February 26, 2013

IN SEPTEMBER OF 2010, I WROTE “They’ll be going after ‘hoarders and wreckers’ next.”

And now this: In Connecticut, a “Hoarder’s Tax.” “Rep. Betsy Ritter, a Waterford Democrat, not only has sponsored a “combined reporting” bill, but she has also proposed a hoarder’s tax. This would place a levy on liquid assets — companies with a lot of money in the bank — and dedicate the proceeds to job creation programs.”

Gee, I wonder why businesses are fleeing the northeast?

UPDATE: Reader Dan Tracy writes:

If they are going this route, why not then go after university endowments?

I’m sure an annual assessment (1%? 2%, etc.) on the likes of Harvard’s, Yale’s, or Stanford’s endowment could do a lot to help underprivileged youngsters in nearby school districts. For example, East Palo Alto is a poor community in the Silicon Valley area and tapping into Stanford’s endowment could do a lot of good.

There are a lot of poor kids in the shadow of pretty much every well-endowed university. This is actually in motion already.

Meanwhile, reader Drew Kelley thinks the Hoarder’s Text sounds familiar: “Isn’t that the same as FDR’s tax on undistributed profits, one of the threats he issued against the business community that helped trigger the Depression Within a Depression?” Just because it’s a lousy idea doesn’t mean it won’t come round again.