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Americans Overwhelmingly Support Wealth Confiscation

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America is changing.

There are transformations taking place within government that once would have been dismissed as meaningless left-wing rhetoric.

Unfortunately, it now has become an attainable reality...a potential legislative program...a legitimate threat to capitalism, democracy, and the principles of American freedom that underlies both. 

Would you consider the prospect of a 70% to 90% income tax serious enough to give attention?

How about a wealth tax levied on your private assets based on net worth? 

Sure, the Democratic presidential hopefuls--Bernie Sanders, Kamala Harris, and Elizabeth Warren--are all clamoring for it.

But there’s a more disturbing truth behind this trend: a large majority of Americans overwhelmingly support wealth confiscation.

At least that’s what a new poll--the Hill-HarrisX survey--has determined.

For example, it shows that 59% of voters support Rep. Alexandria Ocasio-Cortez’ proposed 70% income tax.

On a larger scale, however, the real big-picture trend reveals itself: Americans across the country seem to be in favor of imposing higher taxes on your work income, retirement income, capital gains, dividends, and interest.

As if that wasn’t enough, Americans also seem to favor imposing an annual tax on your wealth and private assets.

Which Group of Americans Support Wealth Confiscation?

Take, for example, the 74% of registered voters in support of Elizabeth Warren’s proposed wealth tax.

You might (or perhaps might not) be surprised to learn that support for the idea is spread out across voters of all ages, all races, and both political parties.

We can assume that the 26% who are not in favor of the idea are just as diverse as those who do support it.

Let’s break this down even further:

  • In terms of gender, majorities from both sexes supported the tax.
  • With regard to political affiliation, Warren’s wealth tax was deemed favorable among 65% of Republicans, 69% of Independents, and 86% of Democratic voters.
  • In terms of race and geography, support was found across all racial groups, with 72% in the South, 773% in the Midwest, 3% in the Western states, and 78% in the Northeast all in favor.

Here’s a slight detail that also made a big difference, negatively affirming the power of “rhetoric” over “reason”: Elizabeth Warren’s name was never mentioned in the context of the inquiry.

Perhaps this tells us that most Americans can’t seem to distinguish who they really are from who they think they are.

Unconstitutional!...but Not in a Democratic Socialist State

While a majority of Americans are seemingly in support of a wealth tax, the tax has quite a few noteworthy opponents.

Michael Bloomberg condemned it during a speech he delivered in New Hampshire on January 29.

Howard Schultz, former Starbucks SEO, called it “ridiculous.”

Other critics simply called the taxing of wealthy people--many of whom have worked hard to amass their fortunes--an “unconstitutional” act.

Unconstitutional or not, the basic principle remains that taxing wealth, a form of punishing financial success, would be a highly counter-competitive policy to the necessary competition that lay at the foundation of a well-functioning capitalist economy.

Americans Like Anti-Tax Rhetoric in Theory, but in Practice, They Support High Taxes

Given the survey’s distribution across all political, racial, and geographic spectra, what other conclusions can we come to, besides questioning the sample size of the survey itself?

If we were to base our conclusion on this survey, it appears that many Americans, however much they love anti-tax rhetoric, simply want to tax those who make more or have more than them.

However, the gravity of rhetorical appeal remains. And so there’s plenty of anti-tax talk coming from Washington.

But average Americans seem confused.

Perhaps most Americans don’t realize just how rank-and-file they really are...

...or how easily they can be swayed by messages that contradict the true core of their beliefs and desires.

And when it comes down to the basic policies minus the political figures, minus the political divisions, and minus the political social media propaganda that many seem to confuse with hard reason...then it appears that most Americans lean socialist...and that yes, they do want to confiscate your wealth!

Harboring doubts? Check out the survey for yourself.

Be careful what you wish for, lest you become a victim of the very socialist program that (in theory) you vocally oppose.

And the best way to hedge this trend? Hold a reasonable portion of your wealth in hard private assets, and keep it privately stored, away from the democratic socialists that want to tax it, monitor it, and confiscate it. Holding physical gold and silver is a good way to start.

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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