Rep. Ro Khanna (D-California) supports his state’s billionaire tax proposal on the ballot in November. Texas businessman Mark Cuban had a question: What about founders of promising start-ups who are billionaires only on paper?Khanna’s solution was revealing. Hint: It would create another tool for government control.
You would think that when faced with such a glaring flaw to your cash-grab scheme, you would at least pause to consider whether it's a good or workable idea in the first place. But the Democrats want - they need - that sweet billionaire money so they need to dream up a new angle. So the big brain idea is to allow paper billionaires to borrow against the government putting their future stock windfall up as collateral. Sheer insanity.
Today’s advocates of wealth taxation have offered a series of bad explanations for how the foreseeable problems would be addressed. Khanna’s is only the latest. If your tax requires the government to start giving out special loans to pay itself, maybe it’s not a good tax in the first place.
Right now early polling is showing the billionaire tax would pass which doesn't surprise me because people love it when taxes are paid by "other people." Especially those Richie Riches.

