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Proponents of big government, from both the left and right, share one important trait; namely, both spend their waking hours dreaming up new schemes to tax wealth. Only a blind, deaf and dumb observer of economic imbalance would deny that the massive accumulation of worldly assets into the hands of the smallest number of robber barons in all of history is at the core of most social unrest and global instability. However, adopting a Marxist outlook on the evils of the bourgeoisie simply confuses the nature of the financial magnates, while blaming the hard pressed merchant class for conducting beneficial business. Creation of tangible wealth is the greatest achievement in the uplifting and improvement of the human condition, when that stream of riches flows between and among entrepreneurs and business proprietors.

A viable middle class only exists, when the velocity of money grows, as expectation of future prosperity becomes the cornerstone of economic development. Wealth is not the problem. Only the crony capitalists, who game the political system and fix the financial markets, present the fundamental reason why sharing of wealth has become an intangible for most people.

The bighearted collectivists have a champion for their cause. Sen. Sanders calls for wealth tax at AFL-CIO convention, and presents a time tested onslaught on the opulent.

Sen. Bernie Sanders, a self-described socialist, called for a progressive estate tax on multi-millionaires and billionaires during a speech on Saturday.

“A nation will not survive morally or economically when so few have so much while so many have so little,” Mr. Sanders said at the Vermont AFL-CIO annual convention.

“We need a tax system which asks the billionaire class to pay its fair share of taxes and which reduces the obscene degree of wealth inequality in America,” said Mr. Sanders, an independent who caucuses with the Democrats.According to Mr. Sanders, taxing the top .25 percent of wealthiest Americans is the fairest way to reduce wealth inequality, lower the $17 trillion national debt and pay for investments in infrastructure, education and other neglected national priorities.

Mr. Sanders‘ proposal would not raise taxes for the remaining 99.75 percent of Americans.”

If you are disturbed by such an assault on those nasty rich, the “so called” right wing refuses to be outdone or out maneuvered.

Stanford University published Ronald McKinnon argument, The Conservative Case for a Wealth Tax. “In order to have a fairer tax system, we should implement a new federal wealth tax in addition to the federal income tax.”

Mr. McKinnon goes on to propose that:

“With a large exemption of say $6 million that effectively excludes more than 95 percent of the population, a moderate flat tax, say 3 percent, on wealth so defined could then be imposed . . . The new wealth tax would be levied on the global personal domestic and foreign wealth of American residents.”

Written by: JAMES HALL – continue reading at BREAKING ALL THE RULES

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