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Molly O’Shea
@MollySOShea
Investing & Tech →Newsletter/Podcast @Sourceryy | BIG Fan @brexhq @harvey @mercor @public @deel @getvcx
Joined January 2018
439 Following    78.9K Followers
David @friedberg explains why the Billionaire Wealth Tax violates one of the core principles America was founded on: "John Adams had this great quote. He said, 'Property must be secured, or liberty cannot exist.'" "He wrote a couple of years after this, 'The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.'" "We fucked up our public policy. We fucked up our tax policy. Half of America is left behind, they can't afford anything. Half of them are looking at all the wealthy people being like, 'What the hell?'" "And the course is: seize the private property and start to distribute it." "That's why I worry so much about this wealth tax in California and the conversation happening about instituting a wealth tax—which is really an asset seizure throughout the United States." "It sounds good in principle to take money from the rich and give to the poor. It sounds fair, it sounds right, it sounds just. But it is a violation, I think, of one of the reasons the United States was started."
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California votes on Prop 40, a one-time 5% tax on billionaires, in 12 days. Brian Singerman says the tax is going to impact the middle class "way more" than billionaires who can just move: "People look at this and they're like, 'It's a billionaire tax. That doesn't matter to me.'" "First of all, even in the California one, there are provisions for once all the billionaires leave, 'Oh, well we need to get the money somehow. Let's take the next lower down.'"
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