Posted on 11/15/2019 5:30:43 AM PST by karpov
Democratic presidential candidate Elizabeth Warren has unveiled sweeping tax proposals that would push federal tax rates on some billionaires and multimillionaires above 100%.
That prospect raises questions for taxpayers and the broader economy that experts are starting to ponder: Under which circumstances would taxpayers have to pay those rates? How might that change their behavior? And would investment and economic growth suffer?
Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they dont sell their assets.
Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warrens taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.
The rate would vary according to the investors circumstances, any state taxes, the profitability of his investments and as-yet-unspecified policy details, but tax rates of over 100% on investment income would be typical, especially for billionaires.
Its just a continuing laundry list of proposals that just keep heaping on, said Robert Gordon of Twenty-First Securities Corp. ...
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Beyond the estimated 75,000 households that would be hit by the wealth tax, Ms. Warrens capital-gains plan would transform investing rules for the top 1%about 1.5 million households.
(Excerpt) Read more at wsj.com ...
Tax Hollywood 100% and leave the rest of us alone.
Confiscation of wealth and private property is one of the planks of the communist Manifesto.
Only if you plan to invest in lead, brass, and copper.
Communism pure and simple. The base human emotions of greed and envy put into policy form.
Wicked, as was the Communist treatment of the kulaks in Russia:
https://en.wikipedia.org/wiki/Dekulakization
The object is to crash the system.
This Rat Bitch is totally out of her mind.....why invest...why work....why live???
The dems - typically deranged in their zeal to kill prosperity - fail to understand the well-to-do will simply move themselves, their families, and their job-creating wealth out of the country.
“Experts”? “Starting to ponder”? Can I be an expert too? Can I can I can I? Huh? Huh? Huh? How many boxtops ‘til I get my ponder badge and whistle, my decoder ring and my Russian Spotter? Oh, goody! Goody! Goody!
“an annual tax of up to 6% on accumulated wealth...”
So do I have this right, if you have say two million saved they’d take 6% of that every year until it’s gone or until you’re not considered wealthy anymore?
If a billionaire were to claim a low income due to loses on corporate assets the wealth tax could be many multiples of any income tax.
theyd take 6% of that every year until its gone...
Gone, as in out of the country.
Anyone who is as white as Wonder bread and would lie about being native American is mentally unfit to be president.
Pocahonkey needs to go away.
Someone want to jive the 16th A. vs. the 4th/5th & 13th?
At what point does (economic) slavery exist (knowing 100% == slavery)....or will we continue to sugar-coat w/ some Leftist bastardization of the English lang?
I like his advice on investments, but not his advice on taxes. I guess tax shelters will be popping up again!!
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