Uploaded December 2024 | Updated September 2026, 11 hours ago
We've heard a lot about taxing "wealth" over the last few years, and there appears to be a growing number of politicians and citizens who think that this would be a good way to fund the government.
Nevermind the fact that Federal government spending has gone up over 50% in just five years -- from $4.4 trillion and a deficit of nearly $1 trillion in 2019 to $6.75 trillion and a deficit of $1.8 trillion in 2024 -- clearly indicating that we have a serious spending problem, a wealth tax would primarily result in the wealthiest individuals moving their money out of the US stock market and investing in other countries instead, reducing normal people's access to credit and sacrificing growth rates for people's retirement accounts (401Ks, IRAs, etc.), leaving everyone much poorer than we would be otherwise.
Maybe we should focus more on the fact that the government is spending over $17 billion every day.
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LINKS:
youtube.com/watch?v=g2sHvMjsFJs
taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024
taxfoundation.org/research/all/eu/wealth-tax-impact/|
taxfoundation.org/blog/wealth-taxes-in-the-oecd
fee.org/articles/why-a-billionaire-wealth-tax-would-hurt-the-working-poor-and-the-middle-class
fee.org/articles/why-a-wealth-tax-can-t-solve-our-problems
fee.org/articles/the-flaws-of-elizabeth-warren-s-wealth-tax-plan
cato.org/blog/federal-spending-40-2019
We've heard a lot about taxing "wealth" over the last few years, and there appears to be a growing number of politicians and citizens who think that this would be a good way to fund the government.
Nevermind the fact that Federal government spending has gone up over 50% in just five years -- from $4.4 trillion and a deficit of nearly $1 trillion in 2019 to $6.75 trillion and a deficit of $1.8 trillion in 2024 -- clearly indicating that we have a serious spending problem, a wealth tax would primarily result in the wealthiest individuals moving their money out of the US stock market and investing in other countries instead, reducing normal people's access to credit and sacrificing growth rates for people's retirement accounts (401Ks, IRAs, etc.), leaving everyone much poorer than we would be otherwise.
Maybe we should focus more on the fact that the government is spending over $17 billion every day.
______________________________
LINKS:
youtube.com/watch?v=g2sHvMjsFJs
taxfoundation.org/research/all/federal/kamala-harris-tax-plan-2024
taxfoundation.org/research/all/eu/wealth-tax-impact/|
taxfoundation.org/blog/wealth-taxes-in-the-oecd
fee.org/articles/why-a-billionaire-wealth-tax-would-hurt-the-working-poor-and-the-middle-class
fee.org/articles/why-a-wealth-tax-can-t-solve-our-problems
fee.org/articles/the-flaws-of-elizabeth-warren-s-wealth-tax-plan
cato.org/blog/federal-spending-40-2019
