Biden’s Tax Bill ‘A Money Grab for the Ages’

DM

A Wall Street Journal editorial calls the new Joe Biden tax legislation a “Washington money grab for the ages.” Indeed, what else do you call a $2.2 trillion government “snatch-and-grab” from successful Americans? The Biden plan is full of all sorts of overly optimistic projections about how much money will be collected. It never quite works that way. Rich people, although not necessarily smarter than everyone else, tend to hire very smart accountants and tax lawyers — much smarter than government regulators and universally smarter than radical Democratic politicians. Because of that, rich people’s wealth presents a constantly moving target that the IRS can never quite catch up to. The example often cited by opponents of any “tax the rich” scheme is the French “wealth tax” from the early 2010s. It was a massive failure largely because it was based on simple-minded assumptions of what wealth is and what it isn’t. It was so simple-minded that the radical socialists who dreamed it up never thought that thousands of rich people would simply pull up stakes and leave France in order to avoid the tax. That’s what’s known as “voting with your feet.”

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