Elon Musk’s proposed sale of 10% of his stock brilliantly demonstrated the negative impact of a wealth tax on paper gains in the stock market.

His stock fell 15% in two days. Imagine the devastation to pension funds if a wealth tax were adopted. When will progressives learn that the money of the rich is invested in the stocks of American companies that provide jobs and increasing incomes — not in Swiss bank accounts. Why can’t we learn from Europe’s wealth tax debacle that reduced overall tax collections and economic growth?

Ed Kahl


Recommended for you

(5) comments

D Gilbrech

All I can say is we wouldn't even be a country if it wasn't for our Founders progressive ideals.


Oh, yeah, Ed, - that makes Trumpian sense, to convert to cash to avoid paying 15% of any investment gain! Btw, Ed, have you ever thought about why some investments increase in value? No, it isn’t because the investor sits home thinking very hard about it, or even praying very hard about it! I don’t expect you to understand the mechanics of socio-economic factors, but it has to do with societal dynamics. (Ouch, that horrible word social, again!)


Do you have any clue how billionaires made their money or what they do with it? They take enormous risks to start new types of enterprises that employ people. They invest in new companies which creates jobs and innovation. The top 1% of earners pay 40% of federal taxes. And they give money to charities and foundations such as the Gates foundation, etc. It’s projected that in 20 years the total annual giving by the rich will exceed all government welfare payments. The dignity of a job is the best welfare and that's what the rich help people get.


Ed, you must be a wealthy man. Invariably you litter the DJ with complaints about taxes, deficits, et al concerning money issues only. Never substantive thoughts about helping your fellow man or community service issues. This latest letter is laughable on its face. Tesla stock is up 46% this year to date, so a 15% reduction from stock selloffs due to taxes is eminently livable for all parties concerned especially Elon Musk. If we cannot get a fair share from the wealthy, where do you propose we derive our revenues to run governments?

Terence Y

Mr. Kahl – anytime Dems see other people’s money, they’re always looking for ways to put some of that money in their own pockets. Unfortunately, their lust for a wealth tax will eventually, if it doesn’t already, trickle down to the less wealthy and the poor. I’m sure the uber-wealthy, and even the regular wealthy, have no issues reducing investment and keeping their money in cash. Woe to those who require jobs and incomes from those wealthy investments.

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Thank you for visiting the Daily Journal.

Please purchase an Enhanced Subscription to continue reading. To continue, please log in, or sign up for a new account.

We offer one free story view per month. If you register for an account, you will get two additional story views. After those three total views, we ask that you support us with a subscription.

A subscription to our digital content is so much more than just access to our valuable content. It means you’re helping to support a local community institution that has, from its very start, supported the betterment of our society. Thank you very much!