January 28, 2019
Elizabeth Warren's proposed 'ultra-millionaire tax' would be the rape of the Constitution
By William Sullivan
Elizabeth Warren has unleashed her bold new presidential campaign promise, which she cleverly calls "The Ultra-Millionaire Tax." After all, none of us is an "ultra-millionaire," so why should we care? This new tax won't hurt you; it would just impose a 2% annual tax on all household net worth over $50M, with an additional 1% surtax kicking in for assets held over $1B. In her plan, wealth is defined as "all household assets ... including residences, closely held businesses, assets held in trusts, retirement assets, assets held by minor children and personal property with a value of $50,000 or more."
"I'm in," she says, "on the notion that we have to rewrite the tax code." And a policy like the one she proposes, say two UC Berkeley economists, "would shrink the wealth of the superrich by $2.75 trillion over a 10-year period, while only affecting around 75,000 U.S. households."
Read more:
https://www.americanthinker.com/blog/2019/01/elizabeth_warrens_proposed_ultramillionaire_tax_would_be_the_rape_of_the_constitution.html#ixzz5e0EvaorL
