Posted on 10/14/2019 5:51:11 AM PDT by karpov
Why do liberals think rich people have money just lying around, like Scrooge McDuck swimming in a giant pool of gold coins? That’s the myth behind plans to tax Americans’ wealth, as Sens. Elizabeth Warren and Bernie Sanders both propose.
Ms. Warren wants an annual asset tax of 2% on households worth more than $50 million, and 3% if you’re worth more than $1 billion. Mr. Sanders would tax “extreme wealth” starting at 1% on households worth $32 million and topping out at 8% on those worth $10 billion or more. Whereas the Soviets confiscated wealth virtually overnight, at least Bernie will take a dozen or so years to pilfer most of your savings.
University of California, Berkeley professors Emmanuel Saez and Gabriel Zucman estimate that Mr. Sanders’s tax would raise $4.35 trillion over 10 years, while Ms. Warren’s would raise $2.75 trillion. But something seems fishy—oh, Messrs. Saez and Zucman advise both campaigns on their wealth-tax plans. I doubt they account properly for how levies on wealth would shrink the tax base. Can we get some outside audits please?
Even setting comical revenue projections aside, the wealth-tax idea doesn’t stand up to scrutiny. Never mind that it’s likely unconstitutional. Or that a wealth tax is triple taxation, heaped on top of a 21% corporate tax plus 20% capital-gains tax when someone sells shares to pay it. (I concede that it definitely would provide lifetime employment for tax lawyers.)
The most preposterous part of the wealth-tax plans is their supporters’ insistence that they would be good for the economy. Only in an upside-down world could anyone think “a wealth tax is pro-growth,” as a New York Times columnist has claimed.
(Excerpt) Read more at wsj.com ...
I believe the original Income Tax was 2% and only affected the super Rich.
Wow, what a difference 100 years makes.
It wouldn’t make a dent in the Annual Federal Budget either.
Eat the Rich and all that Jazz...
2024
America should continue to tax income, not wealth. Taxing wealth every year will cause duplication of the tax every year they do it. Consecutive years’ taxs will bankrupt you.
Of course, a whole new massive bureaucracy will have to be created to asses how much wealth one has. It will, by the nature of its job have to be intrusive. And don’t think it will be only looking at the obvious rich. Think of the stories where it turned out that someone who everyone thought was poor turned out to be rich. They’ll have to look everywhere. What could go wrong with that?
A shout out from Lucifer?
What happens when LIEberals are elected to public office?
They LIE TO, CHEAT AND STEAL FROM the Citizenry!
TAXMAN: “A vote for ANY LIEberal, whether it be in a local, state or federal election, is a vote against America!”
POTUS: “A vote for any Democrat in 2020 is a vote for the rise of radical socialism and the destruction of the American dream!”
TAXMAN: “America cannot survive a LIEberal victory in 2020!”
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