Posted on 11/17/2019 3:45:01 PM PST by Enlightened1
Elizabeth Warren's crusade against rich people is even worse than we thought. According to Richard Rubin of the Wall Street Journal, some millionaires and billionaires would experience tax rates of over 100 percent on investments under Warren's proposals.
Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don't sell their assets.
Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren's taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.
The rate would vary according to the investor's circumstances, any state taxes, the profitability of his investments and as-yet-unspecified policy details, but tax rates of over 100% on investment income would be typical, especially for billionaires.
Warren has promised free healthcare, childcare, housing, and education, amongst other things, and has promised to do so without raising taxes on the middle class. Her plan to pay for Medicare for All without raising taxes on the middle class can't even be done, and that's just one proposal. Warren's plans to pay for all of her proposals are clearly more radical than she wants...
(Excerpt) Read more at pjmedia.com ...
It took the 19th amendment to let moonbats like her vote. Our founding fathers knew better.
That’s weird. I switched parties, from Democrat to Republican, that same year too. So I canceled out the Democrats’ gain, lol.
Ha! Yes, a billionaire supporting commie candidates is like a black man supporting the KKK. with, probably, similar results
GET THE GOVERNMENT OUT OF HEALTHCARE!
Medicare and Medicaid are UNCONSTITUTIONAL. Trump should sign an order phasing out both programs over a 12-month period.
I am of the opinion that we need an alterative tax system. One that specifiies both the minimum and maximum tax rates. Say 5% minimum and 35% maximum.
I would prefer that there not be any federal taxes on the citizens. Rather that the previous year’s spend would be divided up among the states via “representative apportionment”. That is to divide the spend into a per senator and per representative assessment that the states have to pay to the federal government. States then collect taxes in the manner that best suits their tax base.
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