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Taxing Wealth, Part II October 1, 2019

Posted by geoff in News.

As I mentioned in the previous post, the Cato Institute conducted a poll to ascertain why people supported wealth taxes and opposed capitalism. Before I talk about those results, I’m going to tell you why people support wealth taxes and oppose capitalism.

It’s because this is their conception of rich people and their money:


They’re thinking, “Why not take some of that unused money out of those vaults and give it to the poor?”

That would make an immoral kind of sense if that was what people were doing with their money, but as we know, probably only George Soros has a room like that. The rest of the people are investing their money in a variety of financial instruments, and those instruments generally provide needed funds for loans and investment.

The rapid increase in the ultra-wealthys’ share of the nation’s wealth has come under scrutiny, but it’s direct evidence that a significant fraction of their wealth is invested in the stock market.

Which is a good thing for everybody.

OK, I’ll really really get to the Cato poll in the next post.


1. Jimbro - October 1, 2019

Scrooge McDuck has always been one of my heroes

From the wikipedia entry: “Scrooge is an elderly Scottish anthropomorphic Pekin duck with a yellow-orange bill, legs, and feet. He typically wears a red or blue frock coat, top hat, pince-nez glasses, and spats. He is portrayed in animations as speaking with a Scottish accent.”

Other than the clear racism directed at people of Scottish descent and ducks, what’s not to like?

2. Bunk Strutts - October 13, 2019

Scrooge McDuck has always been a propaganda tool to indoctrinate the little ones.

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