By John W. Childs,
The first thing to be said about Senator Elizabeth Warren’s plan for a wealth tax — she’s promising to release the particulars soon — is that it attacks one of the pillars of American greatness. It is hard to imagine anything more un-American than an attack on wealth. Accumulation of wealth is central to our right to life, liberty, and the pursuit of happiness. It is the fruit of that uniquely American personality trait — optimism.
That can-do spirit has beaten the odds countless times, including all the Horatio Alger stories that populate American history. The impact of American wealth is not limited to the obvious manifestations of leading businesses and standards of living. It includes the universities, foundations, and private health, conservation, and other charitable organizations, which are the ultimate beneficiaries of much of our commercial wealth and are the envy of the world.
Yet attacking wealth is precisely what that the senior senator from
Massachusetts proposes to do. Though she’s yet to issue the details,
Mrs. Warren is now advertising on her Web site what she’s calling the “Ultra-Millionaire Tax.”
It proclaims that a “small tax on the great fortunes of more than $50
million can bring in nearly $4 trillion to rebuild America’s middle
class.” It adds: “It’s time for the rich to pay their fair share.".....To Read More....
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