If you tax wealth, soon enough there will be nothing left to tax. From Jonathan Turley at jonathanturley.org:
Washington State’s unofficial state motto has long been “Al-ki” which means either “bye and bye” or “by and by” in Chinook. The former meaning now seems official as Gov. Jay Inslee pushes for a “wealth tax.” Wealthy citizens are already saying bye to the state in anticipation of what one Democratic billionaire recently called a “boneheaded” move.The problem is that rich people can move. Unlike fixed assets like a mansion, they can take their wealth and taxes to other states without such laws.
The post from Senate Democrats supporting Senate Bill 5486 said, “The first $250 million of assessed value is exempted, meaning only the wealthiest people in Washington would pay the tax, including some of the wealthiest individuals in the world.”
I have previously written against wealth taxes from both constitutional and practical perspectives in the federal system. Sen. Elizabeth Warren (D., Mass.) has long been a proponent of wealth taxes and the Biden Administration supported the effort.
The Wharton Budget Model at the University of Pennsylvania found that Warren’s legislation would raise $2.7 trillion in revenue, but it would also reduce capital by 3.1%, depress average hourly wages by 1.2%, and reduce gross domestic product (GDP) by 1.2% in 2050.
It is part of an “eat the rich” pitch from liberal politicians and pundits.
