Elizabeth Warren’s wealth tax could include a $1 million marriage penalty

CNBC ^ | 09/23/19 | Robert Frank

[hanamizu]

In order to tax wealth, the amount of wealth people have will have to be determined. This will require the establishment of a huge intrusive bureaucracy (or an enlargement of an existing one) to determine how much wealth everyone has. And they’ll have to look at everyone, won’t they. You hear stories of supposedly poor people passing away who, in fact, had fortunes.

Another example of the federal government intruding itself in citizens’ affairs. It’s not just the tax, it’s the power grab.

[Buckeye McFrog]

A tax on wealth would be unconstitutional as it is a seizure without compensation.

Unless John Roberts ruled this tax to be health care. Constitutionality these days relies on the direction of the wind on Roberts' moistened finger.

[wiseprince]

More than what you have in the bank...She was talking about the value of your house and all other assets. You could conceivably have a house at 50 million in value and nothing in the bank and still have to pay 2% of the 50 million value of your assets...where do you get the money from you ask? This is beyond wrong

[ActresponsiblyinVA]

We have that now. No fathers in the household.

[Bob434]

the whole reason government took over marriage from religious institutes was to give financial incentives to families so they could have more children- more future tax payers to support the government

Now they are gonna penalize marriages?

[Blood of Tyrants]

Back when the top income tax rate was 92% the Dems wanted to raise it to 100% above $200,000. But even their left wing lawyers thought it would run afoul of the 5th Amendment against unlawful seizures.

[Blood of Tyrants]

Make that the 4th Amendment.

[blackberry1]

Sorry but even if you flat out confiscated all the assets of the top 1%......you wouldn’t even move the needle on the budget deficit and US debt. The simple math is this.....the bulk of the nation’s wealth rests in the large block of middle class people. Their combined assets dwarf the top 1%..or even 5%.

These lying politicians need to shown the door.....

[Political Junkie Too]

And, the 4th amendment search and seizure was for criminal offense supported by a warrant naming the thing to be searched for and seized.

Seizing one's income or accumulated wealth would be the equivalent of declaring high salaries and savings as a criminal activity.

-PJ

[TBP]

When you tax something, you get less of it, and married people are much less likely to be dependent on the government. People who are dependent on the government are much more likely to vote Democrat.

[Blood of Tyrants]

Yep. Accumulated wealth is property.