Democrats Want to Eliminate Billionaires, Soak the Rich and Destroy the American Dream

“There should be no billionaires. We are going to tax their extreme wealth and invest in working people.” — Senator Bernie Sanders

Sen. Bernie Sanders is a genuine socialist. He hates wealthy people, even though he is worth an estimated $2.5 million and is one of the 1%.

I had to laugh when he said he would use those taxes to “invest in working people.” That is exactly what billionaires do. Amazon (NASDAQ:AMZN) invests in a million workers. Microsoft (NASDAQ:MSFT) has made 12,000 employees millionaires. Home Depot (NYSE:HD) has made 3,000 of its workers millionaires.

Nevertheless, Sanders wants to eliminate billionaires. All of them. If elected, the Forbes 400 Richest People in America would be decimated.

It is estimated that the maximum tax rate on the wealthy would rise to 97.5% through a variety of income and wealth taxes.

Sen. Elizabeth Warren says she believes in markets and is a capitalist, but she also wants to raise the tax rate and impose a wealth tax on the well-heeled.

In the latest Forbes 400 issue, Steve Forbes called this wealth grab “the road to serfdom”:

“Wealth taxes would be an unprecedented assault on people’s privacy… Government bureaucrats would have the right to demand lists of all your assets — as well as the right to examine your home, storage facilities, brokerage accounts, bank accounts and everything else — to determine if you have crossed the wealth-tax threshold. They would, at a click, have – for the same purpose — access to the records of everything you have bought or sold.”

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Mark Skousen

Mark Skousen, Ph. D., is a professional economist, investment expert, university professor, and author of more than 25 books. He earned his Ph. D. in monetary economics at George Washington University in 1977. He has taught economics and finance at Columbia Business School, Columbia University, Grantham University, Barnard College, Mercy College, Rollins College, and is a Presidential Fellow at Chapman University. He also has been a consultant to IBM, Hutchinson Technology, and other Fortune 500 companies. Since 1980, Skousen has been editor in chief of Forecasts & Strategies, a popular award-winning investment newsletter. He also is editor of four trading services, Skousen TNT Trader, Skousen Five Star Trader, Skousen Low-Priced Stock Trader, and Skousen Fast Money Alert. He is a former analyst for the Central Intelligence Agency, a columnist to Forbes magazine (1997-2001), and past president of the Foundation for Economic Education (FEE) in New York. He has written articles for The Wall Street Journal, Liberty, Reason, Human Events, the Daily Caller, Christian Science Monitor, and The Journal of Economic Perspectives. He has appeared on ABC News, CNBC Power Lunch, CNN, Fox News, and C-SPAN Book TV. In 2008-09, he was a regular contributor to Larry Kudlow & Co. on CNBC. His economic bestsellers include “Economics on Trial” (Irwin, 1991), “Puzzles and Paradoxes on Economics” (Edward Elgar, 1997), “The Making of Modern Economics” (M. E. Sharpe, 2001, 2009), “The Big Three in Economics” (M. E. Sharpe, 2007), “EconoPower” (Wiley, 2008), and “Economic Logic” (2000, 2010). In 2009, “The Making of Modern Economics” won the Choice Book Award for Outstanding Academic Title. His financial bestsellers include “The Complete Guide to Financial Privacy” (Simon & Schuster, 1983), “High Finance on a Low Budget” (Bantam, 1981), co-authored with his wife Jo Ann, “Scrooge Investing” (Little Brown, 1995; McGraw Hill, 1999), and “Investing in One Lesson” (Regnery, 2007). In honor of his work in economics, finance, and management, Grantham University renamed its business school “The Mark Skousen School of Business.” Dr. Skousen has lived in eight nations, and has traveled and lectured throughout the United States and 70 countries. He grew up in Portland, Ore. He and his wife, Jo Ann, and five children have lived in Washington, D.C.; Nassau, the Bahamas; London, England; Orlando, Fla.; and New York. For more information about Mark’s services, go to http://www.markskousen.com/