Excellent post Peter. Something that came to mind while reading this is, all these "tax the rich" sheep don't understand the ramifications of their ides.
In order for "the rich" to give up their wealth through taxes they would have to sell their stock holdings. This would affect not only the millionaires and billionaires, but also everyday people with stock options like 401ks, IRAs, etc. Since so much of our economy is propped up by the stock market it would effectively crash our economy.
That tells me these people not only don't understand basic economics, but also that they haven't thought through their ides at all. That's why posts like yours are so important, even if they only reach a limited amount of eyeballs
A Sowell quote about kids not being taught how to think comes to mind.
Yes, of course, I didn't delve into that obvious reality, or the fact that billionaires' billions are not cash in a vault. I've covered that countless times here, and y'all already know that well.
Even worse, all those public pensions that these covetous sorts consider sacrosanct rely heavily on those billionaires' companies. Point that out to the envy classes and you can smell the smoke from the short-circuiting.
Had FDR gone with privatized, tax-deferred SS accounts all those years ago, retiring generations wouldn't just have a "safety net" in retirement, they'd each have millions to pass on to the next generation. This isn't hypothetical - take your SS statement, ask AI to calculate the present value of all your contributions (+ your employer's contributions on your behalf) over the decades into a conservative mutual fund at say 5% tax deferred. The average retirement egg would be worth over a million dollars in today's money, which isn't "just enough" to retire on - at today's SS payout rates, it would continue to grow faster than the annual payouts. Meaning your kids' retirements would also be secured - because you can't take it with you when you die. Instead, we fed this all into the insatiable, redistributionist maw of government - and are leaving tens of trillions of dollars in debt to our kids. Those trillions have been denied to the private, productive economy. Public policy matters - matter!
Well, the true oligarchs are confident they will remain in charge. Soros and the WEF types will leave Bernie with his nice homes while the "universal basic income" leaves us peasants starving. Like Stalin with multiple homes and American luxury cars while his people starved.
You know, in one piece I penned a while back, I lamented that, "If private property ownership is the beginning of liberty, then property tax is liberty's end." I still firmly believe it. If we are taxed on property that is privately owned, that property is no longer privately owned - it is owned by the government. And the more we allow in taxation, the more we give in, especially on property and income, the more we "admit" that we have no right to the fruits of our own labor and "surrender to the socialists."
Excellent post Peter. Something that came to mind while reading this is, all these "tax the rich" sheep don't understand the ramifications of their ides.
In order for "the rich" to give up their wealth through taxes they would have to sell their stock holdings. This would affect not only the millionaires and billionaires, but also everyday people with stock options like 401ks, IRAs, etc. Since so much of our economy is propped up by the stock market it would effectively crash our economy.
That tells me these people not only don't understand basic economics, but also that they haven't thought through their ides at all. That's why posts like yours are so important, even if they only reach a limited amount of eyeballs
A Sowell quote about kids not being taught how to think comes to mind.
Yes, of course, I didn't delve into that obvious reality, or the fact that billionaires' billions are not cash in a vault. I've covered that countless times here, and y'all already know that well.
Even worse, all those public pensions that these covetous sorts consider sacrosanct rely heavily on those billionaires' companies. Point that out to the envy classes and you can smell the smoke from the short-circuiting.
Had FDR gone with privatized, tax-deferred SS accounts all those years ago, retiring generations wouldn't just have a "safety net" in retirement, they'd each have millions to pass on to the next generation. This isn't hypothetical - take your SS statement, ask AI to calculate the present value of all your contributions (+ your employer's contributions on your behalf) over the decades into a conservative mutual fund at say 5% tax deferred. The average retirement egg would be worth over a million dollars in today's money, which isn't "just enough" to retire on - at today's SS payout rates, it would continue to grow faster than the annual payouts. Meaning your kids' retirements would also be secured - because you can't take it with you when you die. Instead, we fed this all into the insatiable, redistributionist maw of government - and are leaving tens of trillions of dollars in debt to our kids. Those trillions have been denied to the private, productive economy. Public policy matters - matter!
Well, the true oligarchs are confident they will remain in charge. Soros and the WEF types will leave Bernie with his nice homes while the "universal basic income" leaves us peasants starving. Like Stalin with multiple homes and American luxury cars while his people starved.
You know, in one piece I penned a while back, I lamented that, "If private property ownership is the beginning of liberty, then property tax is liberty's end." I still firmly believe it. If we are taxed on property that is privately owned, that property is no longer privately owned - it is owned by the government. And the more we allow in taxation, the more we give in, especially on property and income, the more we "admit" that we have no right to the fruits of our own labor and "surrender to the socialists."
Great piece Peter.