Art Laffer: Dems Considering a National Wealth Tax ‘Shows How Destructive They Are’

EXCERPT:

LAFFER: “Well, it’d be destructive. It’s super destructive. There’s nothing more destructive than a wealth tax, an asset tax, which is really, really bad. What I do is I look at a normal income or, say, net sales taxes, the one base, then you have a turnover tax, then you have a wealth tax. For every one percent on the wealth tax, that’s equivalent to about a 12-percent increase in the income tax. It would be extraordinarily destructive to our economy, but I don’t think it has a chance. If that wealth tax didn’t pass in California, for goodness’ sakes, if it can’t pass one there, it’s not going to pass a tax anywhere in this country. And just proposing it, I think, is futile and shows how destructive these people are."