‘National wealth tax’ doesn’t add up to a solution

In response to last week’s letter calling for a “national wealth tax:” it’s neither a new nor a good idea.

Question: a 10 percent tax on everyone worth more than $10 million – just once? Every year? What?

What gives us the right to do that, because it will only affect 1 percent of us? Or is it because the majority can get politicians who will vote for it? It’s not their money to take.

The top 1 percent already pays over 30 percent of all income tax. And they won’t sit still for an additional 10 percent butchering – they’ll move. Or bank their money overseas. Or hire lobbyists to carve out exceptions and exemptions – at events like the recent Puerto Rico beach “shmooze and booze.” They have ways.

We could take every dime the top 1 percent has and the federal government would burn through it in several months. Then what?

The rich don’t stuff their money in mattresses. It’s far more productive in their hands than in the government coffers. They invest it, putting people to work. They buy planes, houses, boats, buildings, etc., putting people to work. Those people earn money, and they pay taxes on it.

Finally, no matter how much tax revenue is taken, it’s never enough. Inevitably, the bar will inch downward from $10 million to $1 million to what, maybe $100,000?

And, as always happens, the bill is handed to ordinary wage earners.

– Ted Reinhart

More in Letters to the Editor

Really above the law?

Bob Roegner’s article (“Are sheriffs above the law?” Kent Reporter, April 12)… Continue reading

Let’s look at a balanced, fair tax code

Washington tax laws are unfair and unproportioned. The 1 percent pay 3… Continue reading

Kent must do more to protect pedestrians

A mother who was walking with her two young children in a… Continue reading

Our system works better

A few quick comments about “What really defines socialist country,” a letter… Continue reading

Unfounded accusations

I came across a Feb. 1 Kent Reporter, “For the good of… Continue reading

Trump the president

Your recent letter writer who declared Donald Trump “the most competent president… Continue reading

Let’s clarify the federal budget process

Regarding Mr. Valentine’s letter (“Shame on us for bringing aboard Trump,” Feb.… Continue reading

Wanted: a better president

Kudos to Harold Valentine for his well written letter in the Feb.… Continue reading

Shame on us for bringing aboard Trump

I am 90 years old. I have voted in every presidential election… Continue reading

Proposed bills threaten business for hairdressers, salon owners

Intermediary employees. Contributing agents. Worker wage boards. This is the gobbledygook that… Continue reading

Inslee: tend to ‘our Washington’

Washington is last in earthquake preparedness. It is near the top in… Continue reading

‘National wealth tax’ doesn’t add up to a solution

In response to last week’s letter calling for a “national wealth tax:”… Continue reading