January 19, 2020

The Problem with the Wealth Tax

“Ever since former President George H.W. Bush coined the phrase to criticize then-candidate President Ronald Reagan’s tax policies, Democrats and progressives have been accusing Republicans of “voodoo economics.” They are right to do so. The oft-repeated mantra that tax cuts for the rich will trickle down to help all of us, most recently heard in the Trump White House’s claim that his trillion dollar tax cut for corporations would give each worker a $4,000 raise, keeps coming up empty.

“Supply-side economics” seems to work only for those with a ready supply of wealth. Forty years of voodoo have left America with skyrocketing debts that cripple present and future policy, while workers keep paying more and more taxes. Americans deserve more honesty and responsibility when politicians talk about the people’s pocketbooks.

Which is where the wealth tax and other proposals coming from the Democrats’ left wing, Senators Elizabeth Warren and Bernie Sanders, come in. It isn’t that wealth inequality isn’t a massive and growing problem in America. It is, perhaps at the root of all our problems. And it is not that a wealth tax is not a serious proposal to address this serious problem. It is.”

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