Judging Freedom - Biden's Wrongheaded Proposed Tax on Billionaires

Episode Date: March 28, 2022

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We have some new camera equipment. I hope you like it. And if you like what I do, like and subscribe. Remember that. Like and subscribe. You all know what that means. President Biden announced this morning, as if to deflect attention from his thoughtless and dangerous ad lib about Vladimir Putin should not stay in power over the weekend, this morning announced a new billionaire's tax in which the government will seek to tax 20% of the income of those persons in the United States who are worth $100 billion or more. But that's a lot of money, $100 billion. But that's what they want to do. This is the 700 richest Americans in the United States. The goal is to generate $36 billion a year

in tax revenue to be used to pay down some of the federal government's debt. This is probably too little and too late. And of course, it's unfair to take money from just one class of people, particularly the richest. What do the rich do with their money? They don't put it in a shoebox. They invest it. And investments produce jobs. And jobs produce income for all sorts of people, from the poor to the middle class to the upper middle class to the rich. And when the government confiscates, and 20% is confiscation, this is on top of their other taxes. class of people that are notorious for investing their money, they decrease economic activity rather than increase economic activity. Where did the debt come from? Every president since Woodrow Wilson has increased the national debt. George W. Bush increased it by $2 trillion. Donald Trump, $3 trillion in eight years. Barack Obama,

$7 trillion in seven years. Donald Trump, $2 trillion in four years. Joe Biden, $2 trillion in one year. They just keep borrowing money, mortgaging the future. Now Joe Biden wants to tax people in order to reduce the debt. Why didn order uh to reduce the debt why didn't they just raise taxes or why didn't they just spend less money ah because that was politically unpopular by spending money today and kicking the burden onto a future uh generation they avoid political accountability because they won't be in office when it comes time for the future generation to pay for it. Joe Biden, breaking the rules. Joe Biden is willing to tax people today, just a certain class of people, just the 700 richest Americans.

Joe Biden is willing to tax just a certain class of people in order to reduce the debt. Will we ever come to a time when the government does not borrow, when it only spends what it takes in, like you do when you run your household, like I have to do when I run mine? Don't hold your breath. Judge Napolitano for judging freedom.