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.
And, an additional 1% on those above $1 billion.
Damn! I knew I should have quit at a billion...that last 1% shoe-shine I did yesterday is going to kick my ass!
It sank.....................
Says the Rats: "We don't need no steenkin' constitution!!!"
Oh, they got that covered.
There will be a million-dollar tax on being saved.
In Jean Shepherd’s book “In God We Trust, All Others Pay Cash” (from whence “A Christmas Story” evolved”), Chapter 28 details what happens when the Personal Property Tax Assessor comes around.
“The millionaire athletes will be shocked...................”
If it makes them feel better, perhaps we ‘take a knee’ for them.
Still have to declare it on this year's (or another year's) taxes. It was afloat at some point.
I’ll render unto Biden what is Bidens. 10% for the dementia guy right? :)
Yes. I think we may have reached the point where concerns actions that are clearly unconstitutional are just met with a shrug and a comment that “we can’t worry about little technical matters like that”.
Would the Escalades and bling be considered assets? And if they add to your total, cause the wealth tax to kick in? Or is it only property, land, buildings, stocks, bonds?
And everyone will have very intrusive tax forms to complete valuing your entire net worth, that you will get to complete each year, making sure the government (and big tech) have a thorough understanding of everything about you.
“taking” property from an individual that rightly owned the property.
Oh how the democrats miss the Obama years but this time it won’t end.
Congress has varied progressive income tax rates from time to time from their inception. Immediate post-WWII years saw the highest bracket paying a whopping 94% rate.
Re: https://files.taxfoundation.org/legacy/docs/fed_individual_rate_history_nominal.pdf
Since the income tax rate has virtually always been progressive and rates have varied over time - why would a 'wealth' tax be considered unconstitutional on the basis that it takes someone's property. Ahhh........ income tax has always taken "someone's property". Am I missing something?
But a wealth tax will kill the goose that laid the golden egg.
Once you take someone's wealth away from them, the pot will be empty. It doesn't replenish itself.
These democRATS are cutting their noses off to spite their faces. Throwing the baby out with the bath water.
They are so stupid it is unbelievable.
“’If you can’t pay it, you lose your asset.’
I would destroy it before I let them take it. F them!”
No! Sell it. Sell it for slightly less than the cutoff for the tax, at least you still have something.
The ‘wealthy’ know how to safeguard their money - that’s one reason they have so much.
Then the wealth tax will moved down - until ‘elite’ commies are taxing people who keep the economy going... and then people like us who prop them up...
How predictable and stupid.
Both of which are taxable assets.................
Same concept as estate tax, only yearly.
As if that has ever, EVER stopped Leftists from pursuing their ideological goals.
In order to pay the wealth tax, you have to come up with the cash - do you sell to someone else, who likely also needs to cash out assets to pay the tax? Where are the buyers coming from?
Or do you hand over title to the government?
So either the markets tank or stocks become government assets, or both.
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