Bernie Sanders proposes 77 percent estate tax for billionaires
The insanity on the progressive left is just starting. The flapdoodles now want to force income tax top rates to 70% and levy wealth taxes of 4-5% and now the crazy old uncle in the attic, The Bern, wants to look the estates of billionaires after they die to the tune of 77%.
Why, because none of these things have any economic consequences for the nation? Progressives live in a fact-free fantasy world where they can take as much money as they want from people and neither they nor others will be negatively incentivized.
Meanwhile, in the real world, confiscatory taxes like these would shock anyone subjected to them resulting in a sharp diminishment in economic activity, and active tax-dodging behavior which always results in economic decline.
The way out of problems is through a strong economy and strong employment, not collectivist redistribution. Price's Law shows that any distribution will have a fleeting effect on the poor and the wealth, and income will quickly end up in the hands of a few. Productivity, income, and wealth cannot be effectively and permanently redistributed by the use of government appropriation of property or confiscatory tax schemes. Only fools, politicians, and academics, but I repeat myself, who continue to hew to the long-debunked ideas of socialist redistribution policies believe this twaddle.
The result is the same continuing economic decline to the point where the society collapses. Venezuela is in the beginning stages of collapse now. Is this what you want? If so, keep pursuing these destructive socialist policies. If not, kick the progressive imbeciles to the curb now.
Progressives are in the beginning stages of their run to the left which will shock America. The Democratic candidate for President will be so far to the left even many moderate Dems will leave the party to vote Republican for the first time in their lives in the 2020 Presidential election.