Tax the rich

The wealthy in Silicon Valley got richer over the past few years and the call for the government to get some of their money is getting louder. What could be more popular than taking money from billionaires and giving it to single moms. A study by Fidelity Investments found that 88% of all millionaires are self-made, meaning they did not inherit their wealth. The key for most millionaires is to save before spending. Most of these people worked long hours and did without for years before they achieved financial success. They became rich before they started buying luxury items. Most people spend money before they earn it. The old joke about Joe who bought a new car and his friend asked if he got a raise and he replied no but I think I might is apropos. Most billionaires go to work everyday trying to grow their business. Many use their money as venture capital to help start up new business. These rich people, like the rest of us, can either spend their money, save their money or invest their money all of which helps the economy grow. A wealth tax assumes that what the government will do with the money is more helpful to the economy than what these people left alone will do with the money. This is the crux of the argument and it can go either way depending on your point of view. Any poll will show you what most people want is for the government to get the money.