A group of far-left lawmakers has introduced yet another bill to soak the rich.
Rep. Barbara Lee claims the legislation is designed to “tax extreme wealth, reduce inequality, and combat the threat to democracy posed by aristocracy.” But it would more accurately be described as an economic devastation bill. Indeed, it should alarm anyone who wants to start a business, build up wealth for retirement, leave an inheritance for their children, or just see the economy grow for everyone.
The bill’s authors make the cavalier assumption that wealth is simply a pile of gold that the wealthy sit on — that it’s just sitting around, waiting to be taken and redistributed. That’s nowhere near the case. Almost all the wealth of the people targeted by this bill is tied up in businesses that produce goods and services, provide jobs, and drive the innovation that raises our standard of living.
They have it exactly backward. Building wealth is something to be lauded and celebrated, and the government should let each of us get as wealthy as possible. Everyone’s lives have improved, especially those at lower income levels, thanks to innovators and pioneers whose passion for doing things smarter, better, faster, and cheaper resulted in them creating things no one thought possible.
Michelson then used his wealth to found a multitude of charitable organizations that direct funds to promising medical research, fighting neglected diseases, making college more affordable, and improving animal welfare.
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