First of all, the rich earned their money fairly by satisfying consumers better than the competition while keeping their costs down. Some, like Bill Gates, helped pioneer entire industries that transformed the economy (and fattened the government's coffers). All voluntary... win-win. If anyone gets rich by stealing, we have laws against theft. Enforce them.
To "tax the rich" you're basically saying, "we're going to knock on your door, put a gun to your head, and take your money." That's just great... what gives you the right? Envy? Insecurity? A lack of faith in freedom? A belief that the ends justify the means? Ignorance of the basic laws of economics? Besides the obvious violation of morality, there are plenty of practical reasons why we ought to leave the rich alone. 1) They have a high propensity to save and invest. Deferring consumption and deploying capital is what creates economic growth. 2) They've proven to be above-average stewards of capital. 3) The recipient of their largess - government - has proven to be below-average stewards of capital (putting it mildly). E.g., the waste in DC is off the charts and they’re $22T in hock. 4) They have a long-term horizon (vs. politicians who can't think past the next election.) 5) They have a high propensity towards charitable giving and they do it with purpose and efficiency (as opposed to the government). E.g., look at what the Gates Foundation has done to reduce disease and increase life expectancy in Africa.
There are three more reasons why we shouldn't tax the rich. 1) At some point they'll leave. (This is exactly what happened in Venezuela.) They have the means and in a digital economy, it's much easier to pick up and leave. 2) Taxing capital reduces competition and protects entrenched companies. 3) We will destroy our moral compass. Eating the productive will bring out the worst traits in humans.
~ Kevin Duffy, Facebook post, February 20, 2019
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