Democratic challengers are lining up to throw their hats into the 2020 presidential election primary, and many of them have big ideas to slam the rich with an assortment of “wealth taxes” to help pay for their agendas, which are leaning further and further left.

KASHIF AHMED: “You’re talking about confiscating money that people have worked hard for. And the people who are really for this kind of socialist nonsense are people who don’t have any money.”

And financial advisers are in turn taking aim.

Per InvestmentNews:

“Those moving further left think there is something fundamentally wrong with capitalism, but this kind of thing has been tried before and it doesn’t work,” said Dennis Nolte, vice president at Seacoast Investment Services.

Like a lot of financial advisers, Mr. Nolte has clients who fall into the high-net-worth ranks that are being targeted by some of the leading contenders for the Democratic presidential nomination. But Mr. Nolte said his primary opposition to proposals such as a top marginal tax rate of 70% is that they still fall well short of the money needed to finance promises like free college and a government takeover of health care.

“There aren’t enough rich people for the 70% tax rate to help,” Mr. Nolte said. “The money is in the middle class, so they’ll have to go after them as well.”

Early proposals include Vermont Sen. Bernie Sanders’ 45 percent tax on estates valued between $3.5 million and $10 million, which would increase to a whopping 77 percent on estates valued above $1 billion.

Massachusetts Sen. Elizabeth Warren has proposed a more moderate 2 percent tax on households with more than $50 million in assets, and a 3 percent tax on earnings above $1 billion. Warrens’ confiscation of wealth will pay for universal child care that would limit families’ child care expenses to 7 percent of their total income, regardless of how many children they have.

New Jersey Sen. Kirsten Gillibrand says a 50-basis-point tax on stock trades and a 10-basis-point tax on bond rates will raise money for the government.

And, though, at just 29 years of age she is unable to run for the presidency, New York Rep. Alexandria Ocasio-Cortez, who says obscene wealth is “immoral,” is calling for a 70 percent tax rate on earnings above $10 million. Fellow controversial freshman Rep. Ilhan Omar of Minnesota wants that rate pushed to 90 percent — outright government theft, in other words.

“They are trying to get the attention of a base that will go out and vote for them, and it seems like things have to keep getting more and more audacious in order to get attention,” said Matt Chancey, wealth manager at ClaraPhi Advisory Network.

“Obviously, more people in this country are not impacted by taxing the rich because they aren’t rich, so the Democrats are trying to get elected by demonizing the high-income crowd,” Mr. Chancey added.

Chris Chen, founder of Insight Financial Strategists, admits he isn’t familiar enough with any of the tax proposals to take a firm position, but believes “we’ve had a lightening of the load by the well-off in terms of how they contribute to society.”