A committee, in the Republican lead house, is investigating Hunter Biden and his famous laptop. In several ways, this fixation could backfire on Republicans. I have a unique take on this.
Being the son of a famous politician, Hunter has been thrust into a world of fame and fortune. He may have not handled it well, which brings up the problem of wealth by chance and inheritance. Fame or fortune is not always bestowed on the most deserving individuals. My solution to this problem is higher taxes on the wealthy.
Higher taxes is something Republicans tend to oppose. They feel that taxes slow the economy. In some cases, a slower economy, versus a rat race, isn't necessarily bad.
Still a slow economy can be problematic. If we want prosperity, we shouldn't smother business with too many taxes. On the other hand, there is a difference between the idol rich and working capital in a business.
Our tax codes do try and differentiate between these two forms of wealth by allowing businesses to deduct from their taxes for legitimate capital expenses.
Businesses often need to have expensive buildings and equipment for running the business, so this can make the owners look wealthy on paper.
Still, there are other forms of personal wealth and fame that people use in more detrimental ways. There are things like multiple vacation homes, travel, private yachts, jets and many things that could be deemed frivolously excessive.
There are investments in real estate, left empty, that can inflate prices.
Money often goes into things that I think most folks would consider not beneficial to society. For instance the amount of money dumped into politics and lobbying.
Celebrities, such as the offspring of famous politicians, get a lot of publicity and breaks. They get board appointments that are likely due to name recognition, such as Hunter Biden's appointment to that Ukrainian gas company board, a few years back.
This situation should blowback at Republicans since they seem to always want to protect personal wealth regardless of the situation.
I seldom hear anyone discuss this, from that perspective, so this is why I write.
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