If anything is a glaring example of pandering, misguided,
authoritarian, collectivist tendencies, it is Sen. Elizabeth Warren’s proposal
to institute a “wealth tax” against individuals with large assets. Not only is her proposal likely an unconstitutional
violation of the Constitution’s prohibition against direct taxation, it is a
policy designed to penalize success in order to grant Washington the power to redistribute
earned wealth to those who haven’t earned it.
In essence, Warren is proposing the seizing of assets from some in order
to pay off the political constituencies she prefers.
For generations, economists have suggested that the economy functions best when people save their money, and invest it in areas that help the economy grow. As an economy grows, overall wealth increases, benefiting all. This does not mean that equal outcomes ensue, or even that equal outcomes are desirable. Instead, it means that the producers and investors help grow the economy, producing goods and services valued and used by people of all economic circumstances. One needs only look at some of the products created, many of which did not even exist twenty or thirty years ago, to see the value of allowing producers to earn, keep, and invest their funds. Cell phones, pharmaceuticals that cure disease, and personal computers are among the products that were unobtainable a generation ago, but now owned by rich and poor alike. Although there is obviously inequality in incomes, the fruits of a vibrant economy are made available to all. The wealth tax, instead of encouraging savings and investments, instead instigates the squandering of money.
Warren, and others of her ilk, believe that the economy is “rigged,” and that only intervention by a select group of bureaucrats and technocrats, using money seized by producers, will allow the attainment of her goal of income equality and equal outcomes for all. Instead of recognizing the value producers and investors have on the economy, Warren advocates a lowest-common denominator form of economic “equality” in which one’s skills, abilities, and contribution to the economy are ignored and unrewarded, while those who do not offer goods and services needed by the economy are unjustly compensated. She is under the mistaken assumption that wealth is a fixed-size pie, in which one’s success denies others the opportunity to achieve success. Warren ignores, or is ignorant of, the fact that wealth can, and is, created and can grow.
As with other politicians with socialist tendencies, Warren ignores the failures of other nations that have imposed wealth taxes. In the last 27 years, the number of nations instituting wealth taxes has decreased from twelve to four. It is also worth noting that although Warren claims the wealth tax will only affect the “richest of the rich,” nations with a wealth tax have always quickly lowered the wealth standard to include those with middle-class incomes. Like the income tax, which was originally levied only on the super-wealthy, any wealth tax will eventually (and quickly) be expanded to affect almost all wage earners. Once government gets a taste of additional tax revenues, its hunger for more taxes to fund politicians’ pet proposals inevitably increases.
Even if one ignores the inherent immorality of seizing one’s earned assets (which were already taxed when they were initially earned), one can not ignore the huge and intrusive bureaucracy that must be established to ensure compliance with the wealth tax. The wealth tax is not limited to assets in financial institutions which can easily be traced; it also is levied against any fixed assets or property owned by the citizenry. Will tax authorities be given the power to break into people’s homes to ensure that they are properly declaring the value of their furniture, artworks, clothing, vehicles, etc.? Will people who invest in tangible goods be penalized, while people who squander their money on consumable products and experiences (such as opulent food, entertainment, and travel) be spared the burden of the wealth tax? How is it fair that those who prefer tangible property over experiences should be burdened by additional taxes?
In practice, any imposition of a wealth tax will likely lead to the conversion of assets to easily hidden and transferable assets like precious metals and jewels. In fact, the institution of a wealth tax will likely cause the creation of a parallel, underground economy, in which gold and silver are used for untraceable transactions. This will place a burden on the national currency system, causing an outflow of assets that must be replaced by the printing of additional currency. This, in itself, will create inflationary pressures that could be as significant as the hyper-inflation experienced by Weimar Germany in the 1920’s and ‘30’s or more recently, Venezuela. Capital used for investments will diminish, resulting in a stagnant or collapsing economy.
Finally, Warren’s proposal includes a caveat that attacks even the appearance of individual liberty and self-determination. If a person subject to the wealth tax decides that he or she wishes to relocate to a nation that actually values productivity and success, that individual will be subject to a confiscatory tax that seizes 40% of their total assets before they can move. Not since the fall of the Berlin Wall have we seen any nation erect such substantial barriers to prevent its citizenry from seeking out greener pastures or freely moving wherever they wish. Warren is proposing the imposition of an economic prison that will extort wealth from producers and limit the ability of producers to engage in self-determination. In essence, Warren is advancing the creation of an economic despotism that replaces free-enterprise and rewards for success with a centralized, socialized, command economy dictated by a small group of selected “elites.” Not only is her proposal immoral and unconstitutional, it repudiates the values of individual liberty upon which our nation was founded.
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