Editor,

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

Woodside

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(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.

Jorg

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!)

edkahl

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.

Rel

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.

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