Elizabeth Warren proposes Wealth Tax on the very rich

[Eagle-Keeper]

@RTchoke

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

Here is another article indicating some problems with this idea:

3 problems with Elizabeth Warren’s wealth tax

[Eagle-Keeper]

@MountainSoldier

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

It would be additional. There is no way they are going to do away with the income tax.

[Pragmatic]

Every fictional novel yes.

[Eagle-Keeper]

@Rurudyne

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

I guess it would all depend on how "wealth’ would be legally defined? There are so many ways to define wealth that it would likely be very complicated.

[Eagle-Keeper]

@Wazoo2u2

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.

Well just as long as it stays above her net worth of 18 million, I assume she would be okay with this. I wonder how much of her net worth she gives to the poor?

https://thenetworthportal.com/wiki-2018-2019-2020-2021/politician/elizabeth-warren-net-worth/

[RTchoke]

Not hardly. I said Dystopian for a reason.

[RTchoke]

Thanks for the article.

She might want to think before pissing off all the wealthy potential donors to her campaign.

[Zantax]

She should call it the “no way in a million years rich congress people will ever pass this” tax. Not to mention it’s completely unconstitutional and a direct violation of the takings clause.

[RTchoke]

But she had her experts tell her it was A-OK.

[Samm]

@Eagle-Keeper

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.

Net worth is very hard to determine because it is subjective, and the richer you are, the more subjective it becomes. Furthermore, there is no chance in hell that this will ever become law; she is just blowing smoke to pander to her constituents for her run for the Presidency.

[Eagle-Keeper]

@Samm

Net worth is very hard to determine because it is subjective, and the richer you are, the more subjective it becomes. Furthermore, there is no chance in hell that this will ever become law; she is just blowing smoke to pander to her constituents for her run for the Presidency.

Even if she were to become president I don’t think this would likely ever happen either. Also I was reading that other countries that did this actually abandoned it later on.

[devauxt]

Watch the wealth and job creators move to another jurisdiction, then she’ll get no tax at all

[Eagle-Keeper]

@devauxt

Watch the wealth and job creators move to another jurisdiction, then she’ll get no tax at all

A lot of these taxes sound good on paper but typically don’t produce the revenue they promise.

[NukeAfrica]

That’s because most people who earn decent money understand the importance of tax avoidance. The wealthy are usually the most skilled at it. The government could set the upper limit tax rate at 90 percent and the wealthy will spend less money than that on accountants and wealth managers to avoid it. The trick is setting the tax rate at a rate where it’s cheaper to just pay the taxes than to hire a team of CPAs and wealth managers to avoid it.

[wiley8425]

The sick part is if the tax law wasn’t so complicated, there wouldn’t be various methods to avoid said taxes. There is absolutely no reason the income tax laws are as cumbersome as they are either, other than the professional tax preparation companies have been lobbying Congress to keep it that way in order to keep their industry going.

[Camp]

Doesn’t matter. Kamala Harris just took her handful of supporters and will probably come out with a similar policy when she exhausts the “my truth” line. Calling an opinion truth can be very powerful…even if a smidgen confusing.

[Samm]

@devauxt

Watch the wealth and job creators move to another jurisdiction, then she’ll get no tax at all

“Tax the rich; feed the poor; ‘til there are no rich no more.” - Ten Years After

Remember the so-called “luxury tax”? It was meant to tax items built or marketed in this country that were purchased almost exclusively by rich people, like private jets and yachts. The result was, the rich quit buying those items from domestic companies and instead bought them overseas, which put those domestic companies out of business and thousands of employees out of work. Stupid Liberals.

[Samm]

@Camp

Doesn’t matter. Kamala Harris just took her handful of supporters and will probably come out with a similar policy when she exhausts the “my truth” line. Calling an opinion truth can be very powerful…even if a smidgen confusing.

It will be interesting to watch … which socialist candidate will out propose the pack with the best tax the rich scheme.

[Pragmatic]

@Samm

It will be interesting to watch … which socialist candidate will out propose the pack with the best tax the rich scheme.

I love all of this compassion for the ultra rich. It seems creepy. Unless you are also ultra rich, why do you care?

[SneakySFDude]

All novels are fiction. Did you go to college?