https://issuesinsights.com/2020/08/10/wealth-tax-on-billionaires-great-if-you-want-stagnation-fewer-jobs-more-poverty/
Senator and former presidential candidate Bernie Sanders has another bright socialist idea: A 60% wealth tax on billionaires to pay for nationalized health care for a year. Such nuttiness would be easy to ignore were it not for the fact he’s now the driving intellectual force behind Joe Biden’s basement-based presidential campaign.
As any economist worth his salt will tell you, a wealth tax is perhaps the most pernicious tax, since it punishes people retroactively for their hard work, thrift and smart investments.
Not only does it dissuade people from accumulating wealth, but it also dramatically reduces the amount of capital in our economy. Everyone will be poorer, with lower incomes for all and fewer jobs as the inevitable result.
We already had this debate, if you recall, last year. Both Sanders and his socialist pal Sen. Elizabeth Warren both brought it up. It was one of the many reasons why voters rejected both Sanders and Warren, favoring instead the mentally challenged Biden.
Yet, the wealth tax keeps getting burped up like a bad meal. Maybe with COVID-19 lockdowns and the public’s very real economic worries, the Sanders-led left (and, by extension, Biden) thinks it can take advantage and finally get a wealth tax passed. Or maybe it’s just political theatrics.