Posted on 01/28/2019 5:08:28 AM PST by calvincaspian
U.S. Sen. Elizabeth Warren has a plan. She wants to levy a 2 percent annual tax on savings over $50 million, and an additional 1 percent a year on savings of over a billion dollars.
Fleecing the rich is not a new concept for today’s Democrats but it’s back in style big time — especially since progressive darling Alexandria Ocasio-Cortez recently called for a 70 percent income tax on high earners.
To her credit, though, Warren has been using class warfare to her advantage for years and even stirred some controversy last summer when a CNBC reporter pushed her on what rates she would like to see taxes raised back up to. Sen Warren pointed out that the top marginal tax rate has been as high as 90 percent.
Whether it’s a 90 percent top marginal tax rate or a 2 percent tax on savings over $50 million, such maneuvers will not grow the economy or make the poorest Americans flush with cash. It is simply a cynical strategy to sow and reap class envy for political means.
(Excerpt) Read more at bostonherald.com ...
It is true that these days many Americans find themselves on the “ragged edge of the middle class,” to coin a phrase. But that is largely a result of the exploding costs of housing, education, health care and child care.
It’s no coincidence that all these industries are heavily subsidized or regulated by the federal government, and an examination of that relationship would be a much better first step toward prosperity than new taxes. It may not provide the instant gratification that Sen. Warren’s wealth redistribution schemes do, but it will usher in the return of the middle class.
They still will not explain that the super rich do not pay taxes (I know its as little as possible), they have the ability to move money and shift taxes to different taxing authorities.
Hell,the Herald could have stopped at “Elizabeth Warren’s Tawdry” and saved some ink.
Warren is a particularly brittle woman.
IF they would actually use the money to pay down debt one could support it.
The government is a drunken sailor.
Always amazes me when the millionaires in Congress talk about taxing the rich.
Then write tax law with all the loopholes to benefit themselves.
Always amazes me when the millionaires in Congress talk about taxing the rich.
Then write tax law with all the loopholes to benefit themselves.
Half the country will find out their Tippy-Tops!
They don’t? Whose tax returns have you seen?
The second Civil War is coming I think.
Yinz guys are going to be shocked at how well this polls.
This is a nation of economic illiterates.
Example: American film-maker Stanley Kubrick had an estimated personal worth of $20 million when he died in 1999, much of it invested in an 18th-century English manor he bought in 1978. He lived in that manor for the rest of his life, filming scenes from The Shining, Full Metal Jacket and Eyes Wide Shut there as well. Three holding companies set up by Mossack Fonseca now own the property, and are in turn held by trusts set up for his children and grandchildren.[26] Since Kubrick was an American living in Britain, without the trust his estate would have had to pay transfer taxes to both governments and possibly have been forced to sell the property to obtain the liquid assets to pay them.[27]
^ [27] a b Leah McGrath Goodman (April 15, 2016). "PANAMA PAPERS: WHAT STANLEY KUBRICK CAN TEACH YOU ABOUT TAX SHELTERS". Newsweek. Archived from the original on April 23, 2016. Retrieved April 23, 2016.
The tax sheltered trust business and the overseas accounts business will get a big boost.
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IF they would actually use the money to pay down debt one could support it.
>
Umm, WHY?? What do the ‘rich’ require of govt (aside from the ‘standards’ which we ALL ostensibly, ‘pay’)??
They provide their own security/police, own education...they do the LEAST economic enslavement (MAYBE corp. welfare), that I can see, to require THEM to ‘pay’ for the un-payable ($21T+ debt PLUS $140T+ in unfunded liabilities).
- The poor get some cheap & easy high visibility bennies
- The rich figure out ways to avoid Liz's wealth confiscation tax
- The middle class, too "wealthy" to enjoy the bennies, but with less fiscal resources than the rich to avoid the tax, get stuck with the bill
Warren looking to put the camel’s nose under the tent by taxing assets of wealthy people for now. Not only will we have an income tax to confiscate individual income we will now have an living asset tax to take their stuff after they paid taxes to acquire it. Starts at 2 percent and how long before its on assets over 100 grand you are paying a 50 per cent tax on.Warren does Lenin proud.
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