Progressive lawmakers renew push to increase taxes on wealthiest Americans

The Hill ^ | 03/19/2024 | LAUREN IRWIN

[ChicagoConservative27]

A group of progressive lawmakers is renewing its push to increase taxes on the country’s wealthiest people.

The proposal, reintroduced Tuesday, would create a 2 percent tax on households that are worth more than $50 million and a 3 percent tax on households worth more than $1 billion. It would affect the wealthiest 100,000 households in the country, according to the bill’s sponsor, Sen. Elizabeth Warren (D-Mass.), USA Today first reported.

“Today I’m re-introducing my Ultra-Millionaires Tax so that when someone makes it really big—earning over $50 million—they have to chip in 2 cents on the next dollar,” Warren said in a post on X, formerly known as Twitter.

“That means Jeff Bezos can’t keep paying lower tax rates than public school teachers,” Warren added.

[ChicagoConservative27]

They have to chip in? Why don't you chip in some more and show how its done.

[E. Pluribus Unum]

Plank #2 of the Communist Manifesto: A Heavy Progressive or Graduated Income Tax.

https://www.conservativeusa.net/10planksofcommunism.htm

[Osage Orange]

How about a tax on ALL politicians....something like 10-20% on their pay.

[Tell It Right]

The article seems to go back and forth on if it's a tax on wealth, or a tax on income. If I'm reading it correctly, it'll be an income tax, but in effect only if people are of a minimum wealth.

Is that how everyone else reads it?

[TiGuy22]

The article seems to go back and forth on if it’s a tax on wealth, or a tax on income. If I’m reading it correctly, it’ll be an income tax, but in effect only if people are of a minimum wealth.
Is that how everyone else reads it?

I am sure they want a wealth tax, but I am sure they’ll settle for an income tax on ultra high earners. Dems play the long game and accept incremental wins, unlike pubs.

[hanamizu]

If I’m reading this right, this isn’t an income tax, but rather a ‘wealth tax’. How does the government determine which ‘households’ are worth more than $50 million? Will everyone be required to declare everything they own to the tax authorities? Or will certain folks be audited? So many devils in so many details.

[Political Junkie Too]

I thought that at first read, too, but it says she wants to tax people with incomes over $50 million.

However, she cites tax rates on wealth, not income, so I do believe it's a wealth tax.

Warren wants to bleed $30 million per year on wealth of $1 billion, and $1 million per year on wealth of $50 million.

-PJ

[uranium penguin]

Expect they force you account for everything.. Then THEY assess how much they think it is worth.

Then.. They force you to sell off your assets to pay the taxes.

So, hypothetically, an old money person oould “own” masterpiece that has been hanging in a museum for 100yrs. Live only on a trust fund with a payout of $610k/ yr. Own nothing else.The Gov determines that is worth 51M.

The gov will then demand that person pay $1.02M/ yr.

Essentially forcing them to liquidate their assets to pay the tax.

[Fledermaus]

They’ll overstate the asset values for tax purposes and then Leticia James and Engoron will fine you for over valuing the assets.

[Fledermaus]

And then it they would be worth less thus no tax.

A one time thing at best.

Dems are SO stupid.

[FlingWingFlyer]

I figured it would be High Cheekbones Princess Buffalo Wings who is trying the steal more of the American people’s money.

[Jim Noble]

The “wealthiest Americans” are safe.

What they mean is, “Americans with the highest taxable incomes”, which is a very different thing.

[uranium penguin]

“What they mean is, “Americans with the highest taxable incomes”, which is a very different thing.”

Depends..
It sounds like they are looking at Income But ALSO, Total assets.

In reality, I think you are correct.
As the wealthiest will have the ability to put all of their Hard assets into some sort of tax exempt trust (or other vehicle) and then just have an entity “pay” them a minimal, on paper, income.

[Iron Munro]

[Iron Munro]

Wealthy Democrats, including newly minted millionaires in congress, excluded.

[KC Burke]

We used to have a Constitution that required all tax and spending bills to originate in the House, but I’m just old fashioned.

Let’s chant DOA, DOA.

[EEGator]

How, exactly, is wealth assessed?

[Jonny7797]

““That means Jeff Bezos can’t keep paying lower tax rates than public school teachers,” Warren added.”

They say that like Bezo is skirting tax law. He’s likely following all the rules that idiots like Warren have put in place over the years and now they want to move the goal post as punishment. Commie scum.

[nonliberal]

After Covid, tax the ever loving hell out of the wealthy.

[JesusIsLord]

Following WW2 there was a need to take care of debt caused by the war. The following shows some of the high-income tax rates for those times:

1944 Income >90,000.. Tax rate 92.0%
1944 Income >200,000.. Tax rate 94.0%

I'm all for taxing the super rich at much, much higher tax rates. The problem is that Congress would create a bill that would contain tax loopholes to allow their mega rich DONORS to circumvent paying most of the tax.

A good tax bill would extensively raise taxes on the uber wealthy and close all loopholes. Any tax bill like this should be complimented by proportional levels of decrease in government spending.

Before I'm flamed, it should be noted that compared to today's tax rates, the U.S. government imposed very high tax rates on the rich from WW2 to 1986.

Yes, I'd love to see the Gates, Bezos etc. pay a LOT more in taxes along with a government that reduces spending. A balanced budget amendment would help affect/force these changes - IMHO.

How rich are the wealthiest people in the U.S.?

Rank.... Name.... Net worth in billion US
1...... Elon Musk .... 180
2..... Bill Gates .... 135.8
3..... Jeff Bezos .... 114
.
.
.
19..... Len Blavatnik .... 36.8
20.... Stephen A. Schwarzman ...34.5