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The Democrats are telegraphing their next financial move: they want to tax your wealth. From provisions of President Joe Biden’s budget proposal to Massachusetts Democrat Senator Elizabeth Warren’s re-proposal of a wealth tax only for the wealthiest, it’s clear that we need to remain vigilant against this nefarious obsession.
Last fiscal year, the U.S. took in as “revenue” (primarily in taxes) north of $4.4 trillion. This is a staggering amount that is hard to get your head wrapped around, so let me provide some context. This amount is more than the entire GDP of every single country on earth other than the U.S. and China.
With $4.4 trillion in revenue, if the …
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