Benjamin Franklin, Champion of the Wealth Tax by Harold Meyerson

[justaprogressive]

https://prospect.org/2026/07/03/benjamin-franklin-champion-of-the-wealth-tax/]

When we consider which of the nation’s Founding Fathers still provides wise counsel to us today, 250 years after they wrote and signed the Declaration of Independence, may I submit for your consideration one Benjamin Franklin, who argued that wealth taxes were both proper and necessary.

Indeed, Franklin’s ideas about private property suggest he’d be writing and speaking in favor of the one-time wealth tax on California’s billionaires were he with us today. In December of 1783, shortly after he’d negotiated and signed the peace treaty with Britain in which Britain relinquished its claim to the 13 united states, Franklin wrote a letter to his fellow Founding Father Robert Morris in which he assessed the rival claims of taxpayers to their property and the government’s power to tax or even expropriate it:

All Property, indeed, except the Savage’s temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it. All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition. He that does not like civil Society on these Terms, let him retire and live among Savages. He can have no right to the benefits of Society, who will not pay his Club towards the Support of it.

With multiple California hospitals reducing services and laying off staff due to the cuts in President Trump’s One Big Beautiful Bill, the “Welfare of the Publick” certainly appears to require a tax on “Property superfluous to such purposes” as “the Conservation of the Individual and the Propagation of the Species.” Whether the flight of billionaire Sergey Brin, the leading funder of the anti–wealth tax campaign, from California to Nevada constitutes “retir[ing] and liv[ing] among savages” I leave to keener minds than mine.

[Stargazer99]

1. Most of the rich are savages-no compassion for others unless they are rich in what I see

[Happy Hoosier]

2. What do you consider "rich"?

I think I agree in general, but i think it mainly applies to mega yacht levels of wealth. I’ve known plenty of people who are “rich” who are first class people.

[Happy Hoosier]

3. I generally oppose wealth taxes.

I generally oppose “wealth taxes,” because administrring that would be a nigjtmare. People like Trump will hide, misrepresent, and outright lie about assets. They will employ an army of lawyers to tie up the valuations.

And ad long as they don’t actually access the wealth, I don’t care.

BUT… wealthy people who use their wealth as collateral to take an income-like loan using the “Buy, Borrow, Die” strategy should pay taxes.

They should pay regular income tax on such loans (minus fees and interest) and they would be credited with those taxes if they ever sell the underlying assets. Also… capital gains over 500,000 taxed as regular income. No free rides.