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Warren’s Wealth Tax
Posted on 7/25/19 at 12:58 pm
Posted on 7/25/19 at 12:58 pm
Wealth tax
Eliz warren has been beating this wealth tax drum for years. She says it will pay for some of her programs.
In essence, it will tax wealth rather than just income. The aggregate value of all your stuff gets an annual tax. Her benchmark is 50mm. Her rate is 2%. If you have assets exceeding 50mm, any amount over that gets hit with a 2% tax. She has another arbitrary benchmark at 1billion. Then the rate goes up to 3% on every dollar over 1billion. Think about that.
Guys like bezos would pay over $3 billion a year in a wealth tax.
So is this an idea that you care about? Do you think it could ever happen here?
Eliz warren has been beating this wealth tax drum for years. She says it will pay for some of her programs.
In essence, it will tax wealth rather than just income. The aggregate value of all your stuff gets an annual tax. Her benchmark is 50mm. Her rate is 2%. If you have assets exceeding 50mm, any amount over that gets hit with a 2% tax. She has another arbitrary benchmark at 1billion. Then the rate goes up to 3% on every dollar over 1billion. Think about that.
Guys like bezos would pay over $3 billion a year in a wealth tax.
So is this an idea that you care about? Do you think it could ever happen here?
This post was edited on 7/25/19 at 1:03 pm
29
Posted on 7/25/19 at 1:03 pm to SlidellCajun
$50M at 2% and $1B at 3% seems pretty reasonable for a policy such as this. Most leftists would place a very low floor such as $1M on an idea such as this. I agree though this will spiral quickly.
Posted on 7/25/19 at 1:05 pm to OleWarSkuleAlum
How do you measure value on wealth?
Posted on 7/25/19 at 1:05 pm to SlidellCajun
quote:
wealth tax
Not authorized under the 16th Amendment.
Would be illegal.
Posted on 7/25/19 at 1:06 pm to SlidellCajun
I am dirt poor and this is not a good thing to tax based on wealth. It is already done with property tax.
Posted on 7/25/19 at 1:06 pm to SlidellCajun
People with $50M don’t keep it in their savings and checking accounts.
They keep it offshore and in trusts.
They keep it offshore and in trusts.
Posted on 7/25/19 at 1:07 pm to SlidellCajun
Who's going to assess the wealth, and how?
Posted on 7/25/19 at 1:08 pm to SlidellCajun
At least she'd be hitting her target.
Most leftists think they're hitting wealthy people when they raise income taxes, but they end up just hitting people in their highest earning years, who are not wealthy.
Most leftists think they're hitting wealthy people when they raise income taxes, but they end up just hitting people in their highest earning years, who are not wealthy.
Posted on 7/25/19 at 1:12 pm to LuckyTiger
quote:
They keep it offshore
Should this be allowed? For businesses as well?
I mean if we're going to go with "America First" then shouldn't money be invested in the US?
Posted on 7/25/19 at 1:12 pm to SlidellCajun
Didn't Huey Long want to try something like this if he ever became president?
Posted on 7/25/19 at 1:13 pm to SlidellCajun
quote:
So is this an idea that you care about?
I think it's complete and utter bullshite. You should not be taxed for being successful and building wealth.
Posted on 7/25/19 at 1:17 pm to SlidellCajun
quote:Nope. At most they’lol pay it once. Them move their assets elsewhere.
Guys like bezos would pay over $3 billion a year in a wealth tax.
Posted on 7/25/19 at 1:18 pm to SlidellCajun
quote:
So is this an idea that you care about?
Yes.
Taxing wealth is illegal and immoral. It cannot happen and it should not happen.
Posted on 7/25/19 at 1:20 pm to OleWarSkuleAlum
quote:
$50M at 2% and $1B at 3% seems pretty reasonable for a policy such as this.
Why? How in the world is taxing after-tax dollars reasonable? It’s insane.
Posted on 7/25/19 at 1:21 pm to boogiewoogie1978
quote:Good grief. And people call Trump a wannabe dictator?
Should this be allowed?
Posted on 7/25/19 at 1:22 pm to boogiewoogie1978
quote:
Should this be allowed? For businesses as well?
Wait. You want to the government to regulate where people have their assets? Holy shite. You guys are insane.
Posted on 7/25/19 at 1:22 pm to SlidellCajun
Totally against it, there's no way in hell this wouldn't trickle down to those of us who are merely comfortable without being massively wealthy. I hate the idea of stealing from people for more government bs. frick you, Liz, you thief wannabe.
Posted on 7/25/19 at 1:23 pm to Taxing Authority
quote:
Good grief. And people call Trump a wannabe dictator?
Right? That guy is insane.
Posted on 7/25/19 at 1:23 pm to BBONDS25
quote:
You want to the government to regulate where people have their assets? Holy shite. You guys are insane.
Yes when they are purposefully hiding from income and other taxes.
Posted on 7/25/19 at 1:24 pm to BBONDS25
quote:
Why? How in the world is taxing after-tax dollars reasonable? It’s insane.
I’m saying for a policy such as this the floor is reasonable and not the normal anyone making more than $100k needs to be taxed 50%!!!
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