Report: Democrat Rep. Thomas Suozzi Explores a ‘Patriot Tax’ on Multimillionaires

breitbart ^ | 06/14/2021 | Jacob Bliss

[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.

[SES1066]

You nailed it. Sadly, liberals don’t know the difference between income and wealth.

I'm glad you agree but please humor me, I want the word 'liberal' back to its old meaning, not the perversion that the LEFT has made of it. When I took 'Liberal Arts' in college, back in the typewriter age, 'liberal' meant open-minded, willing to debate or respect other views. It is a mountain to climb but I refuse the LEFT's theft!

[plain talk]

“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.””

The money has already been taxed so they want to tax it again at 5% and then enact an additional “one-time” tax yet again called a surtax.

Something tells there is no such thing as a one-time tax with these people.

[BiteYourSelf]

One time my ahz.🙄

[Graybeard58]

Hey democrats, pay attention now:
ALL taxes are bad, ALWAYS!
When you are out of money, it’s time to quit spending.

[JayGalt]

So if you don’t like people’s politics it’s OK to steal from them?
PS All people w/50M assets are not Leftists. Donald Trump...his family..My Pillow guy..and many others.
Let that camel get his nose in the tent and everyone will be targeted based on their possessions, house, family owned business every year.
America should end income tax entirely, disband the IRS and substitute a VAT on articles above a $ amount that are not necessities. Stop handing out refunds to folks that don’t pay in.

[Lurkinanloomin]

America should end income tax entirely, disband the IRS and substitute a VAT on articles above a $ amount that are not necessities. Stop handing out refunds to folks that don’t pay in.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I agree with this, but we will never repeal the 16th.

[Chewbarkah]

I support one, and only one, tax increase. Here is a free “Corrupt Gains Tax” form the IRS can adopt:
Line 1: If you are or were a US Senator or Congressperson on any day during the Tax Year, enter your family Net Worth at the beginning of the Tax Year.
Line 2: For those required to enter anything on Line 1, enter your family Net Worth at the end of the Tax Year.
Line 3: Subtract Line 1 from Line 2.
Line 4: Multiply Line 3 by 100%. Enter this amount on Line 666, “Corrupt Gains Tax”.

[Lurkinanloomin]

Obama is not a natural born citizen and Obamacare was found to be a “tax”.

Anything can happen.

[asinclair]

The devil is in the details. Most wealth is not held in cash or cash equivalents. That means that a fair implementation will require investment value to be determined by “mark to market” — which is something Democrats have been wanting in order to raise more tax revenue in the short term. The top of the slippery slope...

[rxh4n1]

There is another evil possible part of this. Eventually, if this tax turns out to be not a one-time tax, the wealthy will have to start liquidating assets. I’m sure most of them don’t have piles of money sitting around in vaults like Scrooge McDuck. Go on long enough and no one will have money to buy those assets except Fedgov, the Chicoms, or the Saudis.