Posted on 11/28/2019 7:39:38 PM PST by SeekAndFind
Presidential candidate Elizabeth Warren has said that none of her tax-increase plans would hit average people, pledging not to "raise taxes on the middle class by one penny." Yet Warren and several other presidential candidates, including Bernie Sanders, are pushing a financial transactions tax that would cost everyday people saving for the future. This plan is a retirement tax that would affect millions of middle-class people.
Proponents of the financial transactions tax argue it is "tiny tax" that would only hit rich Wall Street speculators. Nothing could be farther from the truth. A financial transactions tax would hit every single person who saves and invests in a mutual fund, a retirement account, a college savings fund, or a pension plan.
According to the Federal Reserve, 52% of households in the United States own stock. That's 65 million households. According to the Investment Company Institute, 99.5 million people have mutual funds, and millions of people have IRAs, 401k plans, and college savings plans. The Warren financial transaction tax would hit the millions of average savers and investors in each of these plans. Her tax would also affect workers saving for their retirement in state and city pension plans, and ordinary people saving with annuities and mutual funds.
A study by the Modern Markets Initiative found that the financial transaction tax is "a retirement tax on American savers" that would come "directly from the pockets of Main Street investors saving for retirement, college, and other life milestones."
Another study by Vanguard said that a financial transaction tax would hit millions of investors saving for retirement. The analysis found that a financial transaction tax would force individual investors to work 2 1/2 years longer to reach their retirement goal.
(Excerpt) Read more at washingtonexaminer.com ...
Three words: Move to Bangkok
If she is elected
Its just a tiny tax.
Just who does this communist liar thinks its kidding?
Yeah, just a tiny tax on the most wealthy....just like the Federal Income tax started out...just a tiny tax on the most wealthy. And now look at the thieving monstrosity that it has become today.
The communists drool over the retirement accounts of the People. They would confiscate all of it IF they can get away with it and they will try.
Not only NO, but heck NO!!!
Only true if transaction tax was in addition to capital gains tax.
On the other hand a transaction tax REPLACING capital gains tax would immediately eliminate tax cheating, eliminate record keeping for decades by stock holders and their brokers. And it will bring in tax revenue much sooner than capital gains tax.
In my own situation I am sitting on huge long term capital gains from stocks, and I can not sell those even if I need the cash for buying a fancier house or car because of the huge tax bill due all immediately. I would much rather have paid a transaction tax when buying and pay a small percentage when selling.
I still work part time at age 66.....not working anymore for them.......
Of course they won't say they are just taking it, that would be a pitchforks and torches moment. They'll lie, say it's a tax on fat cat bankers and hope that by they time we notice that we're the fat cat bankers in this scenario it will be too late for us to do anything. And so it's beginning.
Do you really think the openly socialist candidates want to replace a huge tax with a smaller one? You’ll get both taxes if they get their way.
As much as she is proposing to spend, there is no way it won’t hit the average middle-class worker. There are not enough billionaires in the US or on the planet to pay for her extravagance.
If she confiscated 100% of the wealth of the richest 100 Americans, she would get just over $1 Trillion. Then, that well would be dry. Her plans for spending go from $22 Trillion upwards of $100 Trillion.
That’s why they keep trying to jump start inflation.
A 5%+ inflation rate would solve a lot of problems for the political class.
That doesn’t make sense. The long term capital gains tax is currently 20%. That means you still get to keep 80% of the proceeds of the sale. Am I missing something?
Work is giving us 25.00 gift cards to some store for Christmas. We have to pay taxes on it even before they give it to us. Anybody else tiring of these pirates taxing every damn thing we do or receive?
I think the 80% rate is up to a certain amount. Above that amount is taxed as regular income. (I could be wrong)
Maxing out your 401k for 25 years, wow, that must be some nest egg! I would imagine (depending on what you have your funds in), that it’s just booming lately. Good for you!
Long term Capital gains tax tops out at 20%...You don’t have an accountant? Maybe it’s time you find one....Dems would be more than happy to raise the long term capital gains.
Yeah, just a tiny tax on the most wealthy....just like the Federal Income tax started out...just a tiny tax on the most wealthy. And now look at the thieving monstrosity that it has become today.
Its an excellent, classic scam, and it always works. Illinois has a flat state tax built into its constitution. The crooks that run the place actually believe that 60% of voters will vote for this to be changed, because supposedly, it wont affect them, only the fat cats. Im thinking passage has a good shot. Probably 30% of voters dont pay state tax anyway, and at least 30% are just fools, so, thats 60% right there.
bttt
Long term Capital Gains tax is actually 23.8% for most investors, a 3.8% surtax was tacked on to fund Obamacare. It applies to singles with above $200,000 income and married above $250,000 but that’s most people that have significant long term capital gains.
Thanks anyway.
.
Thats why they keep trying to jump start inflation.
A 5%+ inflation rate would solve a lot of problems for the political class.
A 50% inflation rate would fix the pension crisis for governments, thats for sure. Of course, it would create tens of millions of new ones.
She might also push a value added tax, a Dim wet dream for decades. That would hit every individual and every transaction.
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