Posted on 03/20/2024 10:15:38 PM PDT by SeekAndFind
If you don't follow far-left Massachusetts Democrat Senator Elizabeth Warren on X, you should — if only for 24 hours. Hilarity reigns, as Warren never misses a concocted opportunity to rail against "profiteering" corporations, "the rich" not paying their "fair share," and "free" this and "free" that.
Warren and Vermont Sen. Bernie Sanders have long pushed for a wealth tax that would begin with billionaires. Unlike Sanders, who believes billionaires shouldn't even be allowed to exist, Warren "only" thinks they should be taxed to smithereens (See: wealth redistribution).
Now Warren, along with leftist Democrat Reps. Pramila Jayapal (WA) and Brendan F. Boyle (PA), have reintroduced the Ultra-Millionaire Tax, which would impose a wealth tax and captivity tax ("exit tax"), and would also allot $100 billion for increasing tax audits on the the wealthy.
As law professor, author, and political commentator Jonathan Turley called it in a Wednesday column, an "Eat the Rich" plan. As you might imagine, Turley isn't a fan of a wealth tax — and that's just the beginning.
The wealth tax is back. We have previously discussed the constitutional and policy concerns surrounding the push by Democrats like Sen. Elizabeth Warren (D., Mass.) to introduce a wealth tax that would start with billionaires. It would not likely end there.
The law would also apply the same type of California approach to wealthy families fleeing the tax grab with a huge “exit tax” so that there is no escaping from the tax vortex.
The captivity tax highlights the wealth-redistribution mindset underlying Warren’s “experiment.” Warren thrilled audiences for years by telling the rich she was coming after “your Rembrandts, your stock portfolio, your diamonds and your yachts.”
In one Democratic debate, she got applause by rubbing her hands together after stating that she would take some of the wealth of fellow candidate John Delaney, a self-made millionaire worth $65 million. She has now made good on that threat.
Like many Democrat-backed plans, Warren's cash-grabbing scheme would likely disincentivize upper- and lower-income workers. The higher the tax burden on the wealthy, the less inclined they might be to generate taxable income in any given year. Conversely, the more the federal government "takes from the rich and gives to the poor," the less incentive to work for those who learn to depend on government assistance.
Lest you think the Democrat Party is stupid, consider the following famous quote from Irish playwright and avowed socialist, George Bernard Shaw:
A government that robs Peter to pay Paul can always depend on the support of Paul.
Shaw wasn't stupid and neither is the Democrat Party.
There are far more Pauls in the world than Peters. Hence, lower-income voters are more likely to vote for politicians who support massive taxpayer-funded government assistance programs than those who don't.
Speaking of taxes, Turley laid it out, perfectly (emphasis, mine).
It is worth noting that the top 1 percent’s income share rose from 22.2 percent in 2020 to 26.3 percent in 2021 and its share of federal income taxes paid rose from 42.3 percent to 45.8 percent.” The top 50 percent of all taxpayers paid 97.7 percent federal income taxes,. The bottom 50 percent paid the only 2.3 percent.
Even more stark, in 2021, the bottom half of taxpayers earned 10.4 percent of total adjusted gross income and paid 2.3 percent of all federal individual income taxes, while the top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.
When Warren, Sanders, Biden, and other Democrats whine about the rich not paying their "fair share," here's the salient question: How much is that "fair share" — and who gets to decide what's fair and what isn't? A rhetorical question, of course, because we know damn well who the Democrats think should make the call.
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That is Fauxcahontas' specialty.
“A government that robs Peter to pay Paul can always depend on the support of Paul.”
Paul gets the shaft as well—but it is with an incredibly complex combination of local, state and federal taxes.
Sin taxes (cigarettes, liquor, now marijuana) hit Paul hard.
Fees of all kinds (and there are dozens if not hundreds of them starting with motor vehicle license and registration fees) get Paul as well.
Property taxes (which are passed through in rents) get Paul.
Sales taxes are another big hit on Paul.
At the end of the day everybody pays a lot.
The George Costanza rule. Whatever their instinct may be, do the opposite. Instead of chicken salad on rye, get the tuna salad on wheat. If a hot woman asks you what you do for a living, don’t tell her you’re a marine biologist - tell her you’re unemployed and live with your parents.
$100 BILLION!?!?!?!
That alone doesn't pass any smell test.
1040 taxes are theft. period.
Going Down: non-federal FED (now nationalized under Treasury), the IRS Tax Collection Corporation, the debt-based fiat TP we call the dollar, the 16th amendment, and those that are responsible for perpetuating this entire system of fractional-reserve Bankstering.
They also need to show the payouts from government to the different demographics. The top 50%, how much money do they receive fm govt, vs how much money the bottom 50% get from govt. That needs to also be shown because you would see its a huge sociakist wealth transfer taking place.
Even though he’s very much hated by conservatives, former Massachusetts RINO governor, Charlie Baker, could, seriously, defeat Elizabeth Warren, if he ran for Massachusetts U.S. Senate. Conservatives have no serious chances for political victory, from within Massachusetts. It would be similar to what’s happening in Maryland with a former RINO governor, already, running for the U.S. Senate.
Edit the headline and you have, “Elizabeth Warren is off the charts stupid and bad for America”. It would apply to evrrything she says and does.
These folks never realize the “ultra rich” are 1000x smarter than they are. They are not going to willingly let you fleece them. They will get retribution in a variety of ways. Move money, move businesses , move themselves….. this is a fools game that never works.
Hey LizWhoWalksBlindlyWithBIgMouth….. try cutting spending
The FairTax is the remedy for all this government theft and wealth redistribution.
Time to get it done. Rid us of this immoral income tax scheme.
Wonder how many paid the 4% surcharge tax due this year? 4% tax on amounts over $1,053,750. Bet many reported $1,053,749! 😉
https://www.mass.gov/news/4-surtax-on-taxable-income-over-1000000-the-basics
“Ultra” has become the new go-to prefix for things progressives dislike and want to attack.
It wouldn’t take much to be 100x smarter than Warren, just an average guy. She’s one dumb woman, can’t keep her mouth shut and knows nothing about economics.
That is exactly right.
This kind of policy stupidity does have real world consequences for a lot of people, mostly middle and lower class, but it’s done entirely for political points and favoritism to some entity by self-serving pols like Ms. GeneticallyWhiterThanAnyOtherLivingHuman.
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