More tax on the wealthy is a bad idea

To start the discussion about laying more taxes on the “rich” or the plan to tax the wealth (net worth) of the “rich” — the progressives’ latest push — let’s start with a discussion about the tycoons of the early U.S.

Tremendous economic and social benefits derived from Vanderbilt’s railroads, Carnegie’s steel and Rockefeller’s oil. These individuals took tremendous risks to build these businesses — these industries — and employed hundreds of thousand of individuals. They made life a lot easier for just about everybody. Milton Friedman states capitalism has brought millions out of poverty and into the middle class. Economic history clearly shows this to be correct.

Entrepreneurs such as these across America, the dreaded capitalists, are responsible for the employment of millions of our citizens — for putting food on their tables, cars in their garages, TV’s in their living rooms and their children through college. It is only possible because the businessmen had the money to start and/or expand their businesses.

Wealth in their hands is good — as opposed to what New York Mayor Bill DeBlasio thinks: “There’s plenty of money, it’s just in the wrong hands.”

Yet, Sen. Elizabeth Warren is constantly haranguing them, degrading them. This attitude toward wealth creation is one of the most idiotic, illogical attitudes one could have. Who is going to employ the masses? Her? With what? No, it takes capital and risk acceptance to bring along new businesses and those that do are certainly motivated by big returns. Take that away and what results? Ayn Rand explained it in “Atlas Shrugged.”

This constant degrading by some Democrats of successful entrepreneurs and wealth can be dismissed by a simple statement attributed to Abraham Lincoln: “You don’t make the poor rich by making the rich poor.”

And why is that true? Because the pursuit of wealth is not a zero sum game. As our ancestors showed, wealth can be created. It doesn’t have to be the result of looting, plundering or inheritance. It can be created.

And it takes wealth and capitalism to do that. And yes, capitalism will result in some getting quite wealthy, while they employ and enrich millions. Warren and those who share her opinions just don’t get this.

We simply have too many economic charlatans promoting ideas far outside their realm of their expertise: Warren and Alexandria Ocasio-Cortez quickly come to mind, Cortez, particularly with her “democratic socialism,” which would lead to autocratic decisions on what we consumers would be offered to buy.

Every socialist idea, every plan is ruinous and destroys freedom of choice — in every country it visits. And yes, taxing the assets of the wealthy is a precept of the flag bearer of socialism/communism, Karl Marx.

Charles Misak

Toano

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