Sanders, Khanna to propose federal billionaires' wealth tax

[shockedcanadian]

Notice he’s not volunteering to send extra money. He’ll say that, but he never actually intends to pay it. If he really felt that the rich do not pay enough he could very easily just write a check to the government every year for how much ever he thinks that they should pay. It’ll never happen .

He made a fortune via paying minimum taxes as is his right. From him using the float of the insurance arm of Geico or whatever it was (perhaps Berkshire in its early years I forget) to allow him to freely to invest in the market to adopting a DRIP to ensure his dividends were directly repuchasing stocks to avoid taxation to his lengthy holding of stocks so that he was only "paper rich" but foregoing the taxes until well into the future, Buffett wrote the book on tax avoidance within the confines of the law.

In fact, I read a book from his former daughter-in-law, Mary Buffett I believe, in which one year Buffett had overpaid his taxes by quite a relatively small amount, especially for a man worth 10s of billions and he apparently contacted the U.S federal government demanding that this small amount be returned to him. He always stated that the government was wasteful with tax revenue.

How soon he forgets in his old age.

 

[protectionist]

Notice he’s not volunteering to send extra money. He’ll say that, but he never actually intends to pay it. If he really felt that the rich do not pay enough he could very easily just write a check to the government every year for how much ever he thinks that they should pay. It’ll never happen .

This not a really, fully verifiable notion. It is an interesting one, nevertheless. Thought provoking.

 

[protectionist]

He made a fortune via paying minimum taxes as is his right. From him using the float of the insurance arm of Geico or whatever it was (perhaps Berkshire in its early years I forget) to allow him to freely to invest in the market to adopting a DRIP to ensure his dividends were directly repuchasing stocks to avoid taxation to his lengthy holding of stocks so that he was only "paper rich" but foregoing the taxes until well into the future, Buffett wrote the book on tax avoidance within the confines of the law.

In fact, I read a book from his former daughter-in-law, Mary Buffett I believe, in which one year Buffett had overpaid his taxes by quite a relatively small amount, especially for a man worth 10s of billions and he apparently contacted the U.S federal government demanding that this small amount be returned to him. He always stated that the government was wasteful with tax revenue.

How soon he forgets in his old age.

Interesting, but lacking a time reference. Coukd be Buffet was just blowing hot air. Could also be that his feeling changed from ont time period to another. Could be this or that.
I wonder how other multibillionaires think about the idea of raising taxes on them. Has anyone ever done a report on it ?

I also wonder how much these odd people have given to charities during their lives. A sort of self-tax, you could say.

 

[Mashmont]

Just like the income tax. It was also sold as "only a few at the top will pay".
This year, the income tax will hit any single person who makes over $16,100.

I'm sure the government would never ever do the same thing with a wealth tax........right?

That's exactly right. It is being sold as a one-off. The government never works that way. Soon it will be every five years. Then every year. Then well, people with $500 million. Then $50 million. Then $5 million. It never ends. The pathetic part is articles reporting this have not one hint of criticism. No analysis of the disaster it would cause. THIS is why the leftwing media has to be eliminated.

Think of what this would mean. The minimum tax bill would be $50 million. Few billionaires have this kind of cash sitting around. They would have to liquidate property, buildings, sell businesses. This is confiscation of property. It's what Robert Mugabe did. It's Communism pure and simple

Look at the Green New Deal. It was laughed off just like this. Yet Biden adopted much of it in his Build Back Better $1 trillion boondoggle. Stuff like this needs to be destroyed from the outset as a horrible Communist idea. It shouldn't get any oxygen whatsoever. It should be crushed in all quarters.

And effing Bernie Sanders never worked a day in his life. Prior to age 40, he'd never had a real job until entering government. Before that he was an inept handyman who was so bad at his job, his family lived in a house with dirt floors for a time. He hooked up an electric cord to a neighbor's house. He's an abject failure. Completely incompetent. A disheveled mess. The total opposite of Donald Trump. Yet we should be listening to HIS economic plan?

 

[ThisIsMe]

This not a really, fully verifiable notion. It is an interesting one, nevertheless. Thought provoking.

I always say, any of these left wing rich people who think the rich do not pay enough, are fully capable of writing a check to the government.

I’m still waiting for one to do it.

 

[22lcidw]

That's exactly right. It is being sold as a one-off. The government never works that way. Soon it will be every five years. Then every year. Then well, people with $500 million. Then $50 million. Then $5 million. It never ends. The pathetic part is articles reporting this have not one hint of criticism. No analysis of the disaster it would cause. THIS is why the leftwing media has to be eliminated.

Think of what this would mean. The minimum tax bill would be $50 million. Few billionaires have this kind of cash sitting around. They would have to liquidate property, buildings, sell businesses. This is confiscation of property. It's what Robert Mugabe did. It's Communism pure and simple

Look at the Green New Deal. It was laughed off just like this. Yet Biden adopted much of it in his Build Back Better $1 trillion boondoggle. Stuff like this needs to be destroyed from the outset as a horrible Communist idea. It shouldn't get any oxygen whatsoever. It should be crushed in all quarters.

And effing Bernie Sanders never worked a day in his life. Prior to age 40, he'd never had a real job until entering government. Before that he was an inept handyman who was so bad at his job, his family lived in a house with dirt floors for a time. He hooked up an electric cord to a neighbor's house. He's an abject failure. Completely incompetent. A disheveled mess. The total opposite of Donald Trump. Yet we should be listening to HIS economic plan?

Forked tongue men with little lifetime accomplishments and having delusions of grandeur are in no short supply.

 

[rightwinger]

I always say, any of these left wing rich people who think the rich do not pay enough, are fully capable of writing a check to the government.

I’m still waiting for one to do it.

And you can pay for Trumps war

 

[Independent thinker]

They're grandstanding. This has no chance of passing a Republican Congress. Even if the Republicans lose control of Congress in November, it has no chance of being signed into law by Trump in his remaining two years. Regardless, it's a stupid idea. Wealth taxes do not work. This has been shown to be true over and over again by other countries who have attempted it. They always end up with lower-than-expected revenues. France, for example, attempted this ten years ago and had to abandon it. Congress doesn't need more money; they need to spend less.

• Sen. Bernie Sanders and Rep. Ro Khanna plan to introduce a bill to impose a federal wealth tax on billionaires, according to the senator's office.
• While progressives like Sanders have long called for taxing the rich at higher rates, many Democrats are now seizing on refreshed anti-billionaire animus as they campaign against Republicans on an affordability agenda.
• According to Sanders' office, the planned tax would raise $4.4 trillion in federal revenues without hiking taxes on any Americans with a net worth of less than $1 billion.

MSN

They should try it in California first.

 

[martybegan]

They're grandstanding. This has no chance of passing a Republican Congress. Even if the Republicans lose control of Congress in November, it has no chance of being signed into law by Trump in his remaining two years. Regardless, it's a stupid idea. Wealth taxes do not work. This has been shown to be true over and over again by other countries who have attempted it. They always end up with lower-than-expected revenues. France, for example, attempted this ten years ago and had to abandon it. Congress doesn't need more money; they need to spend less.

• Sen. Bernie Sanders and Rep. Ro Khanna plan to introduce a bill to impose a federal wealth tax on billionaires, according to the senator's office.
• While progressives like Sanders have long called for taxing the rich at higher rates, many Democrats are now seizing on refreshed anti-billionaire animus as they campaign against Republicans on an affordability agenda.
• According to Sanders' office, the planned tax would raise $4.4 trillion in federal revenues without hiking taxes on any Americans with a net worth of less than $1 billion.

MSN

Wouldn't an amendment be needed to even consider this?

 

[martybegan]

If we tax billionaires, they will leave us

Actually a wealth tax like this would probably crash the markets and ruin everyone's retirement funds.

 

[Blaster]

I worked hard to accumulate my wealth and I would not pay a wealth tax.

 

[ThunderKiss1965]

If we tax billionaires, they will leave us

Like what's happening in California now.

Wealthy Californians are fleeing to Las Vegas

Rich Californians are increasingly looking to buy properties in neighboring, cheaper Nevada, recent data shows.

www.newsweek.com

 

[rightwinger]

Like what's happening in California now.

Wealthy Californians are fleeing to Las Vegas

Rich Californians are increasingly looking to buy properties in neighboring, cheaper Nevada, recent data shows.

www.newsweek.com

Let them abandon their mansions in Beverly Hills or Malibu so they can live in Vegas

 

[ThunderKiss1965]

Let them abandon their mansions in Beverly Hills or Malibu so they can live in Vegas

The whole point of the leftist politicians and their Marxist masters taxes is to chase the wealthy away so that the burden can be passed to the group they truly loath, the middle class.

 

[Hafar1014]

Just like the income tax. It was also sold as "only a few at the top will pay".
This year, the income tax will hit any single person who makes over $16,100.

I'm sure the government would never ever do the same thing with a wealth tax........right?

A wealth tax will destroy the economy

 

[rightwinger]

The whole point of the leftist politicians and their Marxist masters taxes is to chase the wealthy away so that the burden can be passed to the group they truly loath, the middle class.

Lot of money to be made in California

 

[ThunderKiss1965]

Lot of money to be made in California

And it's leaving.

Calif. loses mind-boggling $1 trillion in wealth in past month alone over fears of ‘Billionaire Tax’: wealth guru

“A complete and total unforced error. Where was the Governor? Where are our leaders??” fumed venture capitalist and former Facebook exec Chamath Palihapitiya.

nypost.com

 

[protectionist]

And you can pay for Trumps war

It is the American peoples' war (who voted for Trump)

 

[rightwinger]

It is the American peoples' war (who voted for Trump)

American people do not support TRUMPWar

 

[protectionist]

American people do not support TRUMPWar

Who says so ?