My own guess on the level of taxes to pay for all of the “free programs” the Dimocrapt presidential candidates will have to be 90% of every working person’s gross annual income.
What happens if you wealth tax the independently wealthy and wealthy retirees who have no proportionally comparable income?
Are you not forcing them to liquidate some of their assets in order to pay?
All this, presumably, after they already paid all the associated sales and property taxes when they acquired their wealth on the front end.
Now I’m asking this question more based in principle, because it is is highly likely that anyone who is wealthy enough to get into Warren’s 3% bracket are probably receiving income off of investments. It seems very unlikely that anyone with that kind of wealth doesn’t have a good part of their assets into income generating investments, but that’s not a given.
Also, if your wealth is not growing and it’s being depleted by 2 to 3% annually, how long does it take before you fall out of the wealth tax brackets?
The more you ask questions, the more it becomes very fair to call it intentional wealth redistribution. In other words, it’s very probably less about delivering anything to those in need as it is about punishing those who are not.
Lots of significant issues with this.
1. Unconstitutional. nothing in the constitution allows for this tax.
2. How will the government know who has such wealth? Just think of the massive bureaucracy that will need to be create, the rules and processes to be created to assess the value of each asset, the forms required,. If made law, every single person will have to fill out and submit a complete net worth financial statement to the government, completely documented and valued per their rules.
3. Once enacted, it will quickly apply to everyone with 100k or less in assets, because 1) the government will now possess everyone single person’s complete financial statement 2) they will then have the authority to confiscate as much wealth as they want 3) just look at the income tax as first passed and now reality as your guide.
I worked my ass off to the point that I had to have quadruple bypass at 45. Being as focused and driven as I was, I sacraficed a freakin lot the magnitudeof which I am really only now beginning to comprehend. I pay krap tons of taxes, multiple tens of thousands of dollars of real tax. I have spent most of my life working 80+ hour weeks for months in some sh@thole town in the middle of nowhere, or some sh@thole country. My fault, I chose what I chose, there was a forever amount of time, until there wasn’t. How many hours of my day, week, or year is my “fair share”. Why am I obligated to take care of those who do not plan or perpetually make bad decisions? Why am I obligated to pay for your abortion because you can’t walk 5 feet without throwing your legs behind your skull and injecting some random guys herpes encrusted phallus. I aint doing you. Why are others entitled to my time and effort, and the fact that they get paid from my blood sweat and tears while they contribute nothing of any positive value to society besides wasting resources and creating pollution and spewing out children that eventually turn into criminals because of bad parenting, how is this in any universe fair?
/rant off
“Senator Warren’s wealth tax plan, though well intentioned”? No, it is evil through and through.
People who propose and support wealth taxes are people seeking revenge upon their betters. Appeals to economic efficacy are of no interest to them.
Haven't seen too many "ordinary" folks build skyscrapers, own a Railroad, etc etc.
Why aren't all the Wealthy Liberals doing this already?
(Yes, I realize that John Kerry chose to hide his Yacht in Rhode Island to avoid paying MA Taxes and his Accountants chose to use the lower Tax Rate Table on his MA Income Taxes when they could have used the “voluntarily” higher Tax Rate) Wouldn't it make sense to use this so called Tax Windfall to pay down the National Debt before adding new outrageously expensive Government Programs to the Budget?
Of course, Lieawatha probably got the idea after playing Monopoly with her Grandpapoose’s...
The biggest question regarding wealth redistribution or any other big government funding that requires taxing the rich and the wealthy and well-off...
is...
the resentment that all of that creates.
Why would any productive member of society continue being productive just to have government take it away? The more productive members of society getting soaked and penalized, just for being more productive and smart and knowing how to manage their lives and funds better than the less productive.
You penalize the productive members of an economy, and you end up with a lot less productivity to tax and take away from. At a certain point, almost as quickly as the taxes and wealth-redistribution take hold. the tax revenues will be drying up and then, there will be NOTHING of value to tax and the funding dries up for the social experiments schemes.
Dumb as rocks are all the socialists who don’t have the brain matter to be able to extrapolate the repercussions that inevitably come from their stupidity.
You would need an army of IRS appraisers to calculate “wealth” especially for the wealthy individuals that have money in non liquid assets like private homes, farms, art, factories, oil wells, etc. And they would be forced to sell assets every year to produce the cash the government demands.
From the Articles of Confederation:
“Article VIII. All charges of war, and all other expenses that shall be incurred for the common defense or general welfare, and allowed by the united States in congress assembled, shall be defrayed out of a common treasury, which shall be supplied by the several States in proportion to the value of all land within each State, granted or surveyed for any person, as such land and the buildings and improvements thereon shall be estimated according to such mode as the united States in congress assembled, shall from time to time direct and appoint.
“The taxes for paying that proportion shall be laid and levied by the authority and direction of the legislatures of the several States within the time agreed upon by the united States in congress assembled.
https://usconstitution.net/articles.html
This indirect taxation could be reinstated by Congress. Exemptions and deductions could be allowed, converting a real property tax into a modern version of the French wealth tax.
These are links to the French wealth tax forms for 2017, when wealth other than just real estate was subject to wealth taxation:
https://www.impots.gouv.fr/portail/formulaire/2725/impot-de-solidarite-sur-la-fortune
the main form:
https://www.impots.gouv.fr/portail/files/formulaires/2725/2017/2725_1954.pdf
I’ve had to pay ad valorum real estate taxation annually for decades and no politician ever wanted to end it.
“exodus”
The US taxes income on a global basis. The UK doesn’t.
The UK didn’t even tax capital gains until 1965. UK capital gains taxation was indexed to inflation until 1997 I believe.
If you live on the Channel Islands...
How did this one escape the burning at the stake in salem?