This is such idiotic pandering.

More than 250 billionaires and millionaires on Wednesday reiterated their call on elected representatives of the world’s leading economies to introduce higher taxes on the very richest in society.

 

In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the rich signatories said they wished to deliver a clear message: “Tax our extreme wealth.”

“We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?” the letter said.

 

“Our request is simple: we ask you to tax us, the very richest in society. This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.”

First, nothing stops these people from giving their money to government or privately funding things. They could help build roads, sponsor police departments, kick in for the welfare bill, or whatever. They are agents of choice.

Second, the reason that I oppose higher taxes – even if only target at the mega rich – is because that’s never where it stops. We have centuries of history of small, targeted taxes being expanded into the middle and lower classes. More government spending creates demand for more government spending that must be satiated.

Third, notice the comment, “unproductive private wealth.” Unless a rich person is hoarding cash in their mattresses, that wealth is not unproductive. In fact, concentrations of wealth are a necessary part of capitalism and vital to making capitalism work. You need concentrated wealth to invest in new ventures and innovation to progress the economy and raise the standard of living for everyone. There’s a word for when we give all of the money to government and allow the government to make those decisions: Communism. These people are Communists advocating for communism. The fact that they are rich only means that they expect to continue to ride atop a Communist society but with the violent power of government added to the power of their purses.