Posted on 09/25/2019 5:31:13 AM PDT by karpov
Presidential candidate Bernie Sanders proposed an annual wealth tax topping out at 8% for the richest Americans, offering the farthest-reaching Democratic plan to pay for expanded government programs and break up concentrated fortunes.
Mr. Sanders’s plan would hit more households and raise more money than the tax proposed by Sen. Elizabeth Warren of Massachusetts, his chief rival for progressive voters. According to an analysis by economists who consulted with both campaigns, Mr. Sanders’s plan would generate $4.35 trillion over a decade, compared with Ms. Warren’s $2.75 trillion.
Mr. Sanders’s plan would increase federal revenue by about 10%, all from around 180,000 households.
“Enough is enough,” Mr. Sanders, a senator from Vermont, said Tuesday. “We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy.”
The tax would apply to married couples with net worth of at least $32 million and individuals with net worth of at least $16 million. The rate would start at 1% per year and rise to 8% for married couples with assets of least $10 billion. That 8% rate would mean that megabillionaires who don’t earn at least an 8% return would see their fortunes shrink, and Mr. Sanders said Tuesday that there should be no billionaires.
(Excerpt) Read more at wsj.com ...
I guess we’re going to see a new sort of wall - one to keep people in.
The Bolshevics at the Door.
I’ve always wondered if those lyrics were in earnest - or sarcasm.
I prefer the more obvious meaning of “The Trees” by Rush.
And the trees were all kept equal,
by hatchet, axe, and saw.
is money enough?
soon ORGANS will be required and demanded.
but first only a choice of one kidney or cornea.
should be easy to enforce.
Neah.
They’re going to take the whole thing.
Same thing for IRAs.
For their protection of course.
From the article: "To improve enforcement, Mr. Sanders calls for imposing an exit tax of up to 60% on the assets of wealthy people who renounce their U.S. citizenship. He would also expand the IRS to audit at least 30% of people in the lowest wealth-tax bracket and audit all billionaires every year."
Why is taxing income a good thing at all?
“Government exists to protect people’s rights, including their property rights.”
In theory yes. In fact no. The government exists to sustain those running the government. We only have to look at the federal agencies that create contrived reasons to exist. the doj and police state agencies are the most egregious examples of abuse. Not only do they propagandize the public into thinking that these agencies are absolutely necessary for everyone’s existence, but these agencies are the most flagrant abuses of civil rights.
The income tax is plain evil, taxing the sweat off of your brow. A form of slavery
Lead the way.
Put up or shut up.
I don't know why our side doesn't call the Left out on this issue.
YES.
F off Bernie.
If by some freak of nature, he ever gets elected and implements this, it won't turn out as he planned it.
As they have always done in the past, the very rich will flee the country and tell ol' Bernie to stuff it.
What he proposing is not taxing the rich. It's the government stealing from the rich.
As the Constitution exist today the Congress can only tax income.
Has Bernie Sanders released the wording of his proposed constitutional amendment that would give government the legislative power to tax wealth?
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
It’s not a tax, it’s seizure of accumulated assets, and it’s every year.
Europe has it, calls it tax on fortune, and it’s why Europe doesn’t have any bill gates, Steve jobs or Jeff bezos.
First it’s 8% then 10, then 12, the 15 then 25.......
Then they leave and you run out of other peoples’ money................
I am telling you right now, that is resonating with a frightfully large number of people in this country.
“Next step will be a 4.01% tax on your 401k”
The next 2008 crash is coming and it will be worse this time. Yes, I expect the govt will confiscate pension plans and it will be a sliding scale. More you have the higher percentage they take.
Starting with the very wealthy and ending with all accumulated wealth for all Americans. That will include ALL assets.....savings, college funds, value of your home, 401Ks, etc. IF the people are intelligent (and that is a mammoth IF), they will run as quickly as possible from these money grabbers.
“I would think a new Constitutional Amendment might be required.“
Or a compliant SCOTUS.
L
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