by Brian C. Joondeph
American Thinker
President Joe Biden is likely staring these days at the rising budget deficit along with his desire to spend far more money than the US Treasury has in its coffers. He must also notice his sinking poll numbers and dim prospects for his party in the November midterm elections. In response he has proposed a wealth tax on the uber rich.
The White House calls it the “billionaire minimum income tax” which is neither limited to billionaires nor is a tax on income. Anyone with a basic understanding of economics may call it instead an “economic malpractice tax”.
As the Wall Street Journal notes, “It’s a new tax on Americans with $100 million or more in assets whose effective tax rate in any year is less than 20% of their income.” Biden is off by an order of magnitude on the billionaire description, like calling someone with $100,000 in net worth a millionaire.