The President says the defining challenge of our time is inequality. Not jobs, lack of economic growth, excessive regulation, THe latest economic darling of the left the Marxist economist Thomas Piketty, says we need an 80% tax on incomes over $500k, and a GLobal Wealth tax. There are cries all over the leftist blogs about redistributing wealth. So lets take a concrete example.
According to Forbes, Bill Gates is worth $76B. Of course this is his share of Microsoft. No one needs that kind of wealth. Think of what it would do to the poor. So lets redistribute it. We liquidate Microsoft and give the fortune to everyone below the poverty line. According to the governnment that is 49M people. So each of them gets $1551.00.
THe result? THe poors economic situation is unchanged. They will spend the money and it is gone. Also gone are the 42,000 jobs the fortune supported, plus another 146,000 jobs in support companies. also gone is the $223M Microsoft paid in taxes, and the $36M paid by its employees. GOne is the economic benefit generated by the companies products. Gone is the fortune that generated ALL of this GOOD, PLUS a $24B charity. ALL so 49M people can blow a grand
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