Posted on 11/11/2019 6:54:46 AM PST by ChicagoConservative27
Sen. Elizabeth Warren, a front-runner Democrat in the 2020 presidential race, seems to have a plan for every problem under the sun, from free child care, to free college, to climate change solutions, to “Medicare for all.” However, she has proposed only one plan to pay for all these “free” offerings, which, according to her own estimates, will cost our nation a whopping $52 trillion: raising taxes on the rich.
In January, Warren proposed a “wealth tax” of 2 percent on Americans with $50 million-plus in assets and 3 percent on those with assets over $1 billion. After being criticized by both the left and the right saying this tax won’t raise enough money to pay for all the government programs Warren wants to offer, she decided to double down. Last Friday, Warren announced she would double the wealth tax for those with assets over $1 billion from 3 percent to 6 percent.
(Excerpt) Read more at thefederalist.com ...
In the good old USSR they had a saying , “ we pretend to work and the government pretends to pay us “ LOL
It’s not a bloody tax! It’s confiscation! Stop letting her call it a tax!
Somebody educate me. At a tax rate of 6% on accumulated wealth, doesn’t all of the wealth evaporate in about 17 years, as those who possess that wealth need to cash out, sell property, etc. to get the money to pay the taxes on that wealth?
Am I looking at this correctly? A wealth tax will levy taxes on property which is not necessarily in the form of cash, or assets easily convertible to cash to pay the taxes.
Democrats do not believe in income equity. They only believe in taking your income via taxes to support their lavish lifestyle.
Capitalism : The Rich become Powerful
Socialism : The Powerful become Rich
Income disparity always goes up because inflation always goes up. Zero is zero at the low end. And the high end is tied to inflation. But if you want to know the truth, wealth should be calculated by the safety net and pensions. If free food and health care and income and pensions are given to people then they have wealth at the low end. Its just not counted. And the reason its provided in that way, is because the low end can’t manage wealth so they are given wealth in a manner that can’t be miss appropriated.
is a wealth tax constitutional?
I question if it is. We needed a constitutional amendment for the federal government to levy income taxes.
As long as there is inequality in ambition, there will be inequality in income.
Perhaps Liz has never read the Constitution. Wealth taxes are prohibited by Article 1, Section 9 sub-section 4. The 16th Amendment provides for only an income tax.
Perhaps Liz has never read the Constitution. Wealth taxes are prohibited by Article 1, Section 9 sub-section 4. The 16th Amendment provides for only an income tax.
I question if it is. We needed a constitutional amendment for the federal government to levy income taxes.
Perhaps Liz has never read the Constitution. Wealth taxes are prohibited by Article 1, Section 9 sub-section 4. The 16th Amendment provides for only an income tax.
Aren’t these people completely outrage by the income inequality in Cuba or Venezuela?
Taking 2% from billionaires is extremely corrosive to our economy. Think of it. It means that billionaires have to sell their stocks and bonds every year. That can’t help but put a huge drag on the stock market. Small and mid-sized business owners will need to use their capital to pay the new tax. Low margin business’s like restaurants and hospitals will be most hurt. Its just a huge weight on the economy.
But the whole point here is to reduce the economy of the private sector and increase the economy of the public sector. This is a socialist thing. The swamp wants to pull down the private sector in order to protect itself from voters. Billionaires are like knights who (good or bad) have the ability to make a difference. And the swamp wants to get rid of them. Diversity on boards helps shackle some of them. But taking away their money is another way limit billionaires. And if the whole market goes down, the disinflation will bring down the billionaire class and take down the millionaires as well. The only remaining ones will be those who live on pensions, government employees.
A wealth tax will levy taxes on property which is not necessarily in the form of cash
Happened to family farmers during the low threshold inheritance taxes which the dems are now trying to put back to the confiscatory levels again with this insane plan. This does not affect me one iota but I know it is not just.
Why does the dem party wish to get gun confiscation? Well, I guess if I were a member of that group, I’d want gun confiscation too. Trigger finger recall is the only way to stop some of these insane measures which are unjust, totalitarian, and rule by the majority. The last battle before a nationwide recall election will be the one where the SC validates wealth confiscation crap.
The last country enforcing this idea had to be extinguished by hordes of soldiers landing at Normandy and fighting their way to outside the capital of the National Socialist Workers Party. Remember one of the items on the tablets was not to steal. These ideas are nothing more than politicians stealing from everyone who has earned what they have.
I assume you’re thinking 6 x 17 = 102%?
It doesn’t work like that, because 6% gets smaller every time your wealth is smaller.
$100 - 6% you are left with $94
$94 - 6% you are left with $88.36
$88.36 - 6% you are left with $83.06
Etc
It’s still BS...
As well as natural talent.
One cannot “work hard” and become Isaac Newton.
I have $1000 you have $100 - a $900 GAP
Next year I double my money to $2000
You grow your $100 ten fold to $1000
We’re both happy but now - a $1000 GAP
Next year we both lose money
I end up with $80 you end up with $100
We’re both upset but now - only a $20 GAP
Would anyone consider that a success? Wealth gaps are an idiotic thing to compare.
More like some people just want to take whatever crumbs fall their way, while others have the drive to learn and get a better job and promotions. Yes talent plays are role, but that really only applies for a rather small percentage of the population.
This wealth tax will require a federal database of everything you own.
See how quickly it gets moved from 50 Million to 1 Million.
Look at the history of the Income tax, it was sold as only applying to the very rich. How did that work out.
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