If this commie plan goes through, it will not stop with billionaires or with 2%.
Also, note that our friends in the EU want this tax to be “global”.
And now a word from the EU Tax Observatory:
Posted on 10/24/2023 7:54:25 AM PDT by Navy Patriot
A global minimum tax on billionaires equal to 2% of their wealth could raise close to $250 billion (around €235.6 billion), the EU Tax Observatory estimated in a report released on Monday.
The measure would affect fewer than 3,000 individuals, but the group says the revenue could help governments to invest in key areas such as health care, education, and climate policies.
According to the Observatory’s calculations, billionaires' personal tax in the United States amounts to about 0.5% of their wealth.
(Excerpt) Read more at euronews.com ...
They are assuming that billionaires just keep all that cash laying around. How do they plan on tracking the wealth when it can be dispersed across the globe, and across many different platforms (art, crypto, stocks, real estate, etc.)?
That will fund the first month - who do they go after next month?
If one imposes a 50-percent tax on billionaires.....whatever it is that they run/manufacture...will increase to the level to pay for that tax. In reality, You could be talking about a Burger King menu bag worth $11 today...costing $32 in this world of reality. And if they can’t achieve that...they will cease their product production and go someplace else to make it.
If this commie plan goes through, it will not stop with billionaires or with 2%.
Also, note that our friends in the EU want this tax to be “global”.
And now a word from the EU Tax Observatory:
https://www.taxobservatory.eu/
I feel dumber after reading their crap. You can leave a message for them. Mine was “F off”.
And a bonus to a wealth tax is that everything you own is now the government’s business. In order to ‘fairly’ charge the tax, the government will have to have access to your home, your safe-deposit boxes, everything. Of course, comrade, if you have nothing to hide, you have nothing to worry about.
I understand your point, Jim, however Billionaires already have all the power necessary to stop even the consideration of this, so it must be a ruse to tax someone else.
“I see you have some money there. Give it to me.”
They dress up wanting to grab more money for the government.
If I knew billionaires would actually pay, I’d be all for it.
But every single “Soak The Rich” scheme only winds up hurting the Middle Class.
Initially. that is the plan then next year everyone who owns a home and assets worth 500k has to pay 4%.
And a lot of billionaires today did nothing to earn it, they were born into it, and have no concept about how wealth is built.
Income tax is not wealth tax. The latter is a fee on what you have worked for over the course of your life and managed to save — perhaps for retirement.
Put the issue a bit into context. This position is from those who have never worked productively in any context. They are politicos — AKA, parasites.
The US already has a wealth tax in place — any property tax. If your home is taxed on its assessed value the state can take it away if you do not pay — that is the purpose. The precedent has been set in place. If this is not resisted on every level it will be enacted.
You will be slaves thereafter. That is the purpose.
Property taxes already gave ownership of all property to government.
Pay the government their property tax (rent) or they kick you off their property.
Bingo!
However, this was the intent from the very start.
“the group says the revenue could help governments to invest in key areas such as health care, education, and climate policies.”
By “invest”, they really mean “spend, obviously. And the “key areas” are really the pockets of the various crooked cronies of the crooked politicians.
As Spicoli would say, “righteous bucks.”
Billionaires have the money to move
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