Posted on 09/25/2019 5:31:13 AM PDT by karpov
Presidential candidate Bernie Sanders proposed an annual wealth tax topping out at 8% for the richest Americans, offering the farthest-reaching Democratic plan to pay for expanded government programs and break up concentrated fortunes.
Mr. Sanders’s plan would hit more households and raise more money than the tax proposed by Sen. Elizabeth Warren of Massachusetts, his chief rival for progressive voters. According to an analysis by economists who consulted with both campaigns, Mr. Sanders’s plan would generate $4.35 trillion over a decade, compared with Ms. Warren’s $2.75 trillion.
Mr. Sanders’s plan would increase federal revenue by about 10%, all from around 180,000 households.
“Enough is enough,” Mr. Sanders, a senator from Vermont, said Tuesday. “We are going to take on the billionaire class, substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy.”
The tax would apply to married couples with net worth of at least $32 million and individuals with net worth of at least $16 million. The rate would start at 1% per year and rise to 8% for married couples with assets of least $10 billion. That 8% rate would mean that megabillionaires who don’t earn at least an 8% return would see their fortunes shrink, and Mr. Sanders said Tuesday that there should be no billionaires.
(Excerpt) Read more at wsj.com ...
I don't support an 8% annual wealth tax even it applies only to billionaires, but historically such taxes are soon applied to people of much lesser means.
Wealth confiscation is not taxation of income. Burring the lines of the terminology “taxation”.
You mean the wealthy people who will move to France, Singapore, Canada and Argentina if this happens? Or will he keep them here somehow?
The start of the wealth and asset tax. It’s not enough to tax your income.
He’s looking to performed legalized communist theft....much like all communists do.
All of this coming from somebody that’s never really done a hard day’s work in their life.
Build the Wall.
Turn the Guard Towers around the other way.
8% isn’t enough punishment for these successful citizens. Make the tax rate 100% or don’t even bother.
Breadline and Liawatha always trying to one up each other. I wonder which one will mention opening Gulags for the non believers first?
Can Bernie just wave a magic wand and make wealth confiscation the law of the land? The 16th Amendment does not get him there. I would think a new Constitutional Amendment might be required.
Hey, Greybeaver. See his big-wampum 8% and raise him another 5%.
The wealthy retain very sneaky tax attorneys who know the loopholes.
I’m curious to find out if Bernie wants 8% before or after the massive loss in wealth his election would cause.
Next step will be a 4.01% tax on your 401k
Is the author really this ignorant? Does he really believe that all the billionaires are just going to sit around and allow Bernie to confiscate their wealth?
This plan would cause the largest wealth drain from the country than the US has ever seen. This would also cause the largest real recession that the US has seen since the "Great Depression", and it could even exceed that.
“Tax the rich
Feed the poor
Till there are no rich no more”
I think the odds of Jeff Bezos losing 8% of his wealth are small. As you say, he has tax attorneys.
The guy who owns a hardware store, on the other hand, may take it in the shorts.
Completely unconstitutional. Even Roberts might be able to understand that, although the 4 commies on the Supreme Court would be fine with it.
There is already a tax on money . It’s subtle but real. It’s called inflation and it is no coincidence that in some socialist nation’s currency becomes worth little more than trash.
Heck, in that case, I say let's confiscate a flat 50% of their gross worth and redistribute it for the care and well being of third worlders in their country of origin.
Before y’all laugh at Mad Uncle Bernie, remember he’s consistently the second or third place candidate, and the favorite “second choice” of the other two front runners.
If Biden bows out, he’s got a chance locking in status as the front runner.
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