This article was provided exclusively to the New York Analysis of Policy and Government by the distinguished New York radio personality, Ted Flint.
Congressional Democrats have devised yet another way to separate Americans from their money. They’ve named their proposal, “Treat Wealth Like Wages,” (TWLW) and despite their claim that they want only to “level the playing field” by taxing rich wealth creators, the real victims could be middle income people.
The plan, the brainchild on Oregon’s Ron Wyden, the top Democrat on the Senate’s Finance Committee, would tax not only one’s income, but also any accrued wealth. Proponents, including many in the mainstream media, are singing the plan’s praises because it would increase capital gains on millionaires and billionaires and raise two trillion dollars in the process.
The plan is wrong for many reasons, not the least of which is that it would discourage investment. Why penalize those who are savvy enough to invest their savings in order to earn more money? The rich will always find a way to avoid having their wealth stolen by government. The less-well-healed have fewer options.
The proposal is getting plaudits from the usual quarters. From Liberty Planet: “The President of the Center for American Progress Action Fund describes Treat Wealth Like Wages as a “bold solution that would reduce inequality.” Professor Lily Batchelder of the NYU School of Law boasts that the additional money generated by the new taxes on the very rich could “level the playing field.”
TWLW is not about levelling the playing field, but about confiscating wealth in order to grow the state.And the middle class could ultimately be hurt the most. The concern is that government would lower the income threshold to tax, not just upper-come Americans, but upper middle and eventually, middle income earners. And as history has shown us, once a law is in place it is almost impossible to repeal it.
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All this comes at a time when millions of Americans are scrambling to beef up their retirement accounts. Some baby boomers are scaling back vacations; others are downsizing their homes and eating out less often. Fox Business News recently reported that a Milwaukee-based financial services company revealed that adults 18 and over expect to work past retirement age.
Newsmax recently reported similar findings from Northwestern Mutual’s 2019 Planning and Progress Study: 46 percent of Americans expect to work past the traditional retirement age of 65. According to Fox Business News, 53 percent of those who expect to work into their retirement years say they will do so by choice, while 47 percent say they will be forced to choose that option out of necessity.Again, from FBN, 18 percent of both Baby Boomers and Generation Xer’s who responded to the survey say they plan on working past age 74.
Americans are already overburdened with taxes and fees and another onerous money grab would be the straw that breaks the camel’s back. Time to curb Leviathan’s appetite and rein in government’s habit of reaching into the pockets of wealth creators in order to expand the welfare state.
Illustration: Pixabay