Posted on 01/24/2019 11:10:12 AM PST by DCBryan1
Sen. Elizabeth Warren, D-Mass., is planning to propose a "wealth tax" on some of the richest Americans, an economist who advises her told CNBC on Thursday.
The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets.
The Washington Post first reported the development.
Warren's proposal comes alongside other Democratic lawmakers' plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals, including a "green new deal."
(Excerpt) Read more at cnbc.com ...
The tax rate is already heavily tilted to tax more the wealthy than those that are not.
Why? That’s discriminatory.
Why don’t we ask liberal professors and students to pay “Their Fair Share”.
Let’s increase their taxes to bring fairness to the tax system.
The assets offshore, or those in American territory?
“Taxing the rich” actually means increasing taxes on the middle class because we tax income and the truly rich don’t get their money by income. The guy you end up hammering is the doctor that makes $400K a year and it’s all on a W2 from the hospital. That’s not rich, that’s upper middle class. The truly rich are like the Kennedys and Rockefellers that don’t personally own anything but have all the family money and assets in trusts, most of them probably have a $1 annual income. This proposed tax won’t touch them either.
Even if this stupid tax was enacted it wouldn’t raise a nickel, you’d just have a bunch of family trusts worth $49 million each.
People with that much money can well afford to make such “assets” disappear. What a moron.
This should do wonders for Cayman Island accounts. Could help out the underground precious metals and gems market if they get a little lower. Maybe we can even trend to hiding wealth in coffee cans buried in the yard.
If she says the money will be used to increase Social Security benefits and forgive student loans, you’ll be shocked how much support she’ll get.
Sutton’s Law. But not sure I believe she’s serious.
Let me guess...Our Privileged Senator is worth 40M
Warren goes half commie by taxing money that has already been taxed. This is a warm-up act for when they go full commie and confiscate everything.
So, marxism/socialism is officially here it appears.
It’s pitch fork time folks, just like France.
SOOOO—Myself & 4 friends go to the Kentucky Thorobred auction & buy a horse for $50,000 that turns out to be a magnificent animal & it wins the Triple Crown. That purchase is now worth millions in stud fees alone.
Warren want’s to put an extra tax on myself & my 4 partners?
How about Lottery winners???
Someone please remove her from the planet.
Yes, a wealth tax would be an unapportioned direct tax that is prohibited by Article I, Section 9 of the Constitution. A Freeper who was proposing a wealth tax a few months ago claimed that the 16th Amendment repealed that section, but the Supreme Court has held to the contrary multiple times.
Warren is a smart enough lawyer that she is probably aware of all this, so I wonder how she expects to get around the constitutional problem.
They put it all in the Warren/Clinton/Biden foundation, pay no taxes and accept their bribes in that manner. The foundations need to be done away with, along with their insider trading.
Conservatives who supported our Middle East wars for 15 years - to the tune of $7 trillion - can’t complain when somebody says it’s time to raise money to cover some of that debt. Wars throughout history have always led to debt and taxes. Yet the Bush/Cheney GOP - with eager support from too many Freepers - launched 15 years of costly warfare in the Middle East that has only created more chaos
Next time, you might ask what will it cost, and is the cost worth it, before you cheer the next invasion-nationbuilding proposal from the neocons and Hillary-Democrats
weirdly she’s also raising the existing cap from 2 mil to 5 mil for those wishing to give up citizenship... you’d think she’d be lowering it?
When has the Supreme Court said a federal wealth tax is unconstitutional?
And don’t forget Soros.
Depending on which site you look at, Warren’s net worth is around $18 million. Not taxing herself.
I bet she only has 48 million.
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