On March 6th, Issues & Insights posted an article about Bernie Sanders’ new tax idea–tax the billionaires–they shouldn’t even exist. Okay, billionaires have a lot of money, much of it made in the technology field, but Bernie Sanders has a lot of money too, all of it made while he was a public servant.
The article notes:
There are not quite 1,000 billionaires in the U.S. Roughly 200 of them are still in California, even after the departures of PayPal and Palantir co-founder Peter Thiel, Google co-founders Larry Page and Sergey Brin, Facebook founder Mark Zuckerberg, Oracle founder Larry Ellison, and others who don’t wish to have their earned wealth seized by greedy hands and redistributed politically. It would take a while to drive them all to extinction, but it’s obvious that Sanders and the others who play the politics of envy would sadistically enjoy a painfully drawn-out eradication.
Naturally, they stake out a position based on morality, but if they get their way, they will do deep harm to the country. An advanced economy that has no billionaires is an economy that is in decline. Any economy that loses even a portion of its billionaires will suffer similarly.
Billionaires aren’t caricatures in board games. They are indispensable to prosperity, not just their own but that of all of us. They create wealth, generate jobs, add trillions in value to society, develop lifesaving innovations, efficiently allocate capital, fund charities and philanthropic causes, take risks few others would dare to, and send an immense amount of dollars to the U.S. Treasury (the top 1% of taxpayers were responsible for 40% of federal revenues).
And what has Sanders done? He’s built nothing and lives to tear down what others have produced. He stirs up resentment, rails against choice, has been trying to slay the oligarch dragons for more than three decades, and wants to force the country to join a commune that he designs and runs.
Maybe we were wrong. A single billionaire isn’t more valuable than a thousand Bernie Sanders. A single billionaire is more valuable than a million Bernie Sanders.
Just for laughs, let’s talk about Bernie Sanders’ wealth.
According to Gazette Direct:
Between 2009 and 2018, Sanders and his wife, Jane, reported a combined income of $4.7 million, largely fueled by his writing. His other books, such as The Speech: A Historic Filibuster on Corporate Greed and Where We Go from Here, added to his finances, with royalties ranging from $170,000 to $850,000 in peak years.
Real estate is another pillar of Sanders’ wealth. He and Jane own three properties. Their primary home is a four-bedroom house in Chittenden County, Vermont, purchased in 2009 for $405,000, now valued at around $440,000. They also own a townhouse in Washington, D.C., bought in 2007 for $488,999, which has appreciated to an estimated $685,000. Their vacation home, a lakeside cabin in Vermont, was acquired in 2016 for $575,000, a steal compared to its original listing price of $775,000. These properties, though mortgaged, contribute significantly to his assets.
Notice that Bernie Sanders is going after billionaires–not millionaires (because he is one). Somehow socialists always want other peoples’ money while keeping their own.