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 ...
* 2% annual tax on household net worth between $50 million and $1 billion
* 1% annual Billionaire Surtax (3% tax overall) on household net worth above $1 billion.
However on November 1, she raised her billionaire wealth tax rate from 3% to 6% as part of her bogus "plan" to pay for Medicare for All, as described for example, on CNBC: Elizabeth Warren would double her proposed billionaire wealth tax to help fund ‘Medicare for All’. There's no reason it should take 11 days for her well-funded campaign to update the numbers on its site. She lies in person. Her campaign web site lies too.
Billionaires will have to pay two cents.
She thinks the US has 1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 billionaires
I have seen signs for casino in Vegas that claim a 99% payout on slot machines. At first I thought, “how could they make money on that?” Then I realized that if you go in, spend $100, win $99 and repeat, after awhile, the House still gets your money.
Besides coming up with creative ways to move, hide or use up the wealth, there is a disincentive to making more wealth.
2% (not “2 cents”) is significant, and is often the margin between a viable business and a failing one. Mrs. Clinton, when touting her health plan some time ago, reminded us that it wasn’t her job to protect every under-capitalized business.
She’ll screw the middle class she claims to want to help.
Any Jews that emigrated from the Reich had to leave almost everything they owned to the Reich when they left. If you think her 40% rate and the $50M figure would be set in stone you are nuts. At least the Reich was honest about what they would do. Her, not so much.
This woman needs to be locked up in Prison for misrepresentation of being an Indian and for fraud to profit from her falsehood acts.
Perhaps the ‘rich’ will (reluctantly) decide to join our side, rather than continue virtue signalling.
Until then, they DESERVE all they get from Warren or any other Democrat, as this Conservative is sick of carrying their water - given how much they DESPISE us in return.
She’s also lying because this is unconstitutional. The income tax required a constitutional amendment - this would as well, and there is no way it would pass. What she proposes is confiscation of private property.
Moreover, if you want the rich to pay more in taxes, you need there to be more rich people. This type of policy discourages people from becoming wealthy, makes the current wealthy less wealthy, make the current wealthy be encourage to move their assets out of the United States, and discourages wealthy people from wanting to move themselves and their assets to the United States. In addition, taking 2% of wealth every year would have a rate of diminishing returns as each year passes (2% less of the 2% each year). All of that together would result in long term significant reduction in revenue. It is literally an insane policy.
Confiscation of wealth. Just like it says in the Communist Manifesto.
Makes no cents.
Why not? Everyone if Venezuela is a billionaire.
Yep, it amount to an unlawful seizure of property.
She’s a nauseating liar and demagogue.
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Yup. And to top it off she has that schoolmarm lecturing voice which makes Hillary seem like miss congeniality.
“She’s a nauseating liar and demagogue.”
Like Hillary, she cares about no one. She’s about her and her ego. If she could get away with it easily, she’d lie about herself again, and again, and again, with abandon. I wouldn’t in a million years trust her or Hillary to care for a child that wasn’t theirs. I just don’t see the compassion, empathy, or honesty. I just see two women who just HAVE to be the most important in the world (at least in their pathetically predictable minds).
"Asking"
This is one of the most annoying things tax and spend liberals say. They are not going to "ask". They will take it from you by force.
At the least
Mentally ill, self centered, divisive, tramp
And a scold. She is the Angry Schoolmarm Candidate.
The other problem is, at an average of 57 billion each, a 3% hit is going to mean taking 1.7 billion from each. Does she really think that with that kind of money at stake they won't find a way to reduce that tax hit? Does she really think they'll just hand over, on average, just under two billion dollars with a smile on their faces?
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