from Brent Smith for World Net Daily:
Those who back the notion that Elizabeth Warren’s wealth tax is a great idea have given it little to no thought.
The Warren wealth tax is tailor-made to cater to the angry “income inequality” crowd on the left, because when people think of a wealth tax they think of a tax only on the wealthy – a “soak the rich” tax.
Warren’s wealth tax can also be thought of as a veiled property tax.
When most think of property tax, they think only of their house and land they own. Yet property is quite literally everything you own – your house, car, jewelry, precious metals, investments, money in the bank, retirement – pretty much all your belongings, both tangible and intangible. And all that property will be subject to a punitive tax.
But fear not, the leftists say, for the wealth tax will only affect those worth more than $50 million, and even then the tax will only be 2% of net worth. Heck, they won’t even miss it – right?
However, as Bobby Jindal recently said on Fox Business – we should all fear what will come if such a wealth tax ever found its way into law. Jindal said that the federal government’s appetite for spending is so great, “they can’t just tax the millionaires and billionaires – they’re going to tax everyday working people.”
But is this “soak the rich” tax idea something new?