Posted on 01/24/2019 11:10:12 AM PST by DCBryan1
Sen. Elizabeth Warren, D-Mass., is planning to propose a "wealth tax" on some of the richest Americans, an economist who advises her told CNBC on Thursday.
The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets.
The Washington Post first reported the development.
Warren's proposal comes alongside other Democratic lawmakers' plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals, including a "green new deal."
(Excerpt) Read more at cnbc.com ...
Sounds like an accounting nightmare. Then that means every single taxpayer has to prove what assets they have on the new IRS form.
Oh no General Secretary of the Communist Party Warren you say you are worth eight million dollars! Well we congratulate you on your contribution to the party!
Assets? ASSETS now?? From money and assets that have already been taxed once or TWICE. Being rich isn’t a taxable event. I friggin hate these people.
No, because you don’t need that kind of money to live on. Their wealth is squirreled away in trusts and other legal entities that will likely be taxpayers in their own right. As beneficiary, they get distributions, but that’s not an “asset” that’s income. And that can be managed.
wow, wonder how all of her Hollywood pals are going to like that? They with their 200 million dollar divorces right and left. I’m sure there will be a loophole.
With a congressional exemption, of course.
No way. Aside from being unconstitutional, it’s a terrible idea, for a lot of reasons:
If you think the IRS is intrusive now, just wait until it has to determine not just everything you make, but also everything you own. And can you imagine filling out a tax return?
Do we really want to punish saving and investing even more? And how about the elderly who have saved for retirement? Do we want to push even more of them into dependence on Social Security?
Do you think the “wealth tax” would continue to apply only the very wealthy? Just remember that when the income tax was introduced in 1913, only 1% of the population paid income taxes.
As bad as an income tax is, a wealth tax is far worse.
The Hollywood left will be EXEMPT from paying higher taxes
How about confiscating half the wealth of those with $20billion or more?
Why is she living?
Barack gave away $10trillion. Let’s just demand it back.
How about confiscating all the wealth of those that propose limits on wealth
Whew, I just made the cut at 49 million...
Nice try Liawatha.
I looked it up.
Slinging Bull is only worth 8 million.
Although an income tax is constitutional, as the 16th amendment was passed for that, I don’t believe a wealth tax would be.
Why would I think that politicians should have that money and not the people who earned it?
The politicians have us 22 trillion in debt. The business owners are solvent and making a profit.
Why pay for politician incompetence, corruption, and personal enrichment?
The income tax started out in 1914 as a tax of 1% or 3%....I forget which....on the “richest” Americans.
Look at the monster that evolved into over the years.
A tax on $50 million or more in assets? How long will it be before it’s a tax on $10 million in assets? or $1 million in assets? or $500,000?
Pure unadulterated bull crap.
The most product Americans would move overseas.
It really appears the Democrats are racing one another to the Communist goalposts.
OK. Let’s start with Harvard’s $39.2 billion endowment.
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.