Lower taxes equals more growth in the economy. That’s seen repeatedly, especially after the last round of GOP tax cuts that immediately initiated a spontaneous growth of the private sector and opened up thousands of new jobs.
Of course, Sen. Elizabeth Warren thinks her “Wealth Tax” idea is a cut above the rest. A shiny new idea that will force the mega-rich to “pay their fair share,” and will allow the poor to get a leg up in life.
Only it won’t. First off, the millionaires will find another place to be. How do we know that? Because as Ken Webster Jr. at WRNO first pointed out, a wealth tax was already tried before in France, and the millionaires just packed up and found better places to be, taking their money with them.
This happened as recently as 2017 according to the Daily Mail:
Edouard Philippe defended President Emmanuel Macrons’ economic reforms, which have seen thousands take to the street this week, saying they are needed to make France attractive the wealthy again.
Last year alone, 12,000 millionaires emigrated from France – the highest outflux in the world.
The annual millionaire’s migration report by New World Wealth found that around 10,000 millionaires left France for other countries in 2015.
Last year, France topped the global list with 12,000 millionaires migrating – some 3,000 ahead of the number two on the list: China.
Warren isn’t leveling the playing field by stealing money from the rich and giving it to the poor, she’s essentially telling the drivers of our economy that they aren’t welcome here.
On top of that is the fact that giving the businesses owners and investors less money to work with gives them less ability to create jobs. It’s simple economics that has been demonstrated time and again.
So why is Warren jumping on the “tax the rich” bandwagon?
The easy answer is that Warren has been looking at Rep. Alexandria Ocasio-Cortez with an envious eye and is trying to jump on trains she thinks the Democratic party are riding to the future. She sees the approval for Ocasio-Cortez’s 70 percent tax plan and wants a piece of those approval numbers.
As Dan Crenshaw accurately surmised, Warren is willing to back up failed plans because the kind of class warfare the Democrats are signing on to is the path to power.
— Dan Crenshaw (@DanCrenshawTX) January 25, 2019
Warren is looking divide and conquer, not give a helping hand to the needy. If she really wanted to do that, she’d be talking about cutting taxes.
Once again, Warren is seeing all the wrong smoke signals and taking all the wrong actions.