Leftists’ Wealth Tax Proposal Means Poorer Standard of Living for All
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A group of far-left lawmakers has introduced yet another bill to soak the rich.
The new bill is called the Oppose Limitless Inequality Growth and Reverse Community Harms Act—the OLIGARCH Act. Get it? It would introduce an entirely new tax on wealth above $120 million, starting at 2% and climbing to 8%. This new tax would be in addition to the income tax.
Rep. Barbara Lee, D-Calif., claims the legislation is designed to “tax extreme wealth, reduce inequality, and combat the threat to democracy posed by aristocracy.” But it would more accurately be described as an economic devastation bill. Indeed, it should alarm anyone who wants to start a business, build up wealth for retirement, leave an inheritance for their children, or just see the economy grow for everyone.
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