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Taxing Wealth, Part III October 1, 2019

Posted by geoff in News.
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Before I get to that Cato poll, I remembered that I forgot to address one of Bernie’s points from the NYT article (discussed in Taxing Wealth, Part I):

Mr. Sanders is blunt about his desire to reduce the size of America’s biggest fortunes, even highlighting how much individual billionaires would have to pay in taxes under his proposal. He said last week that he did not believe billionaires should exist in the United States.

“There’s no question to my mind that the United States is moving toward an oligarchy,” Mr. Sanders said. “This is an issue that has to be addressed, and this wealth tax begins to do that.”

The thing about oligarchies is: they need a source of power. In this case, the power of the billionaires is derived from their influence over the government.

geoff’s First Axiom (of the day, that is): The only way of reducing the power of the oligarchy is to reduce the power of government.

Taxing the wealthy and giving the money to the government does not reduce the influence of the billionaire class on government, it just gives more resources to government for them (the billionaires) to influence and control.

So Bernie is doing the exact opposite of what he should be doing.

And I’ll be getting to that fershlugginer Cato poll tomorrow morning, it looks like.

Comments»

1. Retired Geezer - October 2, 2019

Bernie said: He said last week that he did not believe billionaires should exist in the United States.

He will get his wish… they will all move away.


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