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 ...
There is no current Constitutional permission for Congress to tax wealth. Income - yes, wealth - no
Bernie has been in the House and the Senate what seems like forever. Does he not realize that it is the House that initiates taxation bills, not the President?
If this confiscation idea is so brilliant, why did he (or some other leftist lunatic), not introduce a bill to confiscate wealth when he was in the House?
Poor Bermie knows Two Face Lizzy is the DNC’s pick this time
I think the biggest tax loophole is the “Charitable Deduction”.
I’ll start work on closing that loophole as soon as my alma mater gives me a receipt for $10MM — which is the “appraised” value of the unique collection of finger-painted art, created by my grandchildren, which I just “donated” to that college.
"...know the loopholes" HELL!
They WRITE the laws...and after the requisite "campaign contributions" politicians enact them.
The reason Americans have guns is to forcibly resist this sort of communism.
Bernie Sanders Calls for 8% Wealth Tax on Richest Americans.
Communist Nutcase.
Bernie Sanders meet Walter Mondale.
Yes, I’m going to raise your taxes. Odds that Mondull would win the presidency became 49 to 1.
” “We will not be able to control our budget deficits without raising taxes,” “
Mondale says: “We’re going to tax their ass off”
Someone wish to learned me how we have a 13th Amendment & also (economic) slavery by degree (via 16th)?
Not that the 16th doesn’t already violate the 4th & 5th Amendments ‘legally’
I assume that Bernie’s found a way to exempt himself?
And the money that bought the assets was already taxed. Talk about double-dipping!
At most, this tax will bring in around $10 billion, adding to a $4 trillion federal income tax revenue stream. That’s just 0.25% more. Somehow that small amount of an Envy Tax is supposed to change everything.
8%? When will you increase it to 10% - the year after or 5 years?
Great idea! Let’s legalize government theft .
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