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Elizabeth Warren advocates a 2% annual wealth tax on families worth more than $50 million and 3% on wealth above $1 billion. Warren and her “experts” believe that because approximately only 75,000 families, or 1 in 1,700, would pay the tax, hardly anyone would be hurt.
Warren et al. do not realize that the wealth of the rich is invested in businesses, in the plant, equipment, and inventories of firms, and that a tax on their wealth is a taking away of part of the assets of the economic system.
Thus, throughout the economic system, firms will have fewer products to sell and fewer means with which to produce them. The losers will by no means be only the wealthy owners, but the tens of millions of customers who will be faced with fewer goods to buy.
And tens of millions of wage earners who will be faced with a lower demand for their labor, which demand comes primarily from the capital of business firms.
Warren’s ignorance on this subject is so great that it should disqualify her not only from ever becoming President but also from being a US Senator, a law professor, or even a plain country lawyer.
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