by Walter E. Williams
Former Barack Obama adviser Rahm Emanuel, during a recent interview, reminded us of his 2008 financial crisis quotation, “Never allow a crisis to go to waste.” The COVID-19 pandemic has presented a wonderful opportunity for those of us who want greater control over our lives. Sadly, too many Americans have already taken the bait. We’ve allowed politicians and bureaucrats to dictate to us what’s an essential business and what isn’t, who has access to hospitals and who hasn’t, and a host of minor and major dictates.
Leftist politicians who want to get into our pocketbooks are beginning to argue that the COVID-19 pandemic is the best argument for a wealth tax. Let’s first define a wealth tax. A wealth tax is applicable to and levied on a variety of accumulated assets that include cash, money market funds, real property, trust funds, owner-occupied housing and other wealth accumulations. Assume a taxpayer earns $150,000 a year and falls in the 32% tax bracket.