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 ...
Notice it is a number higher than what she probably has.
“Whew....I think I am safe!”
You would be for a short time.
They will come for everyone as they did in Cuba and Venezuela .
And Jamaica. A good friend of mine had a uncle who was shot when the leftists took over in the 70’s.
He made it out barely and rebuilt his life in the US.
Yes it could happen here. The toxic powers of the left could destroy this great nation if we let it.
Let me guess, she’s got $49,999.99 in assets.
The hearts of the sheeple are up for auction, and the bidding has begun.
Occasional Cortex wants a 70% income tax on the highest income earners. The thing about that is most who are in that bracket would hid the income using various ways to avoid the taxes anyway.
So now the less than 1/1,000th possible central American Indian proposes a wealth tax...which would be a little more difficult to by-pass.
Now, who is going to come out with an even more destructive to jobs and the economy "tax plan" further to the communist left than a wealth tax and what would it look like? Property confiscation perhaps.
Mass prosperity requires economic progress,which requires a pro-capitalist political system, which requires rationality, natural rights, including private property rights, capital accumulation, and technological progress and advances.
The total abolition of the personal and corporate income taxes and of the inheritance tax is an essential feature of a pro-capitalist political system. It is required by the individual’s right to his own property. In addition, progress toward the abolition of these taxes helps to create the conditions required for economic progress, by increasing economic incentives, and the ability to save, both of which serve to promote capital accumulation, and thus a rising productivity of labor and rising average real wage rates.
That’ll sure encourage savings and investment....
I propoise that we remove the Cadillac Health care plans enjoyed by Congress Critters, including Fauxahontus’s. Let them pay for their own via payroll like every other US citizen, and have a similar stabdard of care as the majority of Americans.
A tax on wealth and assets. A lot of that is stocks, real estate, etc. Would some have to sell to pay tax?
Need to buy an International Moving Company, pronto!
“Start with Silicone Valley...and end there.”
Hold on there, cowboy. That’s Stormi Daniel’s cleavage you’re talking about.
I think that is the point of her statement. She knows the uninformed left, antifa and HuffPo readers will be thrilled beyond belief because they don't understand trusts and the fact that Warren Buffet, LeBron James and the google brothers would never pay a cent.
I looked at the “Wealth Tax” entry at Wikipedia. Some countries impose one but not at a 2% and more rate. Only Norway of the Scandinavian countries imposes a wealth tax at 0.85%. Even that rate has caused large political puch back. Germany used to have one, I remember Steffi Graf got into trouble for not paying the tax, but the German Constitutional Court ruled it unconstitutional.
Would this not require a constitutional amendment? The XVIth only allows tax on income. Wealth is not mentioned.
Her proposal might be unconstitutional. From Wikipedia:
In the United States, depending upon how Article 1, Sections 2 and 9 of the United States Constitution would be interpreted, the implementation of a wealth tax not apportioned by the populations of the States would require a Constitutional amendment in order to be passed into law. 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.
I actually applaud this, with BIG caveats.
#1. It can’t be land or real property wealth. That would mean lots of families losing the farm.
#2. Tax wealth, not income. We WORK for our wages. Wealth is accumulated, and wages are sweat of the brow. I’ve always opposed INCOME taxes.
#3. Of course, there’s a plethora of WEALTHY democrats in Hollywood, publishing and technology, and many don’t “earn” a dime. All their money wealth is in grants, foundations, and they live in mansions not owned by them but rather the foundation, with the limos and planes owned by the foundation, and even the cooks are paid by the foundation and the foundation buys the food.
So these types of wealthy people LOVE raising the INCOME tax, which doesn’t effect them, but really hurts small businesses owned by individuals.
And how will the government know how much in assets one possesses? Will people be required to fill out a form every year listing every last thing they own? How will the value of these possessions be assessed? What will be the penalty for not disclosing that gold sitting in a vault somewhere, foreign properties, the million-dollar paintings, etc.
This will be great. Our government deserves and has a right to know what we have and don’t have and dole out our possessions to those less fortunate.
It would never pass. For now.
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