Posted on 06/29/2019 5:29:46 PM PDT by Beave Meister
I wrote five years ago about the growing threat of a wealth tax.
Some friends at the time told me I was being paranoid. The crowd in Washington, they assured me, would never be foolish enough to impose such a levy, especially when other nations such as Sweden have repealed wealth taxes because of their harmful impact.
But, to paraphrase H.L. Mencken, nobody ever went broke underestimating the foolishness of politicians.
I already wrote this year about how folks on the left are demonizing wealth in hopes of creating a receptive environment for this extra layer of tax.
And some masochistic rich people are peddling the same message. Here’s some of what the Washington Post reported.
A group of ultrarich Americans wants to pay more in taxes, saying the nation has a “moral, ethical and economic responsibility” to ensure that they do. In an open letter addressed to the 2020 presidential candidates and published Monday on Medium, the 18 signatories urged political leaders to support a wealth tax on the richest one-tenth of the richest 1 percent of Americans. “On us,” they wrote. …The letter, which emphasized that it was nonpartisan and not to be interpreted as an endorsement of anyone in 2020, noted that several presidential candidates, including Sen. Elizabeth Warren (D-Mass.), Pete Buttigieg and Beto O’Rourke, have already signaled interest in addressing the nation’s staggering wealth inequality through taxation.
I’m not sure a please-tax-us letter from a small handful of rich leftists merits so much news coverage.
Though, to be fair, they’re not the only masochistic rich people.
Another guilt-ridden rich guy wrote for the New York Times that he wants the government to have more of his money.
(Excerpt) Read more at mises.org ...
Wealth taxes are literally unconstitutional here.
The United States Constitution prohibits any federal direct tax on asset holdings (as opposed to income tax or capital gains tax) unless the revenue collected is apportioned among the states on the basis of their population.
It’s all class warfare and political theater
On top of being bad policy, it’s just really hard to do. Financial assets are mobile and leave the jurisdiction. Real assets often can’t be sold piecemeal to raise the taxes.
No need for a revision of the tax law....do it NOW, if you're serious.
If she does,I wonder if she "donates" money to the US Treasury over and above what she's required to pay by law.
I'd bet the clothes on my back that she doesn't.
When I do my taxes I always have the choice to itemize or take the standard deduction. It is that: a choice.
Anyone signing such a letter who chooses to itemize is a hypocrite who knows that it is easy for the wealthy (namely them) to buy themself out of a tax bill and actually get a cut of my taxes by additionally buying favorable government subsidies.
LOL. Quaint.
I do NOT understand why the wealthy give money to candidates who want to take your money away.
You have a lot more faith that the Constitution will be followed than I do.
>
Wealth taxes are literally unconstitutional here.
The United States Constitution prohibits any federal direct tax on asset holdings (as opposed to income tax or capital gains tax) unless the revenue collected is apportioned among the states on the basis of their population.
It’s all class warfare and political theater
>
To be fair, so it literally ~90%+ of the Federal budget: illegal\extra-Constitutional...if not in direct opposition to numerous Rights outside of A1S8.
Then you get into the violations of the 16th A....never written/passed to violate 4th A. (privacy/papers), 5th (which are ‘voluntary’ signed-away every filing) nor 13th (taxes are used for Ponzi/vote-buying...not services provided).
Just face it, we’ve not had a Constitutional Republic in a long, L-O-N-G time; and nobody should be holding their breath for the (R)N(C) to correct the course (having written/passed: ‘Patriot Act’, NCLB, NSA, TSA, TARP, $1T+ deficits, Porkulus, etc.)
Next time Warren Buffet says “raise my income taxes” because he doesn’t show any income anyway suggest a wealth tax instead and see how fast he runs away.
They show four countries have wealth taxes.
Three are France, Portugal, and Spain.
Anyone know the fourth country with a wealth tax?
The number one cause for income inequality in the United States of America is unskilled illegal immigrants flowing in from third world countries. Build the Wall and deport the cheap labor.
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