Senator and presidential candidate Elizabeth Warren proposes a new tax – not on income, but on wealth. There are a variety of economic arguments against a wealth tax, but I will let economists argue those. My objection is that Warren starts with the assumption that great accumulated wealth is based not on achievement, but on manipulation of the economy and our government.
But what if wealthy people became wealthy by producing something we all want? Did Steve Jobs become wealthy by rigging the system, or did he develop, produce, and market the iPhone, a device that has had a greater impact on everyday life than any government program Senator Warren might fund with her new tax? Did Jeff Bezos rig the system, or did he create with Amazon an incredible company for marketing and selling products? I just used Amazon to buy four tires for my Toyota Corolla. The local garage told me I needed new tires and gave me an estimate of $660 for tires and installation. Instead, I ordered tires on Amazon and took them to the garage for installation. Saved $300. So if Bezos became super-rich by providing me and millions of others with that service, fine by me.................... To Read More....
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