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Democrat exploring 'patriot tax' on multimillionaires' wealth
Posted on 6/14/21 at 10:33 am
Posted on 6/14/21 at 10:33 am
In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.” This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Wealthy people would be able to pay the tax over five years.
Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.
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Suozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income.
“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.
He said that for wealthy people, the surcharge would be “a way to help your country to build back better.”
Suozzi said that the revenue raised by the tax could help to offset the cost of President Biden’s infrastructure proposals, as well as restoring the full state and local tax deduction, a top priority for the New York congressman and other lawmakers in his state.
Democrats in recent years have increasingly floated ideas aimed at making the wealthiest Americans pay more in taxes. The idea from Suozzi, a member of the moderate, bipartisan Problem Solvers Caucus, has some similarities to wealth taxes proposed by progressive lawmakers such as Sen. Elizabeth Warren (D-Mass.), but Warren’s proposal would create an annual tax rather than a one-time tax. LINK
Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.
ADVERTISEMENT
Suozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income.
“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.
He said that for wealthy people, the surcharge would be “a way to help your country to build back better.”
Suozzi said that the revenue raised by the tax could help to offset the cost of President Biden’s infrastructure proposals, as well as restoring the full state and local tax deduction, a top priority for the New York congressman and other lawmakers in his state.
Democrats in recent years have increasingly floated ideas aimed at making the wealthiest Americans pay more in taxes. The idea from Suozzi, a member of the moderate, bipartisan Problem Solvers Caucus, has some similarities to wealth taxes proposed by progressive lawmakers such as Sen. Elizabeth Warren (D-Mass.), but Warren’s proposal would create an annual tax rather than a one-time tax. LINK
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Posted on 6/14/21 at 10:37 am to Jbird
Sure, let’s punish people who succeeded in life.
Posted on 6/14/21 at 10:37 am to Jbird
We need a white suburban women's tax. Since they voted for all this odd ball legislation. Let them pay for it.
Posted on 6/14/21 at 10:37 am to Jbird
Giveaway trillions and now someone has got to pay.
Dems/Repubs can only get so much out of the wealthy.
The class that gets shafted the most will be the middle when all the dust settles.
Dems/Repubs can only get so much out of the wealthy.
The class that gets shafted the most will be the middle when all the dust settles.
Posted on 6/14/21 at 10:37 am to Jbird
Normally, I would oppose such a thing, but I'm presently on board and think this guy is being too conservative.
Tell Bezos, Gates and the like that the Gov is taking half their amassed fortunes and that they should feel patriotic for their contribution. Perhaps that will shut those a-holes up when the time for a real tax policy discussion arrives.
Tell Bezos, Gates and the like that the Gov is taking half their amassed fortunes and that they should feel patriotic for their contribution. Perhaps that will shut those a-holes up when the time for a real tax policy discussion arrives.
Posted on 6/14/21 at 10:38 am to Jbird
quote:
This would be a one-time surcharge
Posted on 6/14/21 at 10:39 am to Jbird
Sure tax someone else. Raise a small percentage of what Biden is pissing away but punish these people for daring to be successful.
HEY DIPSHIT SPEND LESS and save more than 450 billion.
HEY DIPSHIT SPEND LESS and save more than 450 billion.
Posted on 6/14/21 at 10:39 am to Jbird
That won't even cover the vaccines Joe promised other countries.
Posted on 6/14/21 at 10:40 am to Jbird
Strictly as a political matter, I’m for it. In fact the tax on wealth above, say, $100 million could be 50%. Not as a matter of fairness or equity or any of that BS, but as a political hammer to beat down the lunacy gripping this country, 95% of which is founded/funded by the Uber-wealthy.
Posted on 6/14/21 at 10:41 am to Jbird
These rich people have done little or nothing to roll back the collectivist mentality spreading through our media and education systems.
They could have spent their millions on counter messaging and solid candidates. In many cases they did the opposite and embraced the wokeness.
So, I'm inclined to let them suffer the consequences of their choices.
They could have spent their millions on counter messaging and solid candidates. In many cases they did the opposite and embraced the wokeness.
So, I'm inclined to let them suffer the consequences of their choices.
This post was edited on 6/14/21 at 10:50 am
Posted on 6/14/21 at 10:41 am to Jbird
So this proposal is a "one-time surcharge." This is just mugging with extra steps. It's pure theft and I'm absolutely disgusted.
Posted on 6/14/21 at 10:41 am to Jbird
You can’t even have conversations about how to convince people to give you more of their money when you do things like invite hundreds of thousands of illegals to stream across the border, and then you have to award billion dollar contracts to house the people.
Posted on 6/14/21 at 10:43 am to Jbird
Let's have a Democrat/Dementia Joe Tax. Everyone who voted for Raping Joe will be required to file a special tax return -- whether you have any income or not. Anyone with any income shall pay a 10% surcharge on their gross income.
In this way, the Dims can PROVE once and for all that 81 million f*cking RETARDS actually voted for the Rapist-In-Chief.
In this way, the Dims can PROVE once and for all that 81 million f*cking RETARDS actually voted for the Rapist-In-Chief.
Posted on 6/14/21 at 10:44 am to Jbird
I’m actually fine with this. They donate blue more often than not anyway. frick em.
Posted on 6/14/21 at 10:44 am to Jbird
Soon to be renamed the “expatriate tax”.
Posted on 6/14/21 at 10:45 am to BobBoucher
quote:
You can’t even have conversations about how to convince people to give you more of their money when you do things like invite hundreds of thousands of illegals to stream across the border, and then you have to award billion dollar contracts to house the people.
What if the people benefitting the most (by far) from this stream of illegals are the same ones that would be paying the tax?
Posted on 6/14/21 at 10:46 am to Jbird
quote:
Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.
Posted on 6/14/21 at 10:48 am to Jbird
They literally just gave away trillions and now say we need more tax revenue. 
Posted on 6/14/21 at 10:55 am to Jbird
quote:
This would be a one-time surcharg
This post was edited on 6/14/21 at 10:55 am
Posted on 6/14/21 at 10:58 am to Jbird
How about a tax on multimillionaires in the entertainment industry. They love government programs so much let them kick up an extra $450 billion.
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