The White House calls it the "Billionaire minimum income tax" which is neither limited to billionaires nor is a tax on income.
Anyone with a basic understanding of economics may call it instead an "Economic malpractice tax".
As the Wall Street Journal notes, "It's a new tax on Americans with $100 million or more in assets whose effective tax rate in any year is less than 20% of their income." Biden is off by an order of magnitude on the billionaire description, like calling someone with $100,000 in net worth a millionaire.
How would such a taxpayer pay the tax bill? Just because someone has a $100 million asset, that doesn't mean they have cash on hand to pay the tax man.
If such a tax passes into law, you can be certain the $100 million threshold will drop and over time the not so rich will be subject to a wealth tax.
Buy a hot stock or some crypto currency that pops in value, purchase a home in an inflating real estate market, or start a business that quickly grows, and you may find yourself with a fat tax bill that requires selling some of your new asset just to mollify the tax collector.
What exactly is a "Fair share"? 30%? 50%? 80%? Ask proponents of a wealth tax what's "Fair" and they will hem and haw, without providing an answer, preferring the campaign slogan over actually making an economic case for higher tax rates directed at the successful.
It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.
Monday, April 4, 2022
Biden’s Wealth Tax – Class Envy Hiding Economic Malpractice
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