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Monday, March 28, 2022

Let the billionaires fight their own battle

This weekend, Democrats floated another trial balloon on a billionaire's tax. The New York Times reported, "Biden to Include Minimum Tax on Billionaires in Budget Proposal."

As a conservative I am dutybound to come to the defense of the billionaires, right? After all, National Review has attacked this plan several times over.

On September 14, 2021, NR screamed, "The Rich Already Pay Too Much in Taxes." The trigger was AOC's Tax The Rich dress. My reaction was she has a nice backside.

The argument was, "Despite perceptions, the highest-income strata of taxpayers are the only ones who pay a larger share of taxes than their share of income. In 2018, the top 1% of income earners made nearly 21% of all income but paid 40% of all federal income taxes. The top 10% earned 48% and paid 71% of all federal income taxes."

Eight days later, NR shouted, "Taxing Unrealized Capital Gains: A Bad Idea That Just Won’t Die."

The argument was, "A tax on an increase on unrealized (and, of course, possibly ephemeral) gains is only on the most stretched of interpretations a tax on income. In reality it is a tax on wealth, and one thing that wealth taxes do is redefine the relationship between the individual and the state. To be sure, it is only a tax on a portion of a wicked billionaire’s wealth, but (to repeat myself) the ratchet has to begin somewhere."

And on October 28, 2021, NR sobbed, "Democrats’ Rotten Billionaires Tax."

The argument was, "The plan is so impractical and wrongheaded that one wonders why Democrats proposed it in the first place. The answer is that Biden has promised trillions in new spending while maintaining that he will not raise taxes on the middle class. So he is resorting to increasingly convoluted schemes in a last-ditch effort to salvage as much of his reconciliation bill as possible."

That's all nice to know, but the question is what is in it for conservatives?

Romans asked Cui Bono, who benefits?

I ask, what's in it for me?

NR relies on the charity of others so it sides with its rich benefactors who donate to NR. Opposing higher taxes on the rich makes sense for them. NR writers have convinced themselves that we must protect the wealth of billionaires because eventually the confiscation trickles down to the rest of us. Good for them. 

But actual conservatives have very few rich benefactors. They have many more billionaire oppressors.

Mark Zuckerberg used Facebook to silence Trump and other patriots opposed to the fascism rising from the halls of Congress.

Zuckerberg also paid off state election officials to rig the election in Wisconsin.

Twitter censors us as well.

Jeff Bezos owns the Washington Post.

Bill Gates is funding biolab research in Red China.

The Internet oligarchs are power-mad.

Corporate CEOs are so woke that they jump through every new hoop before the LGBT crowd have finished making it. Who do you think funds all the lefty organizations? Just today, the Washington Examiner reported, "Jeff Bezos's ex breaks record with $275 million donation to Planned Parenthood."

Well, it is her money and she can do what she wants with it, but she will have to hire some other boy to carry her water because this Gunga Din is out of here.

Rare is the wealthy man who actually stands up for America and American values any more. So let DC take their money and run. I don't care. I have 99 problems. Protecting Warren Buffett from the tax man is not one of them.

None of these billionaires have objected to the seizure of yachts from any Russian oligarch. OK, take their yachts, please. 

The argument that confiscatory taxation of billionaires will lead to recession falls on ears deafened by the election of a billionaire-backed Biden. They made a recession inevitable. Undoubtedly, they will benefit from this recession as they did the last one.

The political calculus of the rich is pretty simple. Suck up to the liberals because conservatives will always back the rich, right? We are for limited government and therefore limited taxes.

But if the rich are now for unlimited government, then I have four words to say to them:

You pay for it.

My message for readers is quit being a patsy. Conservatives need to play hardball. If the billionaires aren't with us in opposing abortion, pedophilia and CRT, then why should we be with them on taxes?

If billionaires want someone to fight for them, I recommend Will Smith.