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During the latest debate about Elizabeth Warren‘s proposed “wealth tax”, I’ve yet to hear one of the most obvious arguments against it–billionaires likely won’t pay it! We already have a wealth tax, it’s called the inheritance tax, and virtually no one pays it. Rich people with estates large enough to potentially get hit simply restructure & move around their assets using the best lawyers and accountants, so they pay nothing. The same is going to happen with a wealth tax. If it’s written into law, you can expect 1000+ pages of text (like all Congressional laws) that include all kinds of complex exceptions and loopholes. After all, most billionaires are hard-core democrats, so they must be protected. If by some remote possibility there aren’t enough feasible loopholes to get around the tax, billionaires will likely simply renounce their U.S. citizenship and move offshore to a tax haven like Grand Cayman or the Bahamas, it which case the tax collected will definitely be zero. Pocahantas’s proposal exists solely to score cheap political points and increase hatred of all things republican, conservative, or libertarian. Here’s an article that examines more of the pros and cons of the wealth tax.
