Sen. Ron Wyden, the leading Democrat Senator on the U.S. Senate Finance Committee, has drawn up a new tax plan that would not only tax one’s income but also his or her accrued wealth.
The plan, “Treat Wealth Like Wages”, should terrify not only rich businessmen and women who are clearly the targets of the Democrats’ money grab, but also middle class citizens who will most likely see their taxes rise in order to pay for expensive, unnecessary new federal programs.
The mainstream news media is hyping up the portions of the plan that target the very wealthy, noting that the plan would raise capital gains taxes on millionaires and billionaires and thus raise up to $2 trillion in the next decade. At the same time, far-left activists and professors are publicly praising the proposal.
The President of the Center for American Progress Action Fund has praised the “Treat Wealth Like Wages” plan as a “bold solution that would reduce inequality.” Professor Lily Batchelder from the NYU School of Law says that the money generated from the added taxes on the very rich could “level the playing field.”
However, the plan has some dangerous flaws that have savvy voters worried. First of all, those who invest their savings to earn more money shouldn’t be automatically punished for making wise business decisions. The new tax law would do just that, which would most likely lead to wealthy individuals opting to invest their hard-earned cash outside of the country.
The other big problem with the “Treat Wealth Like Wages” plan is that history clearly shows that taxes intended only for the wealthy hit the middle class even harder. This was the case when income tax laws were first enacted in the early 1900s. Once the law is in place, it won’t be hard for the government to lower the threshold to tax upper-middle-class individuals, and later middle-class individuals later on.
Some may be tempted to dismiss Sen. Wyden’s plan by stating that it has no chance of ever becoming law. Unfortunately, that’s not at all true. If the Democrats regain control of the Senate and the presidency while retaining control over the House of Representatives, this could pass unchallenged. Alternatively, Democratic lawmakers could just ditch the filibuster rules altogether like they have been threatening to do since the beginning of the year.
The Treat Wealth Like Wages plan clearly shows that the Democrats have moved so far to the left that they are past the point of no return. Punishing people because they happen to own more assets than others is a move straight out of the old Soviet Union, not a plan for creating a wealthy, prosperous nation in today’s modern world.