Former Illinois state rep wants “to loot mansions” with Warren’s wealth tax

Famed economist Michael R. Strain wrote a column for Bloomberg warning about the very concept of a wealth tax as proposed by Elizabeth Warren. She’s punishing success.

Strain asked, “What is wrong with the way these 75,000 families made their money? Why should we have special tax rules for a tiny fraction — 0.06% — of households?”

Warren’s tax would add to the taxes of the already taxed Americans and would, for example, tax the balance of retirement accounts.

It will be hard to administer and will not bring in the revenue Warren thinks it will bring in, Strain explains in his column.

Her plan calls for assessing the property and wealth of the 0.6% of Americans who fall into her wealth tax category every year, but how do you assess paintings, jewelry, and so on?

The wealth tax might also be unconstitutional and could kill democracy.

“Warren’s wealth tax would be an abuse of government power. It is the tax-code equivalent of looting mansions. What is wrong with the way these 75,000 families made their money? Why should we have special tax rules for a tiny fraction — 0.06% — of households?

“Paying taxes is not a punishment,” he continued, “and the tax code should not be used to penalize any group of citizens. Not even the very rich.” Strain says.

“What is wrong with the way these 75,000 families made their money? Why should we have special tax rules for a tiny fraction — 0.06% — of households?”

My latest Bloomberg column: https://t.co/oxM6omvOKP @bopinion

— Michael R. Strain (@MichaelRStrain) September 5, 2019

Then a so-called Democrat came along and fixed Strain’s tweet to put it into alignment with Warren’s true purpose.

One would imagine former Illinois state Senator Daniel Biss read the strain article when he decided to rewrite Strain’s tweet. That makes his fix of the tweet even worse.

His communistic tweet: “Counterpoint: ‘Warren’s wealth tax is an extremely good idea. It is the tax-code equivalent of looting mansions,’” he wrote in his rewrite of Strain’s column.

He’s a hard left thief. The plan is nothing but thievery. Biss is very clear. He thinks it’s okay to loot the rich, reminiscent of the communist regimes that did the same thing to finance their pie-in-the-sky freebies — for themselves.

Counterpoint:

“Warren’s wealth tax is an extremely good idea. It is the tax-code equivalent of looting mansions.” https://t.co/iIk46WMnAB

— Daniel Biss (@DanielBiss) September 6, 2019

These people are communists.

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