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Warren Says Wealth Tax Would Take ‘2 Cents’ From Billionaires, but Proposal Says Differently
Epoch Times ^ | November 12, 2019 | Zachary Stieber

Posted on 11/12/2019 7:34:08 PM PST by karpov

Sen. Elizabeth Warren (D-Mass.), a leading Democratic presidential contender, claimed that billionaires would barely pay any money under her proposed wealth tax while on the campaign trail on Nov. 11.

“Maybe you’ve heard, there are some billionaires who don’t like this. Yes, they’ve been interviewed on TV, I’ve noticed lately. So sad. So sad that they might have to pay two cents out of their bazillion dollars,” Warren told the crowd.

“So here’s the thing. And they say, you know, I worked hard. Yeah, unlike anyone else.”

Warren, 70, proposed an “Ultra-Millionaire Tax” earlier this year that would place “an annual 2 percent tax on every dollar of net worth above $50 million and a 3 percent tax on every dollar of net worth above $1 billion.”

If rich people try to leave the United States if the tax is passed, it would include a 40 percent “exit tax” on the net worth above $50 million for any American citizen who renounces their citizenship.

Warren upped the proposed tax on billionaires in her recently released Medicare for All plan. “Today, I’m going one step further. By asking billionaires to pitch in six cents on each dollar of net worth above $1 billion, we can raise an additional $1 trillion in revenue and further close the gap between what middle-class families pay as a percentage of their wealth and what the top one-tenth of one percent pay,” she wrote.

(Excerpt) Read more at theepochtimes.com ...


TOPICS: Politics/Elections
KEYWORDS: warren
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To: karpov

A wealth tax will not happen. It violates Article 1, Section 9, item 4 of the constitution. Even if she tries it will be hung up in court for years.


21 posted on 11/12/2019 8:28:23 PM PST by CMAC51
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To: DoughtyOne

All socialists want all your stuff. not only vecause they’re greedy sob’s but because they believe they deserve it more than you do.


22 posted on 11/12/2019 8:30:15 PM PST by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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To: karpov

Two cent tax on every penny earned.


23 posted on 11/12/2019 8:33:23 PM PST by fproy2222
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To: karpov
Buh-zillion? Really liz? You're not 8. 😵😲
24 posted on 11/12/2019 8:50:34 PM PST by rktman ( #My2ndAmend! ----- Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?)
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To: karpov

Has anyone bothered to ask her what provision of the Constitution would allow this kind of property confiscation?

I didn’t think so.


25 posted on 11/12/2019 8:59:11 PM PST by P-Marlowe (Freep mail me if you want to be on my Fingerstyle Acoustic Guitar Ping List)
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To: fproy2222

No - ALREADY earned.


26 posted on 11/12/2019 9:01:31 PM PST by Republican Wildcat
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To: karpov

Fauxcahontas wants your wampum.


27 posted on 11/12/2019 9:05:27 PM PST by windsorknot
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To: karpov

this whole “wealth tax” is nothing but an unconstitutional property confiscation scheme; the income tax wasn’t constitutional until the 16th amendment was passed, and it addresses income specifically and exclusively ... a wealth tax is a leftist fascist pipe dream as long as we have a legitimate SCOTUS ...


28 posted on 11/12/2019 9:07:40 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: karpov
If rich people try to leave the United States if the tax is passed, it would include a 40 percent “exit tax” on the net worth above $50 million for any American citizen who renounces their citizenship.

Will the same people who set up "sanctuary cities" and who label border-violators "dreamers" who are "acting out of love" now advocate building a wall to keep the wealthy from leaving the country?

Regards,

29 posted on 11/12/2019 9:08:50 PM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: 17th Miss Regt
Any Jews that emigrated from the Reich had to leave almost everything they owned to the Reich when they left.

Yep, the "Reichsfluchtsteuer" and "Judenvermögensabgabe." And East Germany unabashedly continued that practice against "Republikflüchtlinge."

Regards,

30 posted on 11/12/2019 9:11:58 PM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: Secret Agent Man

Yeah, I agree.


31 posted on 11/12/2019 9:20:41 PM PST by DoughtyOne (Pledge: "...and to the Democracy for which it stands..." I give up. Use the democRat meme...)
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To: karpov

“...She’s a nauseating liar and demagogue.....”
The demonic witch knows that IF she can get it on the books, regardless of small, the communists will increase/modify the percentage as time goes on....Just like what was done with the federal tax. It started off on a small amount. Look at that atrocity today! No...no damn “wealth tax”....no more of other peoples’ money going to support communism’s wet dreams.


32 posted on 11/12/2019 10:00:50 PM PST by lgjhn23 (It's easy to be liberal when you're dumber than a box of rocks.)
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To: karpov

Always remember, her plan(s) will increase the annual budget by 5.2 trillions dollars a year. That is 2 trillion more than the current annual budget is currently so how will she increase spending by 5.2 trillion by only adding 2 cent tax? You have to be an incoherent idiot to believe anything that comes out of her mouth!!


33 posted on 11/12/2019 10:42:01 PM PST by realcleanguy
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To: karpov

yes


34 posted on 11/12/2019 10:53:42 PM PST by dp0622 (Radicals, racists Don't point fingers at me I'm a small town white boy Just tryin' to make ends meet)
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To: Republican Wildcat

“ literally insane”

Have you noticed this woman’s face? Her eyes? Her voice?
Not to mention her words and “ ideas”


35 posted on 11/13/2019 12:53:12 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: karpov

“an annual 2 percent tax on every dollar of net worth above $50 million and a 3 percent tax on every dollar of net worth above $1 billion.”

And how would she plan on implementing that?

Bill Gates has a net worth of about 190 billion. nearly all of that is in stock - let’s assume it is in Microsoft stock

Say she charges him 0.2% per year.

So he need to pay 190 million a year.

So he needs to sell off 190 million worth of MS stock each year.

That’s going to hit the stock and send it crashing.

now imagine every billionaire doing that, every year.

Wowser - talk of great depression.


36 posted on 11/13/2019 2:21:05 AM PST by Cronos (Re-elect President Trump 2020!)
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To: karpov

oh wait - she said 2% not 0.2% — that means Gates has to sell off 1.9 BILLION worth of MS stock every year. that’s going to destroy the stock market more than the great depression


37 posted on 11/13/2019 2:22:47 AM PST by Cronos (Re-elect President Trump 2020!)
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To: ThunderSleeps

you are correct.

And also - they don’t have this kind of money just lying about.

Gates, Buffet, Bezos etc are “paper rich” - their money is in shares


38 posted on 11/13/2019 2:24:19 AM PST by Cronos (Re-elect President Trump 2020!)
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To: Secret Agent Man

The socialists want their “fair share” of your stuff.

The tricky part is when you ask them for YOUR “fair share” of their stuff...


39 posted on 11/13/2019 2:25:21 AM PST by Cronos (Re-elect President Trump 2020!)
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To: 17th Miss Regt
a 40 percent “exit tax”

What makes her think the rich won't exit the country immediately if she were elected but BEFORE the legislation was passed?

The rich didn't get rich by stupidly standing around waiting for the 2X4 to whack them in the face.

40 posted on 11/13/2019 2:32:42 AM PST by Sirius Lee (They are openly stating that they intend to murder us. Prep if you want to live.>>>)
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