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Wealth Tax

9/24/2019

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Most Democratic presidential candidates want to massively increase the income tax rate on the rich. Elizabeth Warren and Bernie Sanders want to start to start confiscating their assets. They euphemistically call it a wealth tax. Sanders made it clear that he wants nobody to be a billionaire.

Obviously, it’s hard to be sympathetic with the ultrarich. If these policies are put into effect, future Apples, Googles, Amazons and Facebooks won’t be American companies. The millions of jobs will be created elsewhere.

Warren and Sanders talk about the trillions of dollars that will be raised. They assume that those affected will quietly pay the money. They will find loopholes. A couple can get divorced and pay less taxes. Some may elect to move out of the country. This has been going on in Europe for decades.

This tax would be extraordinarily hard to administer. It’s easy to value publicly traded stocks and bonds. Coming up with a value for privately held businesses, real estate and collectibles is virtually impossible.
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Margaret Thatcher said “The problem with socialism is that eventually you run out of other people’s money”. Once the wealth in a country is destroyed, you end up with places like Venezuela. Capitalism is certainly not perfect but socialism would put us on a road to ruin.
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    Hi! My name is Dave. I'm in my 60s and live in Indiana. I'll write about whatever is on my mind but most posts will be political. I'm a centrist who thinks both sides are on the wrong path.

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At long last this idiotic shutdown is over. Hopefully cooler heads prevail and it doesn’t start up again.

The real story is that 800,000 government workers are back on the job and many millions of people are no longer inconvenienced.

Unfortunately, that is not the story we are hearing in the media. Their story is about how Speaker Pelosi beat President Trump. He got himself into this mess. She decided that all that mattered was winning. The harm done to the people involved was of no concern whatsoever. A good leader puts the good of the people over political gamesmanship,

it would be nice to think that both people have learned their lesson and will try to do what is best for the
country. I sure wouldn’t bet on it.
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