"Tax 'em at 200%! That'll bring in more revenue!"
That’s insane...you can only have 100% of anything
I am of the opinion that the US ... if we continue to maintain an income tax ... must establish a minimum and maximum tax rate.
This Rat Bitch is totally out of her mind.....why invest...why work....why live???
What a genius
A 100% net tax relative to income is easy to see without a lot of numbers.
Suppose one is subject to the 6% wealth tax, but invests conservatively in 5% rate tax exempt municipal bonds.
On $1000, the income would be $50; the confiscation would be $60. Presto: 120% tax rate.
But, that mixes the penalty on principal, which is confiscatory, with the penalty on income, which is just “tax”.
SPJNK.
The only upside would be how many Hollywood celebrities only do movies every other year and film them all between December and January to split up their incomes. Even after that, they'd probably lose 90% of their royalty checks if they worked on anything else.
(If I have the anecdote correct, Reagan turned down a role in a movie once because he'd only get to keep about 10 cents on the dollar for what they were willing to pay him. He might've been telling that story about another actor though. I don't remember the whole thing.)
Won’t happen, but boy would it cause a stir if the response from one of the “rich” Warren blather about would be the same as the response as the Mel Gibson character in the movie “Ransom”.
Huh? I thought it was 2 cents?
A lot of money would be moved overseas.
The Romans, in the 2nd and 3d century AD, when faced with confiscatory taxes solved the problem by getting a new emperor. The process was usually quick and efficient but hard on members of the outgoing regime.
If this comes to pass, there will be a tsunami of capital flowing out of the US. Some enterprising nations will declare amnesty for rich people and have to power to make Fauxcahantas think twice about flexing her muscle. Too bad Russia has lousy weather.
Sounds like sharia law to me!
Watch $2.5T disappear from the common investment markets overnight.
There is much of enduring value to own which cannot be easily assessed & taxed.
The rich are rich because they know how to acquire & retain wealth, regardless of assaults thereon.
Congress needed a Constitutional amendment to tax individual income.
That did not permit tax of holdings.
Warren’s proposal is unconstitutional; odds of getting such passed is nil.
Elizabeth Warren has done the impossible with her tax plans.
She has made impeachment look like a reasonable way to move Donald Trump out of the White House.
Not just federal! There are state and city taxes! Those taxes are figured on your gross. They don’t care if you have NOTHING left from your gross.
And stop calling it a wealth tax! It’s confiscation! Just like the property “tax” which is incremental confiscation of your house.
Nobody will pay a tax rate of one hundred percent.
Well at least people are seeing it in black and white now, thanks to Trump.
The democrats want 100% of everyone’s wealth. Always have always will.