirely new tax system overlaid on top of our existing one.”

    Oh. That sounds promising, doesn’t it.

    To put it another way, it would be like having to comply with the estate tax or the “death tax.” But it would not just be after one’s assets are passed on to his heirs; it is a tax on the total accumulated assets of any given person every single year.

    “It’s often described as a small one or two percent or three percent tax. However, because it’s on a stock rather than the earnings every year, it can translate to have incredibly high effective income tax rates of above 100 percent,” Michel explains.

    This explanation just keeps getting better!

    The analyst says the practical fall out to such a policy would be people will be investing and innovating less. It would comprise “a total change in the way that we think about a government’s relation to our money,” he adds.

    Which obviously can’t be good – especially when it’s being endorsed by big-government, statist, tax-and-spend Democrats.

    It’s odd, ain’t it, but when the government effectively punishes individuals for succeeding, for earning and accumulating “wealth” of any kind, it’s likely a society will see less wealth produced overall. When less wealth is produced, the negative impact of that doesn’t just hit one person or family – it reverberates across an economy, shrinking entrepreneurialism, employment opportunities, business growth, healthy competition, prices, the availability of products, etc.

    Nay-sayers take note: history and experience have proven this over and over again.

    Along with Sen. Elizabeth Warren, supporters of a wealth tax include her male doppleganger Senator Bernie Sanders (I-Vermont). He digs the idea as – surprise! — a way of funding the bevy of new and expanded health and social programs he’s constantly proposing.

    As with so much issuing from the precincts of Leftism, the wealth tax is a foul, destructive idea.


    H/T: Chris Woodward/OneNewsNow

    Image: Creative Commons; CC by-SA 2.0. https://www.flickr.com/photos/68751915@N05/6355404323

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