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June 18, 2020 | The Wealth Tax in Europe and Canada

Martin Armstrong

Martin Arthur Armstrong is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

Both Canada and the EU are listening to Thomas Piketty and the World Economic Forum by pushing this socialist agenda to take over the world economy. There are major difficulties with the imposition of a wealth tax. The question becomes, how do you value a home and an entire family’s wealth or business? How do you value a private business? How do people pay when they hold their wealth in illiquid assets as was the case with farmers? Then they are compelled to sell land to pay taxes when they lack the cash. Marxist organizations such as the World Economic Forum support Piketty and take a very elitist view from an ivory tower, proclaiming this will end wealth inequality. Using their theory, then students in class who work hard to get a 95% grade should give up and accept 75% so those who scored 40% could still pass. That would be equality in education. Why would students work if they received free points and could party instead?

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June 18th, 2020

Posted In: Armstrong Economics

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