Posted on 01/28/2019 5:26:17 AM PST by grundle
This is what the Washington Post wrote about France’s wealth tax:
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/15/AR2006071501010.html
Old Money, New Money Flee France and Its Wealth Tax
July 16, 2006
Eric Pinchet, author of a French tax guide, estimates the wealth tax earns the government about $2.6 billion a year but has cost the country more than $125 billion in capital flight since 1998.
Anyone who looks at the above numbers would know that all of that capital flight means less income tax, less capital gains tax, less sales tax, less social security tax, and less of many other taxes too. Whatever tax revenue France gets from its wealth tax is more than dwarfed by the reductions in other taxes.
And Warren’s proposed wealth tax rate is actually higher than France’s, so its potential for harm is actually bigger as well.
That doesn’t sound like a good idea for anyone who wants to increase the amount of tax revenue that gets collected by the government.
On the other hand, if Warren’s real goal is to appeal to Democratic primary voters who feel envy and jealousy, and who don’t understand math or the concept of capital flight, then her proposal is a brilliant strategy. Her horrible proposal could very well get her elected President in 2020.
The motivation isn’t revenue as much as it is envy. If we have to hurt ourselves badly to stick it to those rich guys, it’s worth it for the few moments of grim satisfaction that we’ll get.
Exceptions made for uber-wealthy Leftists, of course.
The last line is correct. It’s all about envy.
It’s the same as when politicians start talking about taxing corporations. Those eeevil corporations and their obscene profits.
Over the years, I have from time to time gotten into conversation with people who hear those wonderful ideas from politicians and who swallow them hook, line, and sinker. Unless the person is a raving lunatic, I’ll try to bring a little enlightenment into the situation.
I’ll say something like, well, you know, unfortunately companies HAVE to make a profit to stay in business. Really, would you work without getting a paycheck? I know I wouldn’t! Besides, when you think about it, corporations don’t pay taxes anyway. They pass those on to their customers....”
It’s a pleasure to watch the light dawn across someone’s face. I always hope that, once a thought process actually starts, it may continue on.
A quick glance around the world and a short perusal of history will reveal that Leftists care not one whit about the negative effects of their policies.
The communist rulers of Cuba, for example, certainly are aware of the consequences of their policies compared to policies in other countries. They could not care less. They are not moved to correct them.
Leftist are only interested in the accumulation of power.
“Now-I-will-get-a-beer” Warren definitely has problems connecting with regular people, who she has objectified as cattle to be herded.
What make Dan think Fauxchahontas cares?
The Power to Tax is the Power to Destroy, and Power is what she is about.
What if we tried selling lefties on the idea that the wall is to prevent people from fleeing high taxes?
Liz is just a trained puppet of the New World Order crowd that wants to Destroy America.
She is a low IQ that who is usable in a small segment of the population re education program.
NWO is using the machine gun approach to re educate the masses. Throw enough ammo down range and you will hit almost everything in time.
Very smart of her to exclude folks with several millions of dollars, like herself, from higher taxation.
It isn’t about revenue.
It is about eliminating success and creating dependency.
This requires class warfare and an enemy.
Same strategy the Bolsheviks used to take over.
As long as it is “morally right”, the facts are irrelevant....
I believe this is the new thinking in D.C. anyway...
Revenue?? How ‘bout: It is Constitutional??
*NOBODY* questions Congress’ ability to tax...it’s the “What FOR” is the $1M question. The tri-co-equal-branches taxpayer fuster-cluck *never* tread into that territory.
Warren: her sister lives in France !
No, that was the other nutty lefty gal defeated by Scott Brown
XVI Amendment
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
It doesn’t say anything about a tax on wealth. Only income.
Warren doesn’t care what it did just as Obama didn’t care raising capital gains tax would bring in fewer tax dollars.
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