"Somebody said it again yesterday on one of the news shows. Even thought this may sound trite or overused, the election in 2020 will be the most important in decades. Maybe ever."
Last night during the Clown Car Debate, the wealth tax was discussed. Mostly by Pocahontas. She was taken out to the woodshed by some of the more "moderate" candidates. But no worries - she stayed strong on what she was advocating. In her academia demented mind, she could not understand for the life of her, why the rest of us rubes cannot get the drift. After all, most folks are not worth $50B. And for those who are, only two cents for every dollar of wealth over $50B would be required. Chump change for sure.
Before I get into the absurdity of what she was trying to sell, I need to say this first. When we hear the term "wealth tax" we all need to run for shelter. It is an economy wrecker. And no, it will not be only 2 cents on every dollar over $50B. When Pocahontas explained what this new wealth tax would pay for, it was everything (including) the kitchen sink. Clear thinking citizens would know right off the bat that this was nothing more than snake oil. Once a wealth tax is incorporated, that $50B soon becomes $50,000 or less.
Besides the wealth tax, one of the clowns also wanted to tax capital gains as ordinary income. Smart move. That will dry up investments faster than the California drought has dried up the Hollywood hills. But who cares? None of these clowns have a shred of business acumen, and that includes Yang and Steyer. Even those two guys, who have gotten rich in the system, are two fries short of a happy meal.
The reason our economy came to a crawl under Obama, is he did not know spit about economics. Well, other than a textbook he might have read somewhere. He put tons of business killing regulations on banking and business to keep those wild capitalists under control. It worked. We got used to a 1% GDP. This current crop will make Obama look like a Wall Street genius. They will initiate policies which will take us back to the dark ages of investing. And anyone who has worked hard for their money, well, you did not earn that wealth. The country did, and the overlords want it, so they can spread around. Sound like socialism? Bingo!
The one person who could, and did, turn this country around is Donald J. Trump. And the socialists hate him for it. They are trying every trick in the book right now, to get rid of him. But I will say this to the socialists. Beware. If we lose President Trump to a confiscatory President and Congress in 2020, half the country will refuse to play. Think about that. People with money will pick up and leave. In addition, no foreign investors will want anything to do with the US of A anymore. All of a sudden, the United States will go from a very rich country, to something that looks like Los Angles. Or Venezuela.
Somebody said it again yesterday on one of the news shows. Even thought this may sound trite or overused, the election in 2020 will be the most important in decades. Maybe ever. It will be for all the marbles. We stay a healthy republic with a strong capitalist economy, or we slide into despair. And that slide will happen quickly.
These folks are either stupid, insane, or ignorant and I'm not sure it matters which. They do not understand that wealth, unlike income, is not a liquid asset. Most wealth is tied up in stocks, bonds, real estate or a business. To pay this wealth tax, EVERY YEAR, some of these assets have to be sold, and at that point the bottom drops out of the stock market, the bond market, the real estate market, and businesses close up and put people out of work. Really, really stupid. Oh, and because these folks lose their investment income, the government will be collecting LESS in income taxes. Really, really, REALLY stupid.
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