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.
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.
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.
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.
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.
Why does she get to decide what is the "fair share" and how does she know what it is?
Shouldn’t the title of the article say...
Why Democrats Are Wrong About Everything
We are in a winner take all economy, where small diifferences in performance mean big differences in outcomes. Think of the difference in purses between the winner of a tennis tournament and the runner up.
In the past 20 years, the top 10% have gone from holdiing 55% of all wealth to holding 65%. The top 1% holds amost as much wealth as households in the 50th-90th percentile.
That’s part of the reason you see things like the college cheating scandal. It’s competitive out there and parents are trying to get any advantage they can for their kids.
I don’t think taxing wealth is the answer but ever increasing shares being held by the top 1% and be a great solution for long term stability.
They are not wrong about wealth inequality... they are wrong about what to do about it....
Capital has not been flowing as it should through society... and long term this will have a huge destabilizing effect on our nation.... Trump has done more to fix this than any president in my lifetime, but it still has a long way to go before we get back to good stable economic flow.
The American Republic will endure, until politicians realize they can bribe the people with their own money. -- Alexis de Tocqueville
Vote for free stuff --- Fauxahontas