Taxing Wealth

As you know, congressional liberals are struggling to get Joe Biden's $3.5 trillion "Build Back Better" agenda across the finish line. They have reportedly pared it down to about $2 trillion but they have run into trouble with how to pay for it. 

The latest idea that seems to have the most support among Senate Democrats is a modified wealth tax on the unrealized capital gains of billionaires. It would reportedly apply to approximately 700 people, and may well be unconstitutional.

While I haven't done a precise count, I suspect the vast majority of those 700 people are left-wing liberals like George Soros, Bill Gates, Jeff Bezos and Mark Zuckerberg. So, by all means, tax away!

But we know that every confiscation of wealth always starts by going after the very top and in short order, when it doesn't work as expected because there aren't enough wealthy people to pay for everything the left wants, it starts creeping down to middle- class and working-class Americans. 

Moreover, wealth taxes generally don't work. Most European nations have tried them, and most have repealed them.

Ideas and proposals for the left's reconciliation bill are changing by the minute as Nancy Pelosi and Chuck Schumer scramble to keep their side together. Whatever this ends up costing, $3 trillion, $5 trillion or $1.75 trillion, keep this in mind: There's been zero Republican input.

It was drafted behind closed doors by the administration that said it was bringing openness and transparency to Washington. It is being amended behind closed doors at Biden's Delaware home.

No one is asking Republicans for their input, not even "moderates" like Lisa Murkowski and Mitt Romney, who are always tempted to give Biden their votes. There is zero interest from Biden's gang in bipartisanship, unless it means total capitulation to their agenda.