Wealth tax found to cost jobs and income for workers while reducing GDP

The Center for Freedom & Prosperity (CF&P) Foundation has published a new paper titled, “The Economic Effects of Wealth Taxes.” Authored by John Diamond and George Zodrow of Rice University, the paper considers the significant economic damage that would occur if lawmakers adopted a wealth tax of between 2 percent-6 percent. Such a plan, modelled after the proposal from Senator Elizabeth Warren, is likely to be part of next year’s post-election tax agenda.

What about the poor?!

For six years Larry was a homeless hapless drunk, living under a bridge, begging for “sp’ange” from strangers. Last September Larry acquired his own shoeshine stand, got himself a nice looking suit and starting earning $7 a shine.