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:
âWarrenâs proposal, which sheâs calling an âultra-millionaire tax,â would apply a 2 percent tax annually on net worth between $50 million and $1 billion, and a 3 percent tax above $1 billion.â
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 âem until they canât pay. Good way to get someoneâs net worth down.
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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. Theyâd 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 itâs 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.
Isnât that what Trusts are for, you donât 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 canât 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 isnât bringing in the wanted revenue, the thresholds would move down- way down.
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It took an Amendment to the Constitution to tax income. Whereâs the amendment to tax having?
How about we just decide what is ârich enoughâ and put a ceiling on capital gains globally. It wouldnât work any other way. Letâs start there because A Socialist America isnât 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 getâs declared and never really getâs undeclared because of Resistance from the people. The oneâs trying to get water, food, medicine for everyone else will be labeled âDomestic Terroristsâ
With no more rich people to plunderâŚor eatâŚwe feed on each other; starting with our leadership. Ask any biologist. Humans have a lot in common with Rats.
A âRat Kingâ is a perfect metaphor for Socialism and how it starts:
Every dystopian novelâs story line.
Never ends well.
Here is a link to one of the articles about her proposal:
https://www.cnbc.com/2019/01/24/elizabeth-warren-to-propose-new-wealth-tax-economic-advisor.html
Ambitious? Looks like they misspelled Unconstitutional.
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The American Left no longer feels the need to hide it. It isnât just AOC or that Bernie doesnât feel the need to pretend heâs 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 theyâve been for decades now.
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Still doesnât say if thatâs in addition to income taxes or instead of.
Iâm thinking a new take on personal property tax.
Obamacareâs individual mandate was a poor tax, now we have a rich tax? Well at least theyâre consistent I guess?
Maybe they should just run on âHi. We heard you have money. Hand it over.â
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Thatâs pretty much Pennsylvania now.
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