Soaking the rich
Armstrong Williams | 1/11/2013, 12:51 p.m.
Rich people will always find ways around the taxes, so the government won't get the revenue it's projected for itself in the first place. A wealth tax wouldn't solve the problem of getting more revenue from the wealthy; it would get less and hurt the economy. Gov. Martin O'Malley in Maryland put a millionaire's tax in place a few years ago and got less revenue. The rich people moved and found loopholes. We need to encourage economic freedom so this wealth can be spread around, not by force of government, but by the free market and the natural human instinct to better one's situation.
Wealth at the top is a good thing. It means our nation is doing something right, in that it is letting entrepreneurs have the freedom to take risks and create well-paying jobs for the rest of us. Every year, Heritage releases a list of rankings of the most economically free countries in the entire world. Hong Kong, Singapore and Australia are the first three, while Canada is sixth. Ireland is ninth and the United States ranks 10th. The bottom of the list has countries like Zimbabwe, Angola, North Korea and Cuba. Which countries would you rather live in?
Things like the wealth tax are dropping the United States on the list. This is not the old days where a rich person in New York could just move to Florida. We are dealing with an entirely global economy at this point, and these wealthy people will move out permanently. They will go where the taxes are the lowest and the regulations are less intrusive.
Armstrong Williams is on Sirius/XM Power 128, weekdays 7-8 p.m. and 4-5 a.m. Become a fan on Facebook and follow him on Twitter.