Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Here’s Why Warren’s Wealth Tax Won’t Work

October 21, 2019 By E.J. Smith - Your Survival Guy

Chair of the Council of Economic Advisers Christina Romer and Congressional Oversight Panel Chair Elizabeth Warren speak at the Women in Finance Symposium, March 29, 2010.

Elizabeth Warren has a plan to pay for all her plans, take wealthy Americans’ money. The problem is, other countries have tried just that, and it didn’t work. The rich and ultra-rich can move anywhere in the world and hide their wealth there. That’ what they have done in other countries that tried to pin them down and take their wealth.

Not to mention how difficult wealth taxes are for family farmers, whose wealth is tied up in their land, to be forced to sell parcels each year in order to fund the taxation. Pretty soon, there’s no farm left! And certainly no wealth.

At Mises.org, Germinal G. Van explains the problem with Elizabeth Warren’s wealth-tax plan, writing:

The second consequence will be a great decrease in productivity for the economy overall. Indeed, those who already own large amounts of assets often own those assets because they have managed to put them to good use expanding the economy and increasing employment.  The wealth tax, meanwhile, is built on the premise that government agents can convert that wealth into cash payments, and that the government knows better how to distribute it.

Moreover, were Warren’s plan to be enacted, many of those subject to the tax may leave the country. This has already been shown to be the case in Europe, where, accoriding to NPR:

In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn’t raise much revenue.

In France alone, the “wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems.”

The Warren wealth tax plan may confiscate the material wealth of wealthy persons and families. But those same people can take their know-how and move elsewhere. The impact on American productivity would not be positive.

Read more here.

If Elizabeth Warren comes for Americans’ wealth, they’ll simply find new places to live, and new places to retire.

Originally posted on Your Survival Guy.

Related Posts

  • Warren's Wealth Tax Won't Work
  • Warren's Wealth Tax
  • Why Won't Americans Move to Find Work?
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • Are You Fairly Wealthy? I’m Listening - March 21, 2023
  • Your Survival Guy’s BEST Insider’s Guide to Key West - March 20, 2023
  • For Whom Is Your Portfolio Serving? - March 17, 2023

Dick Young’s Must Reads

  • U.S. Survival AR-7
  • FARM AMERICA: New York City’s Finest Cheesemongers
  • Being Fully American Means Americans First
  • You May Be Surprised by America’s “Least Woke City”
  • Your Survival Guy Prefers Bombardier’s Global Express 7500
  • “An Epic Struggle Over the Definition of America”
  • “The Goal”: Strong Families, Resilient Faith, Thriving Middle Class.
  • The Claremont Institute: Protecting the American Way of Life
  • Mises and Rothbard Finally Get Their Due
  • What Do You Know About Rho-Kinase?

Our Most Popular Posts

  • Washington Is the Systemic Risk
  • Matt Taibbi Exposes the "Censorship-Industrial Complex"
  • “Will We Have Enough to Live On Forever?”
  • The Education of Barney Frank
  • SVB – There’s Panic in the Air
  • Cheap Reliable Heating – a Life Saver
  • ESG, By-Pass the Ballot Box
  • Pushing Back at ESG
  • MASKS: "No Measurable Difference in Outcome"
  • SPIES ON CAMPUS: The Chinese Have Invaded the Quad

Disclosure

RSS Youngresearch.com

  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • For Whom Is Your Portfolio Serving?
  • Who’s to Blame for Banking Vulnerability?
  • Mortgage Market Not Expected to Settle Down Soon
  • Are You Living Your Best Life?
  • Were Silicon Valley Bank’s Motivations for Taking Losses Pure?
  • Will the Black Swan Usher in Digital Dollars?
  • Major Rail Merger Gets Approval
  • The Education of Barney Frank
  • Credit Suisse Announced “Material Weaknesses” In Its Internal Controls

RSS Yoursurvivalguy.com

  • Are You Fairly Wealthy? I’m Listening
  • How Long Is Your Water Supply Chain?
  • Your Survival Guy’s BEST Insider’s Guide to Key West
  • Be Wary of Those Who Wrap Themselves in Capes
  • For Whom Is Your Portfolio Serving?
  • ESG: Are Markets Ready for “A Needed Dose of Reality?”
  • Was Silicon Valley Bank a Victim of ESG?
  • Are You Living Your Best Life?
  • March RAGE Gauge: Will the Black Swan Usher in Digital Dollars?
  • Gretchen Whitmer Reviving Forced Unionization in Michigan

Who’d be Nuts Enough to Have Put Money into SVB?

Are You Fairly Wealthy? I’m Listening

Get Well Soon Taki

A Cashless Society Is A Debacle for Americans

How about Hiring Erik Prince to Crush the Drug Cartels?

Key West’s Best Burger

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives