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Keyword: wealthtax

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  • Where Did All Those 'Capitalist Pigs' Go?

    05/07/2021 5:49:19 AM PDT · by Kaslin · 13 replies ^ | 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 ^ | 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 ^ | 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...
  • New Research Confirms Wealth Tax's Deleterious Effects

    08/20/2020 7:45:38 AM PDT · by Kaslin · 12 replies ^ | August 20, 2020 | Veronique De Rugy
    Politicians are renowned for their shortsightedness. During the post-war period, for example, Republicans have very publicly opposed most tax increases. I like small government, so I'm good with that. Where I part ways with the Grand Old Party is with its failure to oppose big spending that's funded with debt, meaning future tax hikes. Their lack of spending restraint, also encouraged by Democrats, is inconsistent and means that a new source of government revenue is likely in our future. And, if that is the case, it may very well be a wealth tax. Support for taxing wealth (as distinct from...
  • California Lawmakers Want a Wealth Tax to Soak the Rich for Living There. Also, for Leaving. The proposed tax would apply to not just wealthy residents, but anyone who is wealthy who has lived in the state for the last 10 years

    08/18/2020 3:23:00 PM PDT · by karpov · 81 replies
    Reason ^ | August 18, 2020 | Scott Shackford
    A pack of Democratic lawmakers in California are proposing a wealth tax for the state's richest citizens, forcing them to pay more essentially just for owning a lot of stuff. They also, amazingly, want the tax to follow Californians who flee the state in response, attempting to make them continue paying taxes on wealth that's not even in the state. Assemblymember Rob Bonta (D–Oakland) is blunt about his reasons for introducing the California Wealth Tax (A.B. 2088). Rich people have money. He wants more of it to pay for and expand state services. And that's it. "The California Wealth Tax...
  • Propose A Wealth Tax Which Taxes You Even After You Leave The State

    08/15/2020 8:51:32 AM PDT · by Hojczyk · 103 replies
    Hot Air ^ | Posted at 8:41 pm on August 14, 2020 | JOHN SEXTON
    A group of state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund. The tax rate would be 0.4% of net worth, excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately. California is facing a big budget deficit because of the health and economic crisis brought on by the coronavirus, and “we can’t simply rely on austerity measures,” to close it, said Rob Bonta, D-Oakland, lead author of AB2088. “We must...
  • Cavuto presses California assemblyman over wealth tax plan amid millionaire 'jailbreak' from Golden State. Under plan, residents who leave state would still pay taxes for up to ten years

    08/15/2020 5:26:31 AM PDT · by karpov · 60 replies
    Fox Business ^ | August 14, 2020 | Charles Creitz
    Fox Business Network anchor Neil Cavuto questioned California State Assemblyman Rob Bonta on "Cavuto: Coast to Coast" Friday over his proposal to institute a 0.4% wealth tax on Golden State residents worth more than $30 million. The Alameda Democrat told Cavuto the proposed tax "affects about 0.15% of the California population -- not the top 10%, not the top 1%, the top .15%, about 30,000 people" and would generate $7.5 billion in revenue for the state. The host asked Bonta what will prevent the ultra-wealthy from continuing to "bolt" from California as taxes continue to rise. Bonta disagreed with the...
  • Let's Not Waste a Crisis

    05/13/2020 4:34:21 AM PDT · by Kaslin · 2 replies ^ | May 13, 2020 | Walter E. Williams
    Former Barack Obama adviser Rahm Emanuel, during a recent interview, reminded us of his 2008 financial crisis quotation, "Never allow a crisis to go to waste." The COVID-19 pandemic has presented a wonderful opportunity for those of us who want greater control over our lives. Sadly, too many Americans have already taken the bait. We've allowed politicians and bureaucrats to dictate to us what's an essential business and what isn't, who has access to hospitals and who hasn't, and a host of minor and major dictates. Leftist politicians who want to get into our pocketbooks are beginning to argue that...
  • Bernie Sanders unveils new plan for free child care, pre-K up to age four, funded by wealth tax

    02/23/2020 7:02:50 PM PST · by karpov · 52 replies
    Fox News ^ | February 23, 2020 | Vandana Rambaran
    Presidential hopeful Sen. Bernie Sanders, I-Vt., unveiled a new plan for universal child care if he is elected in November, saying in an interview airing Sunday that a wealth tax would pay for it. The proposal would offer free child care from infancy to pre-kindergarten up to the age of four, Sanders told Anderson Cooper on CBS News' "60 Minutes." The idea was yet another in a slew of progressive plans laid out by the self-proclaimed democratic-socialist, plans that he said would be funded by increased taxation on America's wealthy. Sanders expressed his disdain for opponents -- even some within...
  • Bernie Sanders' Wealth Tax Would Be Bad For Workers. The Vermont socialist has always claimed to be a champion of the working class. But over time, his wealth tax would fall heavily on ordinary Americans.

    01/28/2020 5:20:27 PM PST · by karpov · 13 replies
    Reason ^ | January 28, 2020 | Peter Suderman
    [A]ccording to a recent study by former Congressional Budget Office director Douglas Holtz-Eakin and Gordon Gray, both of whom are now affiliated with the conservative policy organization American Action Forum (AAF), the effects of a wealth tax would extend throughout the economy, reducing the supply of capital and decreasing investment, which would negatively impact worker pay. Sanders' wealth tax would cost workers about $1.6 trillion over a decade, they estimate. Over time, as the impact of the tax grew, workers would end up implicitly shouldering about 63 percent of the burden. The wealthy would indeed have less wealth, but workers...
  • Biden, Sanders tax plans would raise less revenue than claimed: studies

    01/23/2020 5:57:51 AM PST · by karpov · 2 replies
    The Hill ^ | January 23, 2020 | Naomi Jagoda
    Tax proposals from two leading 2020 Democratic presidential candidates, former Vice President Joe Biden and Sen. Bernie Sanders (I-Vt.), would raise less revenue than the campaigns say they would, according to analyses released Thursday by the nonpartisan Penn Wharton Budget Model (PWBM). The analyses were released less than two weeks before the first-in-the-nation Iowa caucuses. PWBM released three analyses Thursday. One looked at Sanders’s wealth-tax proposal, and a second looked at Sanders’s proposal to expand the estate tax. The third examined nine tax changes proposed by Biden. Sanders’s wealth tax proposal would create a progressive tax that starts with a...
  • Wealth and Taxes Part V -- it's all about politics

    01/11/2020 10:49:35 AM PST · by karpov · 4 replies
    The Grumpy Economist ^ | January 10, 2020 | John Cochrane
    So what is the question to which measuring wealth distributions and a wealth tax are the answer? To briefly review, in Part I we met the fact that "wealth is measured as "capitalized income," Y/r. But only some kinds of income and with r choices that blew up measured wealth inequality. In Part II we learned that a big reason wealth inequality widened is that interest rates fell. If r falls, Y/r rises, but it's the same Y. In Part III we noted the distinction between consumption, income and wealth inequality. Wealth is beyond badly measured as a measure of...
  • (Democrat) Millionaires support a wealth tax — as long as they aren’t getting taxed: CNBC survey

    12/24/2019 11:44:33 AM PST · by karpov · 29 replies
    CNBC ^ | December 23, 2019 | Robert Frank
    A majority of millionaires support a wealth tax on those worth $50 million or more, but their support declines for a tax on those worth $10 million, according to a new poll. Fifty-nine percent of millionaires said they would support a new federal tax on wealth over $50 million, according to the Q4 CNBC Millionaire Survey. Democratic presidential candidate Elizabeth Warren’s tax plan includes a wealth tax of 2% on wealth over $50 million and 6% over $1 billion. Forty-eight percent opposed a wealth tax on those worth over $10 million. Attitudes toward the wealth tax are also strongly dependent...
  • Shocking Fox News Poll: Far Greater Support for Wealth Tax Than Border Wall

    12/17/2019 8:03:28 AM PST · by SeekAndFind · 76 replies
    Money and Markets ^ | 12/16/2019 | JT Crowe
    A rather shocking Fox News poll released Sunday found far greater support for Sen. Elizabeth Warren’s proposed wealth tax than for President Donald Trump’s southern border wall.The poll notes that 1,000 randomly selected voters were surveyed between Dec. 8-11 and 68% of them supported Warren’s wealth tax, which is the highest for any Democratic proposals, while just 26% said they were against it.The fact that a strong majority of people would like to see the wealthy taxed more isn’t a big surprise.The surprising part of the poll was how the general public as a whole feels about Trump’s long-promised...