Thread by @BlueSteelDC

A thread about socialism

@SallyAlbright @TheRichWilkins

A lot of new tweets are predicated on well there is a rich guy over there let’s confiscate his wealth and pay for all our stuff.
And anyone who says otherwise is a rich person apologist

1. WAPO or Forbes at best puts all that wealth at a few trillion of you took all of it. 1.54 to 3.7 trillion

wealth is usually stock so you are draining a company that hundreds of thousands work for

It’s not enough to pay for all programs but it’s enough to bankrupt companies

It’s not enough money. Warrens healthcare cost alone is 50. Trillion dollars and assumes a lot of savings of 30 trillion and then that she can raise 20 trillion. But all these programs together cost 67 trillion on the low end if you include debt forgiveness

Let’s talk about socialism where it really existed. It failed. It failed hard and living in socialist countries is not fun. america.aljazeera.com/articles/2015/…

The government doesn’t create wealth - enterprises do. The government taxes those enterprises for their bill.

But with anything If the relationship appears too one side-it dissolves. Socialist countries doesn’t have a lot of private industries opting to operate in its borders

This is the part where someone brings up Scandanavian countries. Well look closer- they actually don’t tax corporations higher than 20ish % and have low regulation. They operate in a form of hyper capitalism to attract companies and just promote social programs paid by indi

A lot of Sanders supporter or rose 🌹 twitter don’t want to use the examples that are actually socialist.

Why?

Scandanavian as an example isn’t helpful
investors.com/politics/comme…

And everywhere where the wealth tax has being tried - failed. But it’s naive that we don’t look at these for feasibility. Someone usually jumps in and says don’t ppl won’t leave the US.

Really? They have moved to whole plants to save money - but not HQ not residents?

1 of the biggest reasons the wealth tax failed bcuz it cost

All that taxable wealth you are talked about is usually tied up in a company. A company that has 1k+ employees or more. To avoid taxes, companies move HQ- laying off the employees and lowering the countries tax base

Wealth isn’t stored in some Scrooge McDuck money bin seldom are any of these ppl liquid - it’s tied in valuation of a company. One would have to sell an asset to raise the money to pay the taxes? Which pulls the money from a company? And in this market whose buying?

Whose buying in a market that puts high taxes for ownership. That draws down the value. This wealth is valuation. If there are no buyers when someone wants to sell- there is no value

This tax won’t be collected but it may be avoided taking middle class jobs with it

This tax nearly ruined France

France's wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems. Only last year, French president Emmanuel Macron killed it.

npr.org/sections/money…

How is something progressive if it doesn’t have outcomes to it that brings you progress. It’s a bill of goods that you can rely on super high taxes to fund goverment. It’s never worked. Anywhere not even in California