Posted on 03/15/2021 9:19:36 AM PDT by Red Badger
You can’t spend $1.9 trillion you do not have.
So, now the administration is apparently giving weight to the likes of populist socialists like Senator Elizabeth Warren, and considering a wealth tax.
When asked about the idea on ABC’s “This Week with George Stephanopoulos” Treasury Secretary Janet Yellen admitted that, “that is something we haven’t decided yet and we can look at.”
She did note that President Biden campaigned on his intention to raise taxes for individuals and corporations as well as capital gains and dividend taxes.
A group of progressive lawmakers led by Senator Warren recently introduced legislation that would create an annual 2% tax on the net worth of households between $50 million and $1 billion. And, an additional 1% on those above $1 billion.
Critics says a wealth tax would not be constitutional. It would effectively be “taking” property from an individual that rightly owned the property. Indeed, in order to even have an income tax, Congress needed to pass a constitutional amendment in 1913.
Meanwhile, critics of a wealth tax also say a system like that would ultimately penalize the middle class by causing billionaires to find “loop holes” to invest and keep their money offshore. The tax, they say, could even drive those with wealth out of the U.S. much like high taxes under Hollande in France.
That’s not going to happen and then they will say o well let’s just tax the middle class instead. These dem voters are about to realize they made a mistake voting for him and allowing the steal. If Trump was in office still our states would be open and business would be booming. These politicians on both sides don’t want another 4 years of someone doing for us..
The ‘Death Tax’ is justified by libs because it is ‘income’ to the heirs....................
I wonder if they regard my salvation of any value. According to Jesus it is more valuable than all the wealth on earth.
I will defer to those much better versed in the matter. Since I was born I never believed it would be ended. Or that I could change lead into gold.
If they can’t touch it, they can’t tax it....................
And always unstated, is how will the federal government know how much wealth one has without a new, massive intrusion on privacy? A yearly inspection of homes, safes, safe deposit boxes, properties, etc.
Why did we have to pass the XVI Amendment in order to enact a federal income tax, but we’re not going to have to amend the Constitution to enact the new, glorious ‘wealth tax.’
(Rhetorical question. We all know why. The Constitution is a dead letter, now.)
Balanced Budget Amendment. To include sales tax, Tariffs, and FLAT RATE income tax for all.
This is what the US desperately needs. Watch how fast the Biden’s and Democrats are out, and how fast we switch to job creation and production economy.
All other plans hurt the economy, future business, and will worsen the existing problems. Stop the garbage, and lets fix this Republic.
Good, let the rich, who HATE Trump fight Biden. I’m done carrying their water.
I’m losing track of how many times we are being taxed for the same income and assets.
Tax the living crap out of anyone making 25% more than me.
Sad to say 60-70% of the population would probably support. Envy is not a widely acknowledged sin.
I would say a wealth tax is the rent we pay on all the things the government owns. We will own nothing. Our lords will own everything.
In the past, some states had different versions of ‘wealth taxes’. They depended upon you providing the information truthfully, or else.................
“Nothing was your own except the few cubic centimetres inside your skull. ”
― George Orwell, 1984
The millionaire athletes will be shocked...................
I agree.
The Dems have the upper affluent and large corporations...and the dependency class.
We have the working class, portions of middle class, and the small businesses.
Wall St. and Large Corportions gave money to Biden over Trump at a 9 to 1 ratio.
Time to stop supporting the upper crusty and large corporations.
When they learn that their wealth tax is not enough, they will make in retroactive; when they learn that the limit on the wealth tax is not enough they will lower it drastically, until they reach the average world wealth level which is some where around US$10,000 ... see how wealthy you really are, right?
To implement this tax, they will need to know exactly what you own.
Easy with houses, stocks, and cars.... a lot more intrusive for antiques, precious metals, and so on.
This is straight-on communism, by the way. Confiscate the wealth of your citizens.
I’m expecting a forced Holodomor-style famine about 2025 or so.
Bad news.
Your boat is also 'wealth'.
The last administration did, plus much more. Had Trump be inaugurated last January then we wouldn't hear anything about deficits except from the Democrats. Since Biden was inaugurated then suddenly the Republicans are fiscal hawks again?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.