Elizabeth Warren introduces a wealth tax

[1srelluc]

It's a tax on assets - "every dollar owned", including stock portfolios with unrealized gains. I'd bet peoples housing and property assessments are included in the net worth calculation.

It's always more welfare for people, nothing to pay down the national debt.

Government from cradle to grave.

Sigh....This is why I support common sense restrictions on the 19th amendment.

Sure, it won't go anywhere now but this is what we have to look forward to if the dems ever see total power again.

 

[pknopp]

Same as I said when Bernie did this. She knows there is a zero chance this happens but when there is a (D) in the White House things like this never happen.

 

[1srelluc]

Same as I said when Bernie did this. She knows there is a zero chance this happens but when there is a (D) in the White House things like this never happen.

I don't know, the last time a vile dem was in the WH the border was open for four years and the grift machine really got rolling.

 

[citygator]

I am not a fan of a wealth tax. If you had a proper income tax policy you wouldnt need a wealth tax. There are too many ways to hide your income even after death. The US tax code needs to address that... HOWEVER...

I would be fine with a one time wealth tax to reduce the debt levels in the US because those incomes have been hidden and avoided proper taxes.

 

[Lisa558]

I’d like to see a financial breakdown of how she arrived at this:

1) How much will this tax bring in, given that only 0.05% of people even have $50 million - the point at which the tax starts.

2) How many trillions would the proposals she wants (free college, Medicare for everyone, etc.) actually cost?

She’s counting on the ignorance of the American left.

 

[1srelluc]

I am not a fan of a wealth tax. If you had a proper income tax policy you wouldnt need a wealth tax. There are too many ways to hide your income even after death. The US tax code needs to address that... HOWEVER...

I would be fine with a one time wealth tax to reduce the debt levels in the US because those incomes have been hidden and avoided proper taxes.

She would get more support with a flat tax sure enough.

Being sorta upper middle class I want to see those above and below me taxed at the same rate.

No more free tax rides for anybody.

 

[citygator]

She would get more support with a flat tax sure enough.

Being sorta upper middle class I want to see those above and below me taxed at the same rate.

No more free tax rides for anybody.

Meh. That's an emotional response. Half of America gets a tiny piece of the pie. That half spilt up $2 Trillion in income while the top half garble up $25 Trillion. Wanting a piece of that $2T for income tax when they have nothing left and they do pay SS, FICA, Tariffs, Excise, Sales, Property, and a host of other taxes already is just an emotional thought.

A rational thought is that those benefiting the most from our economic structure should pay for the economic structure. There is nothing to protect in the bottom so why should they pay to protect that structure? You cant get blood from a rock.

 

[Billiejeens]

It's a tax on assets - "every dollar owned", including stock portfolios with unrealized gains. I'd bet peoples housing and property assessments are included in the net worth calculation.

It's always more welfare for people, nothing to pay down the national debt.

Government from cradle to grave.

Sigh....This is why I support common sense restrictions on the 19th amendment.

Sure, it won't go anywhere now but this is what we have to look forward to if the dems ever see total power again.

People on "X" didn't seem to agree with her.

 

[ThunderKiss1965]

It's a tax on assets - "every dollar owned", including stock portfolios with unrealized gains. I'd bet peoples housing and property assessments are included in the net worth calculation.

It's always more welfare for people, nothing to pay down the national debt.

Government from cradle to grave.

Sigh....This is why I support common sense restrictions on the 19th amendment.

Sure, it won't go anywhere now but this is what we have to look forward to if the dems ever see total power again.

The US has spent over $20 trillion on the War on Poverty. Why do we still have poor people and what dollar figure is going to end poverty.

 

[Lisa558]

She would get more support with a flat tax sure enough.

Being sorta upper middle class I want to see those above and below me taxed at the same rate.

No more free tax rides for anybody.

Does that include the half of Americans who don’t pay in a dime?

I am for a AMT - an alternate MINIMUM tax. Every adult 18+ must pay 2% of earnings, and this amount should be subtracted from paychecks and sent directly to the government. For those who don’t bother to have any job at all, and rely totally on other people’s money, the 2% should be deducted from the handout.

The only exceptions are for the mentally or physically disabled.

 

[Lisa558]

Meh. That's an emotional response. Half of America gets a tiny piece of the pie. That half spilt up $2 Trillion in income while the top half garble up $25 Trillion. Wanting a piece of that $2T for income tax when they have nothing left and they do pay SS, FICA, Tariffs, Excise, Sales, Property, and a host of other taxes already is just an emotional thought.

A rational thought is that those benefiting the most from our economic structure should pay for the economic structure. There is nothing to protect in the bottom so why should they pay to protect that structure? You cant get blood from a rock.

And the bottom half paid nothing.

And what do you mean by “get a tiny piece of the pie”? Did these people prepare for a career after college by taking advantage of Pell Grants? Or did they get GED’s and now do odd gigs for spending cash while taking in all sorts of welfare benefits?

I don’t look at multi-millionaires and envy them. I look at how nicely I’ve done for myself - majored in a marketable field, got post-college training, and worked up the ladder to the point I could afford an upscale townhouse in an urban area (I could have bought a SFH further out, but didn’t want that), travel to interesting places, eat out at nice restaurants, etc.

I don’t begrudge the rich.

 

[1srelluc]

Does that include the half of Americans who don’t pay in a dime?

Yes.

 

[BlindBoo]

And the bottom half paid nothing.

The bottom half only has 2.5% of the wealth, and the top 1% hold 30% of it.

That being said I oppose a tax on wealth. I support a lower threshold on the estate tax on the opulent wealth.

 

[M14 Shooter]

It's a tax on assets - "every dollar owned", including stock portfolios with unrealized gains. I'd bet peoples housing and property assessments are included in the net worth calculation.

This tax requires an amendment.

Not that Warren, liberals, leftists, or Democrats think the Constitution limits their power.

 

[Lisa558]

The bottom half only has 2.5% of the wealth, and the top 1% hold 30% of it.

That being said I oppose a tax on wealth. I support a lower threshold on the estate tax on the opulent wealth.

The top 1% earn about 25% of all income and yet pay in 40% of all federal income tax. They are already paying in MORE than their fair share while half the country pays nothing.

What would you say with a proposal like this:

Assets above $50 million will be taxed at $2000 per million and everyone pays a 2% minimum tax on income.

That means someone with $75 million in wealth will pay in an EXTRA $30,000, someone earning $40,000 will pay a minimum of $800, and someone getting $25,000 in welfare benefits will pay in $500.

 

[DGS49]

Notice that no mention is made of an attempt to balance the Federal Budget with this imaginary windfall, or even to reduce it. The vain hope is that if it were to be implemented, Democrats would be able to buy EVEN MORE votes than they do now with our tax dollars.

Truly, they are an evil lot.

Does anyone other than Chip Roy even still mention the fact that all of the "social safety net" is unconstitutional - outside the Article I "powers" of Congress?