“The power to tax is the power to destroy.”—Dan’l Webster; with Richard Epstein.

Nov 14, 04:50 AM
Image: Pieter Brueghel the Younger, The tax collector's office, 1640.  Public domain.
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Richard Epstein, Chicago Law, New York Law, Hoover Institution, animatedly explains taxes.  Elizabeth Warren’s proposal takes on the richest people in the Solar System, the billionaires: a 6% wealth tax on everyone whose resources exceed a million dollars.

“The power to tax is the power to destroy.” She thinks you can double revenue by doubling taxes.  If you take 6% each year, a lot of the money will be gone in twenty years.  It's ruinous as a revenue-generator. When the superrich invest money, they usually put it in the market or endow charities.  

Warren also want to make it difficult or impossible for rich people to leave the country – unfortunately, a clear mark of tyrants who’ve regularly done this in the past – Hitlerites, Soviets, current Chinese communist party members.