REACTION to Elizabeth Warren’s Attack on Billionaires and Wealth Tax

Throughout history, different countries have tried out different economic models. There have been socialist countries, communist countries, and capitalist countries. There have been other models too but these have been the prominent ones. The United States of America is kind of a mixed economy. It embraces capitalism and economic freedom but it also allows government intervention for the public good.

This is one of the main reasons behind the rise of the US as the largest economy in the world. It has fostered countless innovations over the past centuries which gave birth to global corporations, creating many billionaires and millionaires in the process.

Recently, there has been a growing movement to chip away at the wealth of these billionaires who have been monumental in building the USA. Elizabeth Warren is a US senator and she has launched an ad that many consider, an attack on billionaires. She wants to introduce something called the ‘wealth tax ‘ which aims to increase taxes for the super-wealthy.

Attack On The American Dream

Warren’s proposal is an attack on the American dream. It could prove to be murderous for entrepreneurs and could have some really grave consequences. Bernie Sanders, another US senator believes that there should be no such thing as billionaires. Such views are attacks on the opportunities in the land of the free and brave.

Many experts and researchers have said that it would be an unwise decision to increase taxes on the wealthy to pay for social programs. The government has proved itself to be quite inefficient in handling public funds and the same could happen on a larger scale. There are many other adverse consequences as well but there are three that top the list.

1. It will stifle the economy

It will end up stifling the future innovators, dreamers, and entrepreneurs from materializing their dream. The very advancement of technology might suffer as a result which would be a direct stifling of the advancement of America. If Mark Zuckerberg, who is worth more than $70 billion, had this wealth tax to adhere to since 1982, his net worth would be cut in half.

The government should just let the wealthy do their thing and help contribute to the growth of the country by paying the usual taxes. They shouldn’t come in the way and hurt their own country and countrymen as a result.

2. It will shift contributions

Most of the donations to charity are made by billionaires, millionaires, and giant corporations. The proposed taxes would shift that completely. The wealthy would then have to give out a lot of their wealth to the government who may or may not give it all to those charities and non-profit organizations.

3. Stealing The American Dream

Politicians like Warren have a socialist mindset. They want entrepreneurs to work while they kick back and receive huge sums for doing essentially nothing. That’s very much like stealing someone’s money. It is a blatant disrespect of the amount of risk and hard work that entrepreneurs have to undertake.