Politico Admits Taxing The Rich Won’t Work

[WestVirginiaRebel]

Daily Wire

Tax the rich. Tax the rich. Tax the rich. That’s the solution to all our problems, if Democrats are to be believed.

 

 

 

 

 

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Now that the Party is gearing up for the 2020 elections, news outlets are pointing out that money from the rich won’t pay for all their promises. Of course, these stories are being written now, in early 2019, so that they won’t have to be written in 2020 and damage the chances of a Democrat beating President Donald Trump.

The most recent addition to the list of outlets acknowledging that taxing the rich won’t pay for the Democrats free-for-all policies is Politico.

“There are many reasons a direct tax on wealth might not work: First, rich people have a wide range of tax avoidance schemes. Second, it’s hard to measure wealth in order to assess tax levels, especially assets like art. On top of that, there are legal and constitutional questions about targeting a particular demographic,” the outlet reported.

Politico went on to point out that Europe has largely abandoned the wealth tax.

The Daily Wire previously reported on Europe’s abandonment of the wealth tax. Just three European countries still employ one: 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,” NPR previously reported.

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Surprise, surprise.