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Keyword: wealthtax

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  • Opinion | The Never-Ending Wealth-Tax Campaign

    02/18/2024 5:12:41 AM PST · by where's_the_Outrage? · 44 replies
    WSJ via MSN ^ | Feb 17, 2024 | The Editorial Board
    Wealth taxes are like a specter in search of a host, and an already overtaxed New England state may be the first to succumb. Vermont lawmakers want to tax residents’ unrealized gains, hoping to finally break the barrier that’s kept them from draining asset values year after year. The state’s top tax legislator has spent recent weeks pushing bills that would dial up taxes on high earners. The biggest reach is a proposal to tax the paper gains from assets above $10 million. The plan would slap Vermont’s 8.75% top income-tax rate on half of those gains. That means a...
  • Zombie California Takes Another Run at a Wealth Tax

    01/11/2024 10:27:04 PM PST · by SeekAndFind · 3 replies
    Hotair ^ | 01/12/2024 | Jazz Shaw
    We are once again being reminded why the once prosperous state of California is falling into a budgetary black hole and bleeding residents at an increasing rate. (Though to be fair, some of those losses are being made up for by an army of illegal migrants who use up even more resources.) The Democrats who run the state can’t seem to help themselves, and they keep going back to the well with failed ideas to increase state revenue. The latest chapter in this ongoing story comes to us from Stephen Green at PJ Media. It appears that members of the...
  • This lawsuit could disrupt the U.S. tax system. Key facts are in dispute.

    11/27/2023 4:52:55 AM PST · by where's_the_Outrage? · 20 replies
    Washington Post via MSN ^ | Nov 27, 2023 | Ann Marimow, Julie Weil
    The fate of an obscure provision of President Donald Trump’s 2017 tax package, which will be reviewed by the Supreme Court next week, has many experts panicked over the potential to destabilize the nation’s tax system. In addition, some say the outcome could preemptively block Congress from creating a wealth tax. But the case has also exposed questions about the accuracy of the personal story a Washington State couple presented to the court in making their constitutional challenge to the tax, a one-time levy on offshore earnings. Charles and Kathleen Moore appear to have closer ties to the company central...
  • 'Selling Sunset' agents are freaking out about LA's new mansion tax — but it's not just millionaires who should be worried

    11/12/2023 4:17:07 AM PST · by where's_the_Outrage? · 45 replies
    Business Insider ^ | Nov 12, 2023 | Juliana Kaplan and Eliza Relman
    Less than 10 minutes into the new season of the hit Netflix reality show "Selling Sunset," two luxury real estate brokers are already complaining about a new tax on Los Angeles' wealthiest homebuyers. "This is going to be a nightmare for us," says veteran real estate agent Mary Fitzgerald. "We're just screwed." The city's so-called "mansion tax" was about to go into effect when the show was filming its latest season — and the high-end real estate industry was in a tizzy. The owner of one $26 million, 13,000-square-foot home the agents were trying to sell would have to pay...
  • The Supreme Court Should Strike A Blow Against Wealth Taxes

    07/09/2023 9:37:24 PM PDT · by SeekAndFind · 31 replies
    Real Clear Markets ^ | 07/09/2023 | Andrew Wilford
    Wealth tax proposals have been all the rage among progressive politicians of late, despite the many pitfalls of attempting to tax unrealized gains. But a case the Supreme Court just took up could render taxation of unrealized gains constitutionally untenable.Moore v. United States looks at a provision in the 2017 Tax Cuts and Jobs Act (TCJA). One of the ways that legislators offset the foregone revenue from tax cuts was through a one-time “deemed” repatriation of earnings from U.S. citizens’ shares of foreign corporations.Put simply, the deemed repatriation provision acted as if Americans with shares in foreign corporations (above a...
  • Norway’s Wealth Tax Is Backfiring. Are Americans Paying Attention?

    06/26/2023 6:14:16 AM PDT · by george76 · 31 replies
    American Institute for Economic Research ^ | June 23, 2023 | Jon Miltimore
    In 2022 Norway’s third richest man, Kjell Inge Røkke, announced in an open letter to shareholders he was moving to Lugano, Switzerland. “My capital will continue working in Norway,” wrote the fishing magnate turned industrialist who launched his empire four decades ago with a 69-foot trawler he bought while saving money working on ships off the coast of Alaska. Røkke, who Forbes estimates has a fortune of $5.1 billion, will cost the Norwegian government an estimated 175,000,000 kroner annually (roughly $16 million) with his departure. That might not sound like a lot of money, but Røkke is not the only...
  • California seems to find a new way to chase away residents every day: This time, they've cooked up another new 'wealth tax.'

    01/24/2023 8:42:44 AM PST · by SeekAndFind · 13 replies
    American Thinker ^ | 01/24/2023 | Jack Hellner
    Now California wants a wealth tax. Florida, Tennessee, Texas, and many other states will gladly welcome "the rich" and everyone else who will be fleeing that state as a result.This paragraph from Zerohedge says it all about Democrat policies in that state on budgetary items: ACA 3 begins with six WHEREAS clauses including that California has long-term needs that are not being met by existing revenue sources; wealth inequality among state residents has increased dramatically; a tax on extreme wealth will restore fairness to California’s tax system and raise significant revenue to meet new and existing urgent needs; and, the...
  • California Democrats consider wealth tax — including for people who moved out of state

    01/23/2023 11:09:01 PM PST · by Olog-hai · 73 replies
    Fox News ^ | January 23, 2023 8:09pm EST | Aaron Kliegeman
    California lawmakers are pushing legislation that would impose a new tax on the state’s wealthiest residents — even if they’ve already moved to another part of the country. Assemblyman Alex Lee, a progressive Democrat, last week introduced a bill in the California State Legislature that would impose an extra annual 1.5% tax on those with a “worldwide net worth” above $1 billion, starting as early as January 2024. As early as 2026, the threshold for being taxed would drop: those with a worldwide net worth exceeding $50 million would be hit with a 1% annual tax on wealth, while billionaires...
  • Billionaires in blue states face coordinated wealth-tax bills. Some measures are based on Sen. Elizabeth Warren’s proposals to make the super-rich pay more

    01/20/2023 9:33:31 AM PST · by karpov · 12 replies
    Washington Post ^ | January 17, 2023 | Julie Zauzmer Weil
    Left-leaning proponents of taxing the assets held by America’s billionaires have a new target: In lieu of a federal wealth tax, state lawmakers want to tax billionaires where they live, in states like California, Washington and New York. A group of legislators in statehouses across the country has coordinated to introduce bills simultaneously in seven states later this week, with the same goal of raising taxes on the rich. “The point here is to make sure we do at the state level what is not being done at the federal level,” said Gustavo Rivera (D), a New York state senator...
  • Why Democrats' Scheme to Tax Unrealized Capital Gains Should Terrify You

    10/27/2021 2:48:49 AM PDT · by Kaslin · 58 replies
    American Thinker.com ^ | October 27, 2021 | David Ennocenti
    Our current secretary of the Treasury, Janet Yellen, is busy trying to find a way to tax wealth without calling it taxing wealth. She has eyes on taxing unrealized capital gains. What this means simply is taxing people for money they have not earned or received. That's it in a nutshell. That definition should leave even those who have never had a course in accounting or finance shaken. Not only is Janet Yellen considering this, but the Democrat party is on board as well. Democrats claim that it is needed in order to pay for their agenda. You know —...
  • Sorry, AOC, The Rich Already Pay Their Fair Share

    09/17/2021 5:05:13 AM PDT · by Kaslin · 25 replies
    Townhall.com ^ | September 17, 2021, | David Harsanyi
    Rep. Alexandria Ocasio-Cortez donned an elegant gown with the slogan "Tax the Rich" painted on the back at the Met Gala in New York, where guests selected by Vogue's Anna Wintour ponied up around $35,000 a pop for tickets. The scene was reminiscent of Tom Wolfe's "radical chic" -- though rather than being guests of the well-heeled in Park Avenue duplexes, today's revolutionaries own luxury condos and drive around in government-subsidized electric cars that most Americans could never afford. My first question, though, is: Who doesn't want to "tax the rich"? Judging from my social-media feed, there seems to be...
  • Where Did All Those 'Capitalist Pigs' Go?

    05/07/2021 5:49:19 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | May 7, 2021 | Pat Buchanan
    "There are few ways in which a man can be more innocently employed than in getting money," is an insight the famed biographer James Boswell attributed to Samuel Johnson. Clients of the late Bernie Madoff, however, might take issue. Over four decades, Madoff, acclaimed as the greatest fraudster of them all, ran a Ponzi scheme that swindled 40,000 people, including his closest friends, out of $65 billion. But if "getting money" is among the most innocent of callings, America has more than its fair share of the goodly people who excel at it. According to Forbes's 35th annual ranking of...
  • The Government Is Considering a Financial Weapon of Mass Destruction

    03/25/2021 4:26:55 AM PDT · by MtnClimber · 27 replies
    American Thinker ^ | 25 Mar, 2021 | John Klar
    And it's going to use that weapon not on foreign enemies, but rather on us. Since the creation of the United States income tax, government and taxpayers have wrangled over definitions of what constitutes "income," how it is to be calculated, and when it is to be "recognized" — that is, subjected to tax. A recent New York initiative (predictably backed by Alexandria Ocasio-Cortez) would tax appreciated assets held by wealthy taxpayers before they were sold. This hideous tax policy hints at the temptation for government to shift its tax base to rapidly-appreciating assets when magnifying inflation through reckless debt...
  • History Tells Us That Wealth Taxes Don't Work

    03/25/2021 3:56:14 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | March 25, 2021 | Veronica DeRugy
    With Democrats now in control of the House, Senate, and White House, many of the most significant policy battles of the next two years will be determined by intraparty fights within the Democratic Party's various factions. Although not a moderate in any meaningful sense, President Joe Biden has always positioned himself strategically at the center of his party. Nevertheless, his defeat of the party's left-wing in the last presidential primary won't be the end of a populist insurgence. Sadly, one fight will be between those, such as Treasury Secretary Janet Yellen, who want to raise taxes significantly, and those who,...
  • WATCH: Rep. Jayapal Gaslights on CNBC Host Sorkin’s Tough Criticism of Wealth Tax

    03/04/2021 9:36:09 AM PST · by JV3MRC · 12 replies
    NewsBusters ^ | 3/4/2021 | Joseph Vazquez
    CNBC has been holding the feet of Democratic members of Congress to the fire over the disastrous implications of Sen. Elizabeth Warren’s (D-MA) insidious wealth tax. CNBC co-anchor Andrew Ross Sorkin pressed “Ultra-Millionaire Tax Act of 2021” co-sponsor Rep. Pramila Jayapal (D-WA) on the disastrous economic impact of an arbitrary two percent tax on every dollar of people's wealth exceeding $50 million. Sorkin pointed out on the March 4 edition of Squawk Box why the “two percent” figure would be problematic: “Two percent on an annual basis sounds tiny, but over the period of 20 years — or rather 10...
  • ABSURD! Warren Dodges CNBC Joe Kernen’s Questions on Efficacy of Her Wealth Tax

    03/02/2021 1:15:16 PM PST · by JV3MRC · 27 replies
    NewsBusters ^ | 3/2/2021 | Joseph Vazquez
    Leftist Sen. Elizabeth Warren (D-MA) avoided answering tough questions from CNBC that underscored the nonsense behind her wealth tax proposal. CNBC Squawk Box co-anchor Joe Kernen played devil’s advocate in an attempt to expose the lack of logic behind Warren’s tax proposal. Kernen said to Warren during the March 2 edition of Squawk Box: “If you’re going to do two percent [tax] on 50 million [dollars], and then when you get up to a billion [dollars] and you’re going to three percent [tax], if we’ve made, if we’ve crossed the rubicon … why not make it truly progressive and do...
  • Elizabeth Warren unveils plans for a wealth tax on all Americans with net worths higher than $50 million as Democrats get ready for when they've passed $1.9tn stimulus plan

    03/01/2021 12:09:16 PM PST · by C19fan · 56 replies
    UK Daily Mail ^ | March 1, 2021 | Geoff Earle
    Sen. Elizabeth Warren rolled out her plan Monday to slap a 2 per cent annual wealth tax on people whose net worth is over 50 million and up to $1 billion – setting the stage for debates over how to pay for Joe Biden's infrastructure and environmental proposals. Warren's plan is similar to what she advocated in her 2020 presidential campaign, where she lost to Biden, who did not come out for a wealth tax. The Massachusetts Democrat is joined by Vermont Sen. Bernie Sanders and House Reps. Pramila Jaypal and Brendan Boyle.
  • Elizabeth Warren Trots Out One Of Her Brilliant Plans Yet Again

    03/01/2021 4:11:10 PM PST · by Kaslin · 19 replies
    Hot Air.com ^ | March 1, 2021 | JAZZ SHAW
    Elizabeth Warren floundered in her own party’s presidential primary last year and was disqualified for a cabinet position because taking one would have cost the Democrats control of the Senate. But that doesn’t mean that she’s faded from the scene entirely. As the Democrats struggle to keep their caucus together and push through some of their legislative priorities, Warren is back with the support of the progressive wing and pitching a big, new idea. Okay… it’s not actually a new idea at all. She’s been pushing it for a while. But now she thinks it might be possible. Yes, the...
  • California Lawmakers Want Wealth Tax That Will Follow Taxpayers When They Inevitably Move to Cheaper States

    12/25/2020 9:33:23 AM PST · by SeekAndFind · 91 replies
    National File ^ | 12/24/2020 | Frank Salvato
    As people leave the State of California in record numbers, Progressive lawmakers in that state are moving ahead with plans to enact a wealth tax that will tax a person’s net worth and even follow them out of state should they move. Many businesses and wealthy executives are leaving the State of California because of an overreaching tax code that is bleeding the states population of their ability to accrue wealth. But that’s not stopping some state lawmakers from supporting a wealth tax proposal, even as a growing number of Californians are calling for Gov. Gavin Newsom (D), to be...
  • A California Plan to Chase Away the Rich, Then Keep Stalking Them. A proposed wealth tax would apply for a decade to anyone who spends 60 days in the state in a single year.

    12/19/2020 5:01:17 AM PST · by karpov · 88 replies
    Wall Street Journal ^ | December 18, 2020 | Hank Adler
    California’s Legislature is considering a wealth tax on residents, part-year residents, and any person who spends more than 60 days inside the state’s borders in a single year. Even those who move out of state would continue to be subject to the tax for a decade—a provision that calls to mind the Eagles’ famous “Hotel California” lyric: “You can check out any time you like, but you can never leave.” The California Constitution probably allows a statewide wealth tax on residents, but any effort to create a tax capable of reaching across state borders is likely to run afoul of...