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 ...
Russia & China don’t have a wealth tax, nor is there any desire to have one.
Communism is an American phenomenon now.
“But income isn’t the juiciest target. Warren knows what Marxism demands — grab the Wealth!!”
Income tax should be repealed and is just a way to keep others from getting rich. Old money did not and does not have to pay an income tax.
Wealth tax could mean someone is taxed multiple times since they already likely paid tax when they obtained that wealth.
The only “fair” tax for minimal powers appointed to the government is a sales tax on non-essentials and non-business items. That way you are taxed purely based on the amount of excess stuff you consume. And anyone can live a minimal lifestyle without having to pay any taxes.
Right now we have middle income people getting taxed to death and some barely feeding their families. Or people getting kicked out of their homes because of rising property taxes.
You should not be at risk of starving or losing your home due to taxes
You are so right.
James 4:1
I recall that Trump once advocated this one-time wealth tax, which is why I initially mistrusted him. But he’s since wised up, and Fauxcohantas has suddenly discovered his outgrown folly of two or three decades ago.
Ah, that is the perennial question I ask myself; not only about her, but also about so many others of her ilk.
Why $50 million? Because multi-millionaire Warren’s net worth is just a little bit under that number.
Yeah but does that also count her off shore accounts
If the dems/communists can pass a “wealth tax”, defining “wealthy” will become sport for them.
To hell with that, CW II is now the only option to rid us of these idiots. Media and Hollywood first to go down.
So I’m guessing the squaw is worth something less than 50 million $.
Yup,those are her assets in the US. But what she doesn't make known in polite company is that she has Costa Rican citizenship.
RE: wealthy will not sit idly by
That is the crux of the problem. Once your tax rate is higher than average, you lose them, either by “flight” or by tax havens and various forms of cheating. You lose the incentive for development and suddenly you’re Venezuela.
The howls of outrage from the pols and bureaucrats who miraculously became multi millionaires on a government salary would be worth the tweet.
Well there is the rub, no?
But I'm thinking about douche bags like Warren Buffet, Ted Turner, Jeff Bezos, Mark Zuckerburg, etc., etc., and how they are all in favor on RAISING the income tax and opposed to a tax cut, while at the same time having an army of accountants to whittle away their own "incomes", it boils my blood.
So, yeah, if it starts defining wealth at the middle class level, or even rich (because millionaires aren't nearly as wealthy as billionaires like the names listed above), then the whole thing falls apart.
Still, everything can be a slippery slope when due diligence is not followed. There are so many things that have been corrupted over the long years.
yup, the more the merrier - we know how well tax hikes play at the box office.
of course we knew this was coming. Every financial advisor looks at me puzzled when i ask how they would protect my assets from US confiscation. Apparently they do not read the papers to understand what happened in Cyprus, Germany, etc. US financial institutions cannot be trusted to protect your money from confiscation by President Warren
I shouldn't joke about that, they might do it...
Alas Babylon, you are going full commie. Stop it. This is an opinion unbecoming to a FReeper.
You are not only advocating the goverment TAKING property from people, but you are willing for certain exemptions to occur for favored groups.
Property has already been taxed. It will be taxed for gains, when it is sold.
And your head will also be on the chopping block, once it is established.
The income tax started to just tax the wealthy at 1% or so.
Turn back dude.
They are trying hard to kill Trumps economy, by hoping to do this they see the evil rich not investing in America and going back to the far east and Europe to do business
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