Fauxcahontas Wants your Wampum
4th February 2021
Steve is not very optimistic.
I try not to look at the news, but sometimes I do. Yesterday I saw that Elizabeth Warren is trying to get a wealth tax through congress. Who predicted that? Don’t hurt yourself trying to find the answer. It was me.
Income taxes and other taxes are bad, but wealth taxes are the supreme taxation evil. When they tax your income and your purchases, you still have some hope of retiring and dying in comfort. When they come for what you already paid tax on, the world crumbles under your feet and you have to consider unthinkable futures such as one in which you share a big, dirty room with other paupers in a government-run assisted living facility.
Warren is going after the “ultra-rich,” of course. When you pass totalitarian measures, you have to start by attacking segments of the population who have very few votes. She wants to take 2% of what they have. So if you have a billion-dollar net worth, kiss $20 million goodbye, in cash, in addition to the death tax your kids will have to pay. If you have to close your business or borrow to keep it going, so sorry. Not all billionaires have a lot of cash.