The next Democratic candidate for President should propose a National Lottery

[Ocelot II]

6. So the handful of $10M winners will stimulate the economy how?

Last edited Mon Jun 30, 2025, 03:37 PM - Edit history (1)

What if they invest their money in hedge funds or transfer it to offshore accounts or spend it all on hookers and blow? Even if they started legit businesses, that isn't nearly enough money to significantly affect the economy. The solution isn't eliminating billionaires, it's taxing them at much higher marginal tax rates. I wouldn't be inspired to vote for a candidate who came up with something like this because (1) it would never pass any Congress; (2) if it did, it would be vetoed by the current sitting president; and (3) it would be struck down as unconstitutional by this or any other SCOTUS. Amendment XVI states: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. But there is no authority for Congress to levy a tax on assets. Furthermore, a tax not intended as a revenue source but as confiscatory (taking more than the government's property interest) has been held unconstitutional, Tyler v. Hennepin County.