Why doesnt Bernie Sanders try to tax billionaires in Vermont?

Bernie Sanders thinks it’s “disgusting” billionaires are spending money to defeat a tax on everything they own. Like a loyal socialist, he believes the state should be able to take what it wants without objection; Sanders accused California’s wealthiest entrepreneurs of caring more about their money than about healthcare for children. But some of California’s billionaires made their fortunes by inventing life-saving drugs or pioneering technologies that make healthcare more accessible.The biggest news, opinion and culture shaping California right now.

Please provide a valid email.By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story One of those, Judy Faulkner, is planning to give her entire fortune to charity.There is more at stake here than greed; it’s about economic growth.Sanders seems to have a lot of ideas about what California should do.How about his home state, Vermont? (It is worth pointing out that Vermont only has one billionaire, John Abele, who also made his fortune in healthcare technology.)Vermont tried a version of “Medicare for All” in 2011.

It failed because it was too expensive — even in a small state.Socialism hasn’t worked in Vermont, where Sanders has been in a position to push for it — so why should it work in California?The answer is: It won’t. The Soviet Union, where Sanders spent his honeymoon, learned the hard way: When you seize wealth, you destroy entrepreneurship, innovation and growth.That’s not to say that everything billionaires do is right. Some have terrible ideas.

And, yes, some are selfish.But the prospect of wealth is what attracts thousands of the world’s most talented people to California, to try new inventions or start new companies.And those companies create value for everyone — not just tax revenue for the state.Healthcare costs are rising — but that’s not a revenue problem.

California has adde...