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Economy
California Democrats Propose 'Wealth Tax' to Combat Massive Deficit
2020-08-19
[PJ] The state government of California is in a $50 billion hole thanks to the coronavirus pandemic — and a few other spending measures like giving free medical benefits and "stimulus checks" to illegal aliens.

The state’s budget deficit is probably far steeper than it should be, all things considered. So Democrats will tax the rich to help make up the deficit.

The rich are perfectly capable of speaking for themselves and need no defense from any of us to help them ward off state-sponsored theft. But there is an important principle at stake that needs to be defended vigorously.

How much should the most successful among us be taxed? The idiotic notions that the rich got that way because of racism or because they "stood on the backs of the poor" are liberal political rhetoric and not serious debate points about the issue of wealth or taxes. And if the state is going to raise taxes on anyone, they are beholden to the people to find ways to cut government expenditures by an equal or greater amount.

California Democrats are not going to cut any of their pet programs to narrow the deficit, so they’re going to get cash from the most convenient source; the rich and successful.
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