On Friday, Hot Air posted an article about California Governor Gavin Newsom’s support for a wealth tax. You would think that with all of the people moving out of California because of its high taxes, he might have observed a pattern. Remember, this man may be a presidential candidate.
The article reports:
Gavin Newsom has, until now, opposed wealth taxes, or so-called “Billionaire” taxes.
No longer. Joining Ro Khanna, Elizabeth Warren, and the more radical left-wing in his party, he is jumping on board the crazy train, calling for an “economic reset” by seizing a fraction of the wealth—almost all of which is unrealized capital gains, and hence the ownership of companies and not actual cash money—and transferring to the government to spend on…whatever. Making the world poorer but “fairer.”
To quote Thomas Sowell:
What exactly is your ‘fair share’ of what ‘someone else’ has worked for?
There is also the matter of the Laffer Curve:
On Friday, CNN reported:
California Gov. Gavin Newsom on Friday proposed a national tax on billionaires that he says is the first part of an “economic reset for America” agenda, which aides explicitly say is part of his considering to launch a presidential campaign.
“The system America’s founders built was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades,” Newsom writes. “We can reverse it together, as a country.”
It is extremely early in the presidential campaign cycle for a policy proposal — but comes as Democrats continue to embrace economic populism and moves against the wealthy. It also comes as California voters in November will decide on a billionaires’ tax after the governor and opponents of the tax late Thursday failed to reach a deal to keep it off the ballot.
Class envy and greed are ugly, but they are often useful in political campaigns.
The article at Hot Air concludes:
Other First World countries have committed economic suicide. Argentina used to be the 7th largest economy in the world. Then it became fascist/socialist, and it has taken decades to just get back on the right track. Europe has been committing economic suicide.
America could too.
Newsom’s move shows that at least some, and probably many, Organized Crime Democrats are going to try to throw the babies and old people to the ravening wolves, and you and I are those babies and old people.
This is one of many reasons I am urging common-sense Americans to vote Republican in the mid-term elections. The Democrats are very scary right now.