Fox News reported that presidential candidate Kamala Harris affirmed her support of a federal wealth tax.

It’s meant to hit only the “super wealthy”:

“The proposal would impose a minimum tax of 25% on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million,” the Treasury Department stated in its FY25 revenue proposals. The same proposal was also put forth by the Biden-Harris administration in fiscal year 2024 and in fiscal year 2023, but the minimum taxable amount was 20%.

“Those who do not learn history are doomed to repeat it,” said Santayana. Many young people today claim to prefer socialism—and in some cases, even communism (which is socialism’s more violent form)—over capitalism.

Recently a candidate for city council in Denver declared that capitalism has failed and that socialism is the future. Candi Cdebaca said that we are in the “last phase” of capitalism—as if it is dying. In contrast, she said, “I believe in community ownership of land, labor, resources and distribution of those resources.”… Continue Reading