The Expatriation Tax instituted around 2007-2008 will hit any wealthy individual leaving the US. This law acts as if the individual has died and the value of his estate is being taxed by the IRS - even though the individual is still alive - just moving out of the country.
Why do none of these articles point out that a wealth tax violates Article 1, section 9, item 4 of the US Constitution?
Imagine, heaven forbid, Warren were to be elected POTUS. Starting the day after the election until her inauguration there would be a massive sell off on Wall Street as the wealthy would be liquidating everything and preparing to leave the country.
100%+ marginal tax rates is not an unintended consequence but part of a plan to force rich people to dissipate their wealth. Of course, when that happens the limited revenues will come no where close to funding Warren’s welfare state.
Tax rates were high before Reagan, but there were lots of loopholes. This is outright thievery.
That NEW MATH sure is wonderful, isn’t it???
Keep in mind that when any of these self made people die, the ESTATE tax also kicks in——on money that already was taxed.
bookmark
Tax Hollywood 100% and leave the rest of us alone.
Confiscation of wealth and private property is one of the planks of the communist Manifesto.
Communism pure and simple. The base human emotions of greed and envy put into policy form.
Wicked, as was the Communist treatment of the kulaks in Russia:
https://en.wikipedia.org/wiki/Dekulakization
The object is to crash the system.
“Experts”? “Starting to ponder”? Can I be an expert too? Can I can I can I? Huh? Huh? Huh? How many boxtops ‘til I get my ponder badge and whistle, my decoder ring and my Russian Spotter? Oh, goody! Goody! Goody!
“an annual tax of up to 6% on accumulated wealth...”
So do I have this right, if you have say two million saved they’d take 6% of that every year until it’s gone or until you’re not considered wealthy anymore?
If a billionaire were to claim a low income due to loses on corporate assets the wealth tax could be many multiples of any income tax.
Anyone who is as white as Wonder bread and would lie about being native American is mentally unfit to be president.
Pocahonkey needs to go away.
Someone want to jive the 16th A. vs. the 4th/5th & 13th?
At what point does (economic) slavery exist (knowing 100% == slavery)....or will we continue to sugar-coat w/ some Leftist bastardization of the English lang?
I like his advice on investments, but not his advice on taxes. I guess tax shelters will be popping up again!!