Elizabeth Warren proposes Wealth Tax on the very rich

This type of tax does look like it would be more difficult for people to avoid than say a higher marginal rate tax. Curious on others thoughts here.

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Is that in addition to or in place of income tax?

My understanding that it would be a completely separate tax, here is a statement from the article:

“Warren’s proposal, which she’s calling an “ultra-millionaire tax,” would apply a 2 percent tax annually on net worth between $50 million and $1 billion, and a 3 percent tax above $1 billion.”

So in other words this would only apply to a very small percent of the population and if their wealth drops below that I assume they would not have to pay that tax.

Tax ‘em until they can’t pay. Good way to get someone’s net worth down.


Whole lotta wealth is going to get hidden. They never learn.

Once this kind of tax is on the books, the only way for the rate to go is up.

Would be a real headache for people with wealth in real estate, or land, or non-dividend paying stocks. They’d have to sell part of their assets or get equity release. Might have to take loans just to pay the government.

Then you have how it’s implemented. It would have to be based off a high water mark otherwise the same piece of wealth could be taxed until it barely exists anymore. Over 30 years a 2% wealth tax on the same bit of wealth would result in a 44% tax.

This would be in addition to income tax paid at the higher rate. And inheritance tax when you die. Add in other taxes (state) and you are talking about a lot of tax over your lifetime.

Isn’t that what Trusts are for, you don’t legally own the money in the trust, but you do control it.

There will be plenty of ways to hide, use etc. their wealth. Liberals will never learn you can’t tax the crap out of the wealthy in hopes of funding their pet projects. There is a reason wealth taxes are not popular and many countries have done away with them.

While the population of uber rich is quite small, and the ones who would stay in the US once such a tax were imminent is far smaller, there is another reason this should cause alarm- once they realize that it isn’t bringing in the wanted revenue, the thresholds would move down- way down.


It took an Amendment to the Constitution to tax income. Where’s the amendment to tax having?

How about we just decide what is “rich enough” and put a ceiling on capital gains globally. It wouldn’t work any other way. Let’s start there because A Socialist America isn’t going to happen in our lifetime.

Flip-side : A Socialist democratic Party elects a President and Controls the Congress: Immediately some of these ideologies see fruition. The Markets Freak and there is economical collapse. Martial law get’s declared and never really get’s undeclared because of Resistance from the people. The one’s trying to get water, food, medicine for everyone else will be labeled “Domestic Terrorists”

With no more rich people to plunder…or eat…we feed on each other; starting with our leadership. Ask any biologist. Humans have a lot in common with Rats.

A “Rat King” is a perfect metaphor for Socialism and how it starts:


Every dystopian novel’s story line.

Never ends well.

Here is a link to one of the articles about her proposal:


Ambitious? Looks like they misspelled Unconstitutional.

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The American Left no longer feels the need to hide it. It isn’t just AOC or that Bernie doesn’t feel the need to pretend he’s an independent socialist anymore, they just no longer think they need the pretense of the tall grass. The DNC is coming out for the far Left wing trash they’ve been for decades now.

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Still doesn’t say if that’s in addition to income taxes or instead of.

I’m thinking a new take on personal property tax.

Obamacare’s individual mandate was a poor tax, now we have a rich tax? Well at least they’re consistent I guess?

Maybe they should just run on “Hi. We heard you have money. Hand it over.”


That’s pretty much Pennsylvania now.

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