There is no longer any need to vote for James Talarico. His economic plan has already been realized.
On Wednesday, during a CNN & Jubilee Town Hall with the Democratic Texas Senate candidate, Talarico argued that he wants an economy that creates fewer trillionaires and more millionaires, the theory being that more millionaires means wealth is distributed more equitably across the country. Apparently, though, Talarico has failed to notice that this is already the reality. The United States has roughly 24 million millionaires, and one trillionaire.
The United States has 1 (arguable) trillionaire and 24,000,000 millionaires.
— Dominic Pino (@DominicJPino) October 15, 2026
"I want an economy that creates fewer trillionaires and more millionaires," Talarico said. "Right now, our tax system literally taxes work more than it taxes wealth. And I think that's backwards. So, again, I think what I'm advocating for is a return to those original capitalist principles that we've strayed away from in this country over the last five decades."
In all seriousness, Talarico is striking at a real economic problem, just not the one he thinks. The problem is not merely that we tax work while leaving wealth largely untouched; it is that we tax work at all.
Why is it easier to remain in poverty than to escape it? Why is upward mobility increasingly out of reach for working families? And why are once-basic goods, like a home, becoming harder to afford?
That is not primarily a failure of Republican policy, nor, as Talarico would have it, the absence of a wealth tax. It is the predictable result of Democratic policy: a party that votes year after year to take more of people’s hard-earned money, fails to spend it as promised, drives up the cost of housing, healthcare, and everyday goods, then returns to voters insisting it needs just a little more.
It is the failure of a party that spends much of its time expanding entitlement programs across cities, states, and the federal government, then scrambles to find the revenue to pay for them. Democrats have spent decades raising taxes on workers; Republicans have generally tried to lower them. Now, having exhausted the easy targets, they need a new revenue source, so they have turned to wealth, the last largely untapped pool of other people’s money.
The truth no Democrat will reckon with is that, in a free market, wealth generates greater wealth. You want more millionaires? Let there be more billionaires and trillionaires. They create new, highly valued products and services, opening up hundreds more markets, ideas, and innovations for Americans to come in and reap the benefits. They open the economic frontier for everyone, not just for themselves.
Talarico says he wants more millionaires than trillionaires. The best way to get there is to let more people become trillionaires.
Editor's Note: The Democrat Party has been infected by socialism, and it's spreading FAST. Democrats are claiming there's nothing to worry about, but we know the truth.
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