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The wealthy don’t simply horde their money, or bury it in the ground, they invest it in such a way that all of society benefits, by producing products and services that people want which then creates jobs which people need. An obvious example of this is Apple Inc.’s Steve Jobs who started with a single idea which lead to more ideas which have now produced directly and indirectly not just money for himself, but countless jobs and technology for the entire world.
Although it may not be presented or perceived as such, taxes on the wealthy act to punish and disincentivize this kind of innovation. And instead of using their money to innovate, they will be forced to use it to avoid paying higher taxes.
It’s the nature of money to grow and the problem is that when people decide to punish this growth through taxation or regulation, then businesses will simply stop production in one place and move it to another, whether it be to another state or country.
Quite apart from this, confiscating a person’s wealth is a violation of his or her right to be responsible for their own money. For he who has much, much is required.
President of the Center for Urban Renewal and Education, Star Parker
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