Will Elizabeth Warren and Bernie Sanders Proposed 3% Billionaire Tax Sink America's Economy?

DETROIT, Oct. 29, 2019 /PRNewswire-PRWeb/ -- Elizabeth Warren and Bernie Sanders, with their proposed 3% annual wealth tax on billionaires, are proposing America's economic destruction. Stoking envy and dissatisfaction among middle class Americans, their proposed tax is rooted in a belief that the economic pie is only so big, and in the belief that people shouldn't have wealth over a certain amount.

Says author of 'Beyond Billions,' David Roy Newby, "Deciding how much income someone should make or how much wealth they should have should be up to individuals, not the government. If you think 'the rich' should be taxed extra, be careful because very soon the government may decide that you are 'too rich' and tax you extra... or even take all your wealth under the pretense of fairness."

If Americans embrace the idea of taxing the rich extra, it will only be a matter of time before the government takes more and more of private citizens' wealth, which will likely lead to the destruction of America's freedom and prosperity. Income taxes started out only being applied to the richest people, and now everyone pays income taxes. Also, a 3% annual tax on American billionaires' wealth will simply cause them to move their company headquarters to a country that taxes them fairly and allows them to best serve their company's investors. The result of the wealth tax will be less government revenue, not more.

While it is true that the gap between the income of the rich and average Americans is larger than it's ever been, it's also true that the quality of life for all people globally is higher than it's ever been as well. Instead of focusing on how much someone else is making, which usually creates envy and lack of contentment, people should instead focus their energy on how to improve their value to the world by increasing their skills and abilities. This leads to greater satisfaction, sense of worth, and achievement all at the same time.

Says Newby, "Elizabeth Warren and Bernie Sanders are proposing America become socialist, which is an economic system that has failed every time. Any American thinking 'there shouldn't be any billionaires' or 'no one should have that much wealth' should visit Venezuela for a week and then reconsider their opinion about socialism. You never increase your quality of life by demonizing others; you improve your life by taking advantage of the economic opportunities given to you, and all Americans have lots of opportunities available to them. Be wise and reject the economic extermination of our wealth and freedom that Elizabeth Warren and Bernie Sanders are proposing."

Socialism is decimating Venezuela, and it will do the same to America if implemented. Savvy Americans will be wise to reject Elizabeth Warren's and Bernie Sanders' proposals of taxing the rich an extra 3% per year, and should intead seize opportunities that America provides.

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SOURCE David Roy Newby