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| Elizabeth Warren proposes 'wealth tax' on the very rich |
| 2019-01-26 |
| [American Thinker] Senator Elizabeth Warren is proposing a "wealth tax" on Americans with more than $50 million in total assets. She is advocating for a 2% tax on those worth more than $50 million and 3% on those with a billion dollars or more in assets. National Review: "The Warren wealth tax is pretty big. We think it could have a significant effect on wealth concentration in the long run," Saez told the Post. "This is a very interesting development with deep root causes: The fact inequality has been increasing so much, particularly in wealth, and the feeling our current tax system doesn’t do a very good job taxing the very richest people."The proposal is supposed to raise $2.75 trillion over 10 years, or about 10% of the "Medicare for All" proposal Democrats have been floating. I will believe it when I see it. The grandiose "projections" for how much revenue these taxes on the super rich will raise are always spectacularly off. When France passed a wealth tax in 2012, they projected income from the measure to be 30 billion euros. They got 14 billion, which left a gaping hole in their budget. Besides the dubious chances for success, it may be that such a tax would be unconstitutional: |
| Posted by:Besoeker |
| #12 An addiction to Other Peoples Moneyâ„¢ and confusion over the difference between $Money$ and Wealth... After you confiscate all their wealth they will have no money to give you next year ... or is that concept too complicated? |
| Posted by: magpie 2019-01-26 19:34 |
| #11 Buy the votes of everyone in the dependent tax bracket. |
| Posted by: gorb 2019-01-26 18:26 |
| #10 And what is she gonna do with all this money? |
| Posted by: Abu Uluque 2019-01-26 13:22 |
| #9 There are perfectly reasonable public policy perspectives that give rise to skeptical views of large and persistent concentrations of wealth remaining in a few hands over long periods of time. See e.g., the leftist billionaires; their control of our media and their infliction of know-nothing socialists upon us. Would that they didn't have the means to drive the debate, no? |
| Posted by: Percy Speaking for Boskone6553 2019-01-26 10:40 |
| #8 The U.S. income tax is a progressive tax. As such, it is an increasing tax on the wealthy; a wealth tax. We already have a wealth tax. How about a tax on the hot air of Congresscritters or scamming? |
| Posted by: JohnQC 2019-01-26 09:40 |
| #7 "The theory of Communism may be summed up in one sentence: Abolish all private property." ~ Karl Marx |
| Posted by: Besoeker 2019-01-26 09:34 |
| #6 They want a Nat'l property tax. I'm fine with that if they also go back to only property owners can vote. /sarc VAT here we come!! |
| Posted by: AlanC 2019-01-26 09:27 |
| #5 Liawatha must think that billionaires like Jeff Bezos keep their money in cash, checking accounts or some other liquid form. Unfortunately, I would expect that most of their wealth is in stocks and other assets that aren't easily converted to cash. If Jeff Bezos suddenly had to raise several billion dollars, it would probably have a major impact on the stock market. |
| Posted by: Rambler in Virginia 2019-01-26 09:17 |
| #4 It would be like a 'pay in advance' inheritance tax - 100% (to a first approximation) if you live long enough. |
| Posted by: Glenmore 2019-01-26 08:24 |
| #3 There's a line on the Massachusetts state income tax return (Line 22 for the 2018 tax year) that allows for the voluntary election to pay a higher rate of state taxes (5.85%, normal rate is 5.1%). This line has been on the form for a long, long time, and Elizabeth Warren has never opted to pay this higher rate on any filed tax return since she's been a resident of Mass. Until I see evidence that she has volunteered to pay extra taxes, she can go piss up a rope. |
| Posted by: Raj 2019-01-26 07:04 |
| #2 Including hers Silicon Valley "friends"? |
| Posted by: g(r)omgoru 2019-01-26 06:42 |
| #1 Thank God there is no legal authority for a wealth tax |
| Posted by: Jim Cramer6666666 2019-01-26 05:03 |