“Besides being bad for the economy, it’s also unconstitutional. “
indeed. a so-called “wealth-tax” is nothing more than unconstitutional seizure of private property. period. just like the income tax, a “wealth tax” would require a Constitutional amendment ...
Lieawatha needs to send in all of her dough first.
As an example.
For the children.
Sounds like she wants to get too many beers first...
If you have to sell everything, the price of everything will skyrocket - the other way.
Free Stuff cost a lot.
“Billionaire sale. Everything must go to pay taxes. Best offer!”
“I’ll give you a million.”
“Wait. Now I’m not a billionaire any more. I don’t owe any taxes.”
“Too late. Give me my stuff.”
“Well, now you owe the taxes.”
“Why? This stuff isn’t worth a billion!”
Who’s going to buy everything that gets sold?
It would destroy asset markets.
Just typical posturing - propose something radical so that the eventual, Left-of-today “compromise” seems reasonable by comparison.
Or they could just ‘Go Galt’....
The only question is how they do it. Like Galt, like Fransisco, or like Ragnar.
She is one crazy old bitch!
Why do they keep calling it “Elizabeth Warren’s proposed wealth tax”?
It’s Karl Marx’s.
She’s a moron going nowhere
An unintended consequence is ‘that many people’ selling off assets in a short period of time will crash prices of everything from art to vacation homes. What a nightmare.
“That adds up to a total federal tax rate of 58.2%, more than double the current maximum 23.8% on long-term capital gains. For a California taxpayer who would also be required to pay the state’s 13.3% income tax, the total state and federal income taxes to raise the funds to pay Ms. Warren’s 6% federal wealth tax would be 71.5%. “
I think I’m going to cry.
Most USA millionaires are private business owners.
How will that work?
Will an army of IRS appraisers calculate the monetary value of businesses they know almost nothing about?
And, even more important, most business owners DO NOT WANT partners or shareholders.
That means the asset tax will come straight out of their take home pay, or it will have to be borrowed.
And the “2%” asset tax is extremely deceptive.
That is NOT an extra 2% of income tax. That is 2% on the total value of your business EVERY YEAR.
In a bad year, that 2% could swallow 100% of your take home pay.
Complete insanity.