The Hill has published an article by Jonathan Turley, “Elizabeth Warren fuels class warfare with new wealth redistribution ideas,” which discusses the implications and possible consequences of Elizabeth Warren’s proposed wealth and captivity taxes. The article begins as follows:
For the purveyors of identity politics, there is no surer bet than leading the masses against the “super rich.” Since philosopher Jean Jacques Rousseau spoke of “eating the rich” before the start of the Reign of Terror, politicians have had an insatiable appetite for class warfare politics.
In her “wealth tax” legislation, Senator Elizabeth Warren insists she is merely nibbling on the rich but still can seize $3 trillion over the next decade, a figure challenged even by one Biden administration economist. Warren has also included an “exit tax” to stop the rich from fleeing. Not surprisingly, it is wildly popular outside of super rich circles. It also is arguably unconstitutional and manifestly impractical. Yet, in Washington, bad policy often makes for good politics.
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Wealth Strategies Journal 