By Douglas V. Gibbs
In the early twentieth century, after Fabian Socialists had carved out influence within the American system, the Democratic Party popularized the slogan “soak the rich.” The phrase suggested a righteous effort to tax the wealthy, but in practice it created a structure the powerful could exploit while shifting the long‑term tax burden onto everyone else. Efforts marketed as “fairness” and “equity” often end up harming the very people activists claim to defend.
The road to Hell is paved with good intentions.
The strategy hasn’t changed. The collectivist model still carries the flaw Margaret Thatcher famously described: “The problem with socialism is eventually you run out of other people’s money.”
Fast‑forward to 2026 and New York City Mayor Zohran Mamdani. The democratic‑socialist mayor claims the city faces a $5.4 billion budget shortfall. His solution, delivered with confidence, is a slate of new taxes.
As with many socialist proposals, the target is the wealthy. One of Mamdani’s ideas is a 50% tax on estates worth more than $750,000; a dramatic leap from the current 16% rate applied to estates over $7 million. His property‑tax proposals are unlikely to pass, even with a Democratic governor, because they would obviously hit far more than the rich, so the estate‑tax hike has emerged as his most convenient tool.
A high estate tax accomplishes more than raising revenue. It undermines private ownership. When parents die and their heirs cannot afford the tax bill, they are forced to sell homes, businesses, and land. Over time, as fewer buyers can afford such properties, the government becomes the only entity capable of taking them on. Farms, restaurants, gas stations, and family homes eventually drift into state hands not because the wealthy were “soaked,” but because ordinary families were priced out of inheriting what they built.
Mamdani’s plan, then, is not truly aimed at the ultra‑rich. It targets anyone who owns a business or property. Once small businesses and family assets are weakened or eliminated, the government can step in as the universal landlord and manager. At that point, there is no need to “fund” programs… the state simply owns everything and dictates the terms.
In short, while socialists claim they will soak the rich to pay for their agenda, the real impact falls on the middle class, especially entrepreneurs, small business owners, and families with tangible assets. The result is a weakened private sector, diminished personal wealth, and a path toward government control in the name of equality. Everyone becomes equal, but equal in misery, poverty, and dependence.
— Political Pistachio Conservative News and Commentary
