DC: Democrat Sen. Elizabeth Warren of Massachusetts is expected to propose instituting a wealth tax on every American that possesses more than $50 million worth of assets, CNBC reports.
Warren’s tax proposal will affect less than 0.1 percent of U.S. households and raise $2.75 trillion over a decade, Emmanuel Saez, who advises Warren on economics, told CNBC. Warren announced her bid to run for president in 2020 on Dec. 31.
“We helped her with the numbers,” Saez said.
“America’s middle class is under attack,” Warren said in her 2020 announcement video. “How did we get here? Billionaires and big corporations decided they wanted more of the pie. And they enlisted politicians to cut them a bigger slice.”
In August, Warren distanced herself from the far-left wing of the Democratic Party. She has rejected the “socialist” label, saying she “believes in markets.” more here
AKA the Slacker Tax. Take from the productive and give to the non-productos.
Neither of these idiots are fit to be a janitor at Wal Mart.
Lucky her – she’s “only” worth 18MM!
Those $50 million in assets have already been taxed. Income tax, inheritance tax, etc. How many times can the same money be taxed?
@Anonymous-11:30 AM:
Legislators and the govt have always refused to say what tax rate is too high. That means they believe all money is theirs, and they can tax the same money until they get it all.
Any tax you can raise, I can raise higher
I can raise any tax higher than you!
No you can’t!
Yes I can!
No you can’t!
Yes I can, yes I can, yes I Caaaaaan!
I sang it in my head! lol
-MJA
Now the liberal lefties say that the rich are worth more than $50 million… next they will say that the rich are worth more than $25 million, then it will be $10 million, then $1 million, until everyone is jealous of anyone else who has one more dime more than you…. equal sharing of misery, don’cha you know.
Yah, asshole politicians who regularly beg for cash from people worth more than $50 million are really gonna pass a bill like this.
This has bait-and-switch fuck-the-middle-class-in-the-ass-with-a-horse-cock-sized-dildo written all over it. Guarantee you that the majority of the wealth the government can easily steal is right in the 401K and IRA accounts of average Joes and Janes, and that’s exactly who these motherfuckers plan to do with any kind of legislation like this should a democrat become POTUS.
“How many times can the same money be taxed?”
I don’t have the knowhow, or the time, but follow a bucket of dirt, from the time it’s shoveled out of the ground until it’s finished as a ball bearing, and note the taxes paid at every step. And keep in mind that the shovel (made of steel and hickory) must be taxed before the first ounce of dirt is moved. Take into account all transportation, federal, state, local, income, excise, environmental, gasoline, diesel, tires, tracks, road, bridge, highway, air, compliance, business, fees, &c. taxes and it’s little short of a miracle that anything gets done.
Businessmen are (at least) as brave as farmers for facing overwhelming odds and difficulties.
If I wore a hat, I’d tip it to them (and the farmers) but my head’s too big.
izlamo delenda est …
Give me $50 million and she can tax me…ONCE….after that I’ll be hard to find….
NOTE: just about *every* Dem (not just “Cher”okee) is following AOC’s lead, be it dumb videos, taxes…
^^^^^
“Monkey see; Monkey do”
izlamo delenda est …
Most of America’s wealthy are democrats. So how about taxing wealthy democrats, worth over 5 mil, an additional 5% and leave the rest of us the hell alone. Ass holes.
The Constitution provides for Federal tariffs, excise taxes and income taxes.
But a “wealth tax”, essentially a tax on net worth, doesn’t fall into any of those categories.
So what would the Constitutional authority for one be?
Not that I think Congress particularly cares about that sort of thing.
Envy is diabolical – St. Augustine called Envy THE diabolical sin (De catechizandis rudibus 4,8:PL 40,315-316), since it seeks to minimize, end or destroy what is good. Scripture says By the envy of the Devil death entered the world (Wis 2:24). Seeing the excellence that Adam and Eve had, made in the image of God, and possibly knowing of plans for the incarnation, the Devil envied Adam and Eve. Their glory lessened his, or so he thought, and he set out to destroy the goodness in them. Envy is very ugly and it is diabolical.
“It’s little short of a miracle that anything gets done.”
Considering what kind of schmuck your average pol is, I’m not sure that’s not the goal.
“The Constitution provides for Federal tariffs, excise taxes and income taxes.”
No, our Constitution, wisely, prohibited Capitation, or direct, taxes.
This was circumvented by the mendaciously promoted 16th Amendment.
This Amendment, and, to a lesser extent, the 17th, is the necessary wedge that separates us from our Liberties, promulgates the Leviathan State, and encourages corruption at every level of government.
It was sold to the American people as a “tax on the wealthy” (ever heard THAT before?) by the Demonrats, and was, of course, a filthy lie – there were NO unintended consequences – it was a lie from its inception.
izlamo delenda est …