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Two prominent Democratic presidential candidates want to impose “wealth taxes” on millionaires’ holdings. A prominent liberal economist declares that no billionaire ever made their fortune legitimately. John Cochrane, a renowned economist and the Hoover Institution’s Jack and Rose-Marie Anderson Senior Fellow, explains how and why “wealth” became a pejorative term and where we go from here.
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wealth taxes have been tried in Europe and they didn’t work which is why they don’t exist in Europe except for a few hopeless basketcase countries like Spain and Greece.
In fact, the cost of collection was greater than the money collected