Wishing For A Wealth Tax (2021 Mar)

by Barry A. Liebling

In early 2021 with the Democratic party dominating both the executive and the legislative branches of government the leftist elite was emboldened to demand new laws that will accelerate the process of turning citizens into serfs. Senator Elizabeth Warren of Massachusetts and her collaborators proposed the Ultra-Millionaire Tax Act. The legislation would confiscate 2% of the wealth each year from families and individuals with assets above $50 million. For the small number of Americans that have wealth above $1 billion, the tax would jump to 3%.

The authors of the new scheme expect (correctly) that many of the very rich will resist the new tax. So they have included in their bill provisions to vastly increase the budget of the IRS and to require audits on at least 30% of the people who are this affluent. And since the would-be bandits (wielding government force) know that the victims of the Act may decide to leave the United States, the gang of Democrats have included a 40% exit tax on those who attempt to escape. https://www.cbsnews.com/news/sen-elizabeth-warren-introduces-ultra-millionaire-tax-act/

If you describe the Ultra-Millionaire Tax Act to American citizens you will obtain a variety of reactions. To fans of an ever-expanding, more robust, and endlessly intrusive state it is a dream they hope will come true. After paying income tax some people remain extremely wealthy, so something has to be done to cut them down to size. Grab their money.

By contrast, Americans who appreciate that all citizens have a natural right to their own lives, to liberty, and to property that is legitimately acquired are repelled by the intended larceny.

Consider how the boosters of the new Act attempt to justify their vicious intentions. They proclaim the new tax will fund social programs and that it will diminish economic inequality.

There is no question that a wealth tax if implemented will reap some extra revenue in the short run, but the amount of loot the government will harvest over time is uncertain. Wealthy people can afford the best legal advice, and will certainly find ways to minimize the official value of their assets. The designers of the Ultra-Millionaire Tax Act recognize this but are not concerned. The size of the heist is not the main goal. Instead, the real objective is to legalize and put into practice a new tool for confiscating money. The bandits realize that the definition of “Ultra-Millionaire” can be adjusted downward at a later time to include anyone that is a tempting target.

Imagine the Act comes to pass (an ugly supposition). If wealth can be siphoned from someone with $50 million in assets, why not people with $5 million? Once the ball gets rolling how about “a modest tax” on everyone’s assets? Is there anything special about 2% or 3%? A leftist government always wants more when citizens have anything worth taking.

Economic inequality is a magical concept for leftist zealots. You can be sure that there will always be enough disparity between the most affluent and least well-off to arouse the hysteria of the social justice crowd. Something has to be done to take from those who “do not really deserve” their fortune and give to people that the Neo-Marxists favor. Of course, to those of us that appreciate the philosophy of liberty, inequality of wealth is not an issue. Instead, the correct focus is on how riches are acquired. Those who become rich honestly have a right to their prizes, and thieves deserve nothing.

What are the Democrats behind the Ultra-Millionaire Tax Act counting on? They understand that a lot of Americans are consumed by envy. Some people resent the success of others. And, perversely, those that covet are more interested in injuring those who have more, than in bettering themselves. Proposing a confiscatory wealth tax panders to this malicious spirit directly. Leftist evangelists know how to preach to their choir.

Note well that envy – pitting people against one another – is a main theme in the progressive leftist, Neo-Marxist narrative. And this theme is dominant in today’s legacy media, education establishment, and entertainment industry. This malicious cultural trend will only be fixed when more citizens understand that liberty and individualism are necessary for human flourishing. We have a lot of teaching and persuading to do.

*** See other entries at AlertMindPublishing.com in “Monthly Columns.” ***

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