Envy is predominant among Democrats millionaires and not uncommon among Republicans. Funny how the numbers change when the wealth tax threshold is closer to their own wealth level. Do the morons think that if a tax on wealth above $50 million is imposed that the threshold will stay at that level?
Maybe the Dems will give them tons of SALT
I say representation should equal taxation. In other words, you get a vote for every specified number of dollars in taxes you pay.
If you pay nothing into the pot, why should you have any say in how the money in the pot is spent. I you pay ten times more than the next guy, you should have ten times the votes as the next guy.
I’m tired of the folks who don’t mind raising taxes (caused they figured out how to not pay them), telling the rest of us how to spend our tax dollars on those who haven’t paid anything into the system.
All Demonrat millionaires must be taxed at 100% above minimum wage. Fair is fair. You want Communism, you pay for it.
Those idiots should remember the AMT, first targeted at a handful of individuals nut now reaching down to the middle class. At least PDJT started to addtess that with the TCJA. Gob Bless him.
What in HELL makes them think the government has any right to the money anyway?
I knew a wacko liberal who thought all the rich should be taxed and punished....until a family member left her some West Texas land with mineral rights.
Now she only wants to tax people who make more than her.
You can’t fix stupid
Double jeopardy...they tax it when it is earned, then tax it again because you still possess it? No good!
Bernie Sanders has indicated the middle class would pay 50% in taxes but he explained you get free healthcare and college in exchange for high taxes.
Anyone who thinks their taxes are too low can give more money to the government if they want.
These dim dems must've inherited their money. It doesn't take long to figure out that when they say that they are "going to tax the rich" everyone is rich and still they can't make it balance.
How many of these ‘millionaires’ are retirees with a nest egg in lieu of a job? Either in a 401k or tied up in their house?
This article is about a wealth tax, not an income tax. Right now, the government collects detailed information about all types of income. Imagine the amount of data collection and rules one would have with a wealth tax, assuming the constitution is amended to allow wealth to be taxed. Every thing of significant value—all assets and liabilities—would need to be tracked and reported.
We also know that the government’s appetite always, always grows. What might start as a few percentage points of tax on wealth over $50 million would inevitably grow. Even if none of the rates changed, more and more people would find themselves suddenly in the ranks of the wealthy due to inflation, but does any sane person honestly believe a wealth tax wouldn’t grow?
Any millionaire who would vote for a wealth tax in order to fleece their neighbors deserves to have their own wealth plundered and spread to the masses.
You've heard of North Korea, Pol Pot's Cambodia, Mao's China, Stalin's Soviet Union, and Adolf Hitler's Germany???
all one needs to do is look at that schmuck obama- a very rich man who said rich people should pay more taxes... yet anytime he released his taxes guess what he did?? took every deduction possible because he didn’t want to - wait for it- pay more taxes!!!
No matter who you are, liberals always want to tax you for having the wrong opinions. It isn’t much more complicated than that.
Don’t tax you, don’t tax me, tax that guy behind the tree.
Someone needs to explain the principles of diminishing returns to Warren. If you are worth $1 billion exactly you will pay $60 million in taxes the first year only. After that your rate drops to 2% and blows a hole in her budget. Eventually all billionaires will be erased from the planet unless they can grow their fortunes by more than the wealth tax.
And this doesn’t even include the many other problems, such as valuations of real property, art, jewels etc. Few will want their assets to appreciate them into a new wealth tax bracket. Plus, many people will be shedding these types of assets to raise cash to pay the taxes. Someone may be worth $1 billion but that doesn’t mean they’ll have $160 million in cash flow over the next 3 years to cover the taxes.
Then there will be all kinds of scheming. Husbands and wives can divorce, split the assets among themselves, and save a bundle. Nothing has to change but the paperwork. People trading art with each other for $1 each, cutting the taxable value. And who is exempt? Do museums have to pay 6% on the value of their $1B art collections? How about hospitals with big city properties? Start your own foundation and fund it - better to do that and really help people, than to give it to the government to ‘help’.
Envy is predominant among all classes. How do you think we ended up with a Federal income tax in the first place? Voters across the country approved the 16th amendment because they believed it would only affect rich Northeasterners. In the long run that didn’t work out too well.