You may get some of them...once. After that they flee the country like the White Russians fled the USSR.
The beast needs to be fed and income taxes aren’t enough. Until they stop the spending, these taxes will continue to be entertained. The one small silver lining in the otherwise dark cloud is that a tax like this would hit a hypocrite like Buffett just like anyone else. He’s all for an income tax because he already made his money. Let’s see if he’s for a wealth tax.
But don’t you DARE call them Communists.
Britain is long down the road to wealth confiscation with stagger estate taxes for over 50 years. Britain in the seventies was a basket case, and it looks that they are headed back into the hamper.
No mention in the article as to whether it would apply to the royals who are probably the wealthiest in the country.
I expect we will be looking at this and worse of Obama manages to get another term.
They have been lusting after everyone’s 401K balance for over a decade now. Other taxes I think will be on the table are a VAT, the Tobin Tax (tax on financial transactions) and applying FICA to very high levels of income. Perhaps every last dime.
Does anybody not believe that Obamugabe wouldn't LOVE to do this, too?
Actually, I think the FedGov is doing taking wealth on the down-low NOW by pushing people's 401(k)s out of Money Market funds and into Government Bonds.
Check it yourself: did you lose your MM option on your 401(k) recently? We did.
Those French emigres are just too juicy a target, aren’t they? BTT
Wow, the “Conservatives” actually doing something conservative for once, opposing the communist liberals and labor. I still think they lost all spine after Thatcher. Lib/Lab/Con are as bad as each other nowadays and have passed power around while selling the nation’s sovereignty to multi-national bureaucrats and allowing a silent Muslim invasion. It’s hard to have sympathy. I am waiting patiently for Europeans to wake up to the fact that Breivik’s methods were evil, but his concerns were correct. Europe’s leftist leaders are putting a gun to the continent’s head in more ways than one, and if we re-elect Saul Alinsky 2.0, we’ll be doing the same.
Where do the Rothchilds reside? I’d bet not in England, as if it would matter anyway. It was reported recently (do a web search) the Rothchilds family’s combined wealth is approx. $500 trillion. I recall in 1969 it was reported in the Sacramento Bee that the Rockefeller family wealth was more than the entire US governments. One can imagine what it is today. Bill Gates is deemed the richest person in the world but in comparison, he’s a piker compared to the old wealth that exists. Paul Warburg represented the Rothchilds banking empire in 1913 and both the Rothchilds and Rockefeller families were instrumental and obviously huge benefactors in the getting the Federal Reserve Act of 1913 signed into law. I understand that a family member (David Rockefeller) or a representative of each family still sits on the executive board of the US Fed Reserve. These families are literally wealthy beyond belief and the US is now broke. Go figure.
You may get some of them...once. After that they flee the country like the White Russians fled the USSR.
How do they think this would even work? “The rich” don’t have mattresses stuffed with cash. Most of their holdings are assets, which would need to be liquidated (ie, sold). Who is going to buy these assets, other rich people? And what would the selling price be, if masses of assets were suddenly dumped onto the market around tax time?
Anyone seriously stupid enough to believe the phrase "one-time"?