This one should scare everyone, because it is a tax on wealth, not income. Also, they didn't mention it is a 3% tax on wealth above $1 billion and an additional 2% above $50 billion. That's a $30 million dollar tax on the first billion in wealth. Now, if you had to pay that every year, could you move outside the US for less than $30m? My guess is: Yes. Sen. Warren is stupid enough not to realize that it is this very wealth group that fund most of the investment projects that create jobs for everyone else. Lunacy!
Accountants and economists already have difficulty defining “income” properly. Defining “wealth” is even more difficult.
Not only that, $50B is just the “dangle”. It will end up being something like $1M in assets because there isn’t enough money in people over $50B.