Warren’s wealth tax won’t just hit the wealthy

In the end such a wealth tax will hit the less rich also.

But if enacted watch the wealth melt away. Rich people will avoid the stock and bond markets and anything that can be easily measured. Even if they do still hold stocks, the stocks will have to be sold to pay the tax. Who will be buying these stocks? The values will collapse.

(From The Washington Examiner)

If a wealth tax were implemented, the IRS would need to be given immense, invasive power. IRS agents would be empowered to keep an extensive list of assets and would be responsible for valuing each asset.

Warren also says that if you try to leave the US, you will be hit with a gargantuan wealth tax. Why would rich people wait for this to happen?

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http://www.againstcronycapitalism.org/