Skip to comments.Report: Democrat Rep. Thomas Suozzi Explores a ‘Patriot Tax’ on Multimillionaires
Posted on 06/14/2021 12:15:41 PM PDT by ChicagoConservative27
Democrat Rep. Thomas Suozzi is exploring a one-time tax on wealthy Americans as Democrats are looking for ways to pay for their partisan wish list while they control Congress.
Suozzi (D-NY), who sits on the House Ways and Means Committee, told the Hill he is looking into a one-time tax on millionaires, called the “patriot tax.” The tax would be a “one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million.” According to Suozzi, the affected Americans would be able to pay the tax over a five-year period.
(Excerpt) Read more at breitbart.com ...
the very definition of theft.
I’m actually not opposed to this.
These are the people who are turning our country into North Mexico.
Let them pay for it.
I propose an A****** tax on politicians.
But it’s done under the guise of patriotism, so it’s cool.
Suozzi? Maybe he changed his name from “Turk” Sollozzo.
A jobs killer.
When Democrats say “one-time” they mean all the time.
One problem is that the “patriots” will hire very patriotic tax attorneys to hide their assets off shore.
To all you youngsters out there deciding on a career choice guaranteed to give you a good living for a lifetime—tax attorney has to considered—their services are critical and the clients pay big bucks.
Well, since nearly everyone in Congress qualifies as a multimillionaire, I wonder if they will exempt themselves from this tax. And what about the multi-billionaires who make up such a large percentage of the Dems’ donors? Will they be exempted also?
One time charge? How often has that been a lie to the citizens? Gee a NY DemoRat who loves to tax. Such a rarity.
Most of the super rich voted for Biden. Seems like they deserve it.
soon to be expat tax
And to think that our Founding Fathers risked life and death over a tea tax.
Maybe it’s that time again.
Typical know-nothing policy from a Democrat. Yeah, let’s follow the Super Tax that Great Britain levied in the late 1960’s and drive all of the wealth out of the country. These idiots refuse to admit that the wealthy drive this economic engine through capital formation. The US denigrates the rich and idolizes the poor? Why? How many of you were hired by a poor person?
If I have 20% of the economic pie and you have only 5%, the Democrats idea is to take away from (productive) people and transfer it to (less productive) people...a zero-sum game. How ‘bout this instead: Use monetary and fiscal policies to foster economic growth and increase the size of the pie. If the pie grows by 10% and prices are stable, you just got a 10% increase in your real income without penalizing either sector. A rising tide lifts all boats. The Liberal idea of sinking all the yachts does little but put everyone into a row boat. Socialism at its best!
Learn some economics before you start changing economic policy.
A ‘WEALTH Tax’ is a very different beast from an ‘INCOME Tax’ and would almost certainly need, as did the Income Tax, a Constitutional Amendment barring the Dems packing the Supreme Court.
The tax would be a “one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million.” According to Suozzi...
That would be the confiscation of $1,250,000 dollars on $50M in assets. If allowed, you can bet it would not stop there. Leftists would continue the confiscation year after year, moving down the scale to $10M, then anyone with a net worth of $1M.
It’s not patriotic, it won’t be one time and it also won’t be on just the “rich”.
How will ‘wealth’ be determined? Will IRS agents be dispatched to suspected billionaires’ homes, safe-deposit boxes, etc.? The devil is in the details.
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