MCViewPoint

Opinion from a Libertarian ViewPoint

Dumb Ideas Never Die – Gold Goats ‘n Guns

Posted by M. C. on November 3, 2021

The wealth tax failed this time because its mechanics were too dumb.  That’s what you get when you let Sen. B.S. (obsessed with millionaires and billionaires) and noted Native American Sen. Elizabeth Warren write tax policy.

https://tomluongo.me/2021/11/02/dumb-ideas-never-die/

Author: Dexter K. White

If you think the wealth tax is already in the rearview mirror, keep your eyes on the road.  The beta test is over, but that was just the nose in the tent phase.

Democrats knowledge of wealth is like the old saying about pornography, they know it when they see it (or in Hunter Biden’s case, when they film it).

But unlike porn, they don’t know where it comes from.  Also unlike porn, they know wealth has to be destroyed.

Because wealth is the thing that negates what they call equity.  Egalitarianism wasn’t enough.  Now we need equal outcomes where each player’s deficits are boosted to make results the same.

What better way to make the rich pay their “fair share” than by seizing the wealth they obviously must have stolen?  And using that to even the playing field?

It’s notable that instead of going after the two-and-twenty of the carried interest set, the Democrats sought a mark-to-market tax on equities (a tax on unrealized gains).  It was explained as a way to collect capital gains taxes earlier, in order to fund their hyperspend agenda.  But it was really a way to collect estate taxes early, as it was structurally designed to force the sale of assets and to destroy wealth.

The wealth tax failed this time because its mechanics were too dumb.  That’s what you get when you let Sen. B.S. (obsessed with millionaires and billionaires) and noted Native American Sen. Elizabeth Warren write tax policy.

People asked:

What happens when the market declines?  Does the government cut everyone a check?  

How is something non-fungible like a piece of real estate valued?  Works of art? 

What if someone only has one non-financial asset that makes them wealthy?  

Do they have to sell it to pay the tax?  Take out loans?

This time they couldn’t answer any of those questions.  But the details don’t matter, the target does.

See the rest here

Be seeing you

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