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In former Labor Secretary Robert Reich’s new book, he proposes providing every young person in America, upon reaching age 18, with a ‘nest egg’ of $60,000. Paid for by a small wealth tax on the very rich, it would be used to pay for education.
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His proposal is an idealistic fantasy. If his plan were instituted this year for example, it would cost $240 billion if all 4 million 18-year-olds in the nation qualified. Taxing the wealthy to pay for it is patently unfair and would be an outrage.
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