NYT: Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy

[mystery-ak]

Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy

Proposals from Elizabeth Warren and Bernie Sanders have raised concerns from economists and business leaders who fear the plans would sap economic growth.

By Alan Rappeport and Thomas Kaplan

    Oct. 1, 2019
    Updated 9:53 a.m. ET

WASHINGTON — Progressive Democrats are advocating the most drastic shift in tax policy in over a century as they look to redistribute wealth and chip away at the economic power of the superrich with new taxes that could fundamentally reshape the United States economy.

As they compete for the Democratic presidential nomination, Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont have proposed wealth taxes that would shrink the fortunes of the richest Americans. Their plans envision an enormous transfer of money from the wealthy to ordinary people, with revenue from the wealth tax used to finance new social programs like tuition-free college, universal child care and “Medicare for all.”

The wealth taxes under discussion would deal a major blow to the balance sheets of American plutocrats like Jeff Bezos, Bill Gates and Warren Buffett. If the tax that Ms. Warren has called for had been in place since 1982, the net worth of the 15 richest Americans in 2018 would have been half as much, according to two economists who helped develop her plan. The Sanders wealth tax, which was released last week, would have eroded their fortunes even further, to barely one-fifth of their 2018 total.

more
https://www.nytimes.com/2019/10/01/us/politics/sanders-warren-wealth-tax.html

[txradioguy]

If you want to kill the economy...start taxing what's left of your money that's already been taxed by the feds...the state...the county and the city.

[austingirl]

Reshape? How about destroy.

[PeteS in CA]

Reshape? How about destroy.

Yep, "kill" or "destroy" would be the accurate words. And as Rush pointed out a week or three ago, "The Rich" won't lay back and enjoy being raped. They will evade the Dems' theft-by-government.

[andy58-in-nh]

Interesting that this NYT article (written entirely from a Leftist perspective, of course) only briefly mentions a "Supreme Court battle" as part of the challenge of implementing a wealth tax. What the article omits entirely is the fact that the Federal Government of the United States has no power to tax accumulated wealth under our Constitution.

The 16th Amendment to the Constitution provided: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration".
 
Income is, self-evidently not the same thing as wealth, and our Founders would be aghast at the thought of a Federal government made so powerful by Congressional fiat that it might confiscate the personal earnings of citizens on the pretext that some people simply have too much.

The very fact that wealth taxes are presently being considered as economically reasonable and politically viable is an index of how far America has fallen from its principles, and how lazy and corrupt our electorate has become. Further, it is a prescription for economic disaster and civil unrest on an almost unimaginable scale. 

And make no mistake about this: that is just what the Radical Democrats want.

[Fishrrman]

Andy wrote:
"The very fact that wealth taxes are presently being considered as economically reasonable and politically viable is an index of how far America has fallen from its principles, and how lazy and corrupt our electorate has become. Further, it is a prescription for economic disaster and civil unrest on an almost unimaginable scale. 
And make no mistake about this: that is just what the Radical Democrats want."

Of course.
And once again, I'll present my "American Timeline":
2019: USA -- United States of America
2027: USSA -- United Socialist States of America
2035: USSSA -- United Soviet Socialist States of America
2042:  ?????

Tell me with certainty that it couldn't happen here...

[OfTheCross]

Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy

Proposals from Elizabeth Warren and Bernie Sanders have raised concerns from economists and business leaders who fear the plans would sap economic growth.

By Alan Rappeport and Thomas Kaplan

    Oct. 1, 2019
    Updated 9:53 a.m. ET

WASHINGTON — Progressive Democrats are advocating the most drastic shift in tax policy in over a century as they look to redistribute wealth and chip away at the economic power of the superrich with new taxes that could fundamentally reshape the United States economy.

As they compete for the Democratic presidential nomination, Senators Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont have proposed wealth taxes that would shrink the fortunes of the richest Americans. Their plans envision an enormous transfer of money from the wealthy to ordinary people, with revenue from the wealth tax used to finance new social programs like tuition-free college, universal child care and “Medicare for all.”

The wealth taxes under discussion would deal a major blow to the balance sheets of American plutocrats like Jeff Bezos, Bill Gates and Warren Buffett. If the tax that Ms. Warren has called for had been in place since 1982, the net worth of the 15 richest Americans in 2018 would have been half as much, according to two economists who helped develop her plan. The Sanders wealth tax, which was released last week, would have eroded their fortunes even further, to barely one-fifth of their 2018 total.

more
https://www.nytimes.com/2019/10/01/us/politics/sanders-warren-wealth-tax.html

Eh, I'm not against it. Bezos, Gates, and Buffett will survive. I'm sure the wealthy will still find loopholes in the code to save money on taxes.


"Income inequality has surged in the United States in the last 50 years, with the top 0.1 percent now controlling about a fifth of the nation’s wealth. That concentration of wealth has coincided with stagnant wages, rising college costs and the lingering effects of the Great Recession, which erased trillions of dollars in household wealth, ravaging the middle class. New figures from the Census Bureau released last week show that income inequality in the United States reached its highest level last year since the government began tracking it in 1967."

[txradioguy]

Eh, I'm not against it. Bezos, Gates, and Buffett will survive. I'm sure the wealthy will still find loopholes in the code to save money on taxes.

You actually just made the case against the wealth tax. The billionaire libs you mentioned won't suffer...but the average people trying to cash in on stock options or theri 401K are gonna get slaughtered under this plan you have no problem with.

"Income inequality has surged in the United States in the last 50 years, with the top 0.1 percent now controlling about a fifth of the nation’s wealth. That concentration of wealth has coincided with stagnant wages, rising college costs and the lingering effects of the Great Recession, which erased trillions of dollars in household wealth, ravaging the middle class. New figures from the Census Bureau released last week show that income inequality in the United States reached its highest level last year since the government began tracking it in 1967."

One thing that's consistent about you Socialist/Communist types...you continue to push the myth that there is one never changing pile of money and if someone has more they must have stolen it from someone else.   

[OfTheCross]

You actually just made the case against the wealth tax. The billionaire libs you mentioned won't suffer...but the average people trying to cash in on stock options or theri 401K are gonna get slaughtered under this plan you have no problem with.


One thing that's consistent about you Socialist/Communist types...you continue to push the myth that there is one never changing pile of money and if someone has more they must have stolen it from someone else.   

The median net worth of a household in the USA is about $100K.

"The tax proposed by Ms. Warren would apply to households worth over $50 million. She would impose a 2 percent tax on net worth above $50 million, and a 3 percent tax on net worth above $1 billion.

The plan from Mr. Sanders would apply to a larger number of households, and it would be particularly aggressive on billionaires. His tax would start out at 1 percent on net worth from $32 million to $50 million for married couples, and it would top out at 8 percent on net worth over $10 billion."

How would average people get slaughtered by this, as you assert?

[txradioguy]

The median net worth of a household in the USA is about $100K.

"The tax proposed by Ms. Warren would apply to households worth over $50 million. She would impose a 2 percent tax on net worth above $50 million, and a 3 percent tax on net worth above $1 billion.

The plan from Mr. Sanders would apply to a larger number of households, and it would be particularly aggressive on billionaires. His tax would start out at 1 percent on net worth from $32 million to $50 million for married couples, and it would top out at 8 percent on net worth over $10 billion."

How would average people get slaughtered by this, as you assert?

What part of these Socialist tax schemes will bankrupt and ruin our economy don't you comprehend?

[OfTheCross]

What part of these Socialist tax schemes will bankrupt and ruin our economy don't you comprehend?

Oh, so first it was that the average joe was going to take a beating. And now it's that it will bankrupt us to tax the 0.1% of people's wealth in our country.

Okay.

I guess we'll only know the truth if it ever happens.

[txradioguy]

Oh, so first it was that the average joe was going to take a beating. And now it's that it will .

No I didn't say it would "bankrupt us to tax the 0.1% of people's wealth in our country".  Stop twisting people's words.

That wealth tax proposed by your fellow Jacobin Socialists won't just apply to the "0.1%".  Schemes like that never do.  Your fellow Socialists only mention that fraction of the population to garner support via class warfare in order to get support for their theft of people's hard earned money.

ANd clapping seals like you happily go along thinking it's never gonna effect you.

I guess we'll only know the truth if it ever happens.

It's never gonna happen.  That's the truth.

[jafo2010]

The government steals enough money as it is.  How about demanding they balance the budget before any new taxes.  Our elected officials need to learn how to manage the money they are already stealing, without eyeing how to steal more.  Their total failure to execute their jobs, their responsibilities is not our obligation to fund more money as taxpayers.  The time has come to end the gravy train and demand they do their jobs.  The taxpayer has embraced Trump because he promised to represent them, and he has had some success.

Until we get TERM LIMITS for the do nothing Congress, the time has come to systematically unseat every incumbent that does not fully embrace what I am suggesting, the removal from office of all those that do not hold their responsibility of financial balanced budgets as something of a requirement.  I would like to see an amendment to that affect.

[OfTheCross]

No I didn't say it would "bankrupt us to tax the 0.1% of people's wealth in our country".  Stop twisting people's words.

That wealth tax proposed by your fellow Jacobin Socialists won't just apply to the "0.1%".  Schemes like that never do.  Your fellow Socialists only mention that fraction of the population to garner support via class warfare in order to get support for their theft of people's hard earned money.

ANd clapping seals like you happily go along thinking it's never gonna effect you.



It's never gonna happen.  That's the truth.

Ah okay, so it's a slippery slope.

[IsailedawayfromFR]

Eh, I'm not against it. Bezos, Gates, and Buffett will survive. I'm sure the wealthy will still find loopholes in the code to save money on taxes.


"Income inequality has surged in the United States in the last 50 years, with the top 0.1 percent now controlling about a fifth of the nation’s wealth. That concentration of wealth has coincided with stagnant wages, rising college costs and the lingering effects of the Great Recession, which erased trillions of dollars in household wealth, ravaging the middle class. New figures from the Census Bureau released last week show that income inequality in the United States reached its highest level last year since the government began tracking it in 1967."

You have zero comprehension on how an economy works.

The money that will be paid comes from individuals who will have to sell or dispose of mostly capital assets like stock, real estate to pay these taxes.

That means less money within the system for capital, meaning less jobs, hence the common man gets laid off.

It is a lose, lose, lose proposition.

[OfTheCross]

You have zero comprehension on how an economy works.

The money that will be paid comes from individuals who will have to sell or dispose of mostly capital assets like stock, real estate to pay these taxes.

That means less money within the system for capital, meaning less jobs, hence the common man gets laid off.

It is a lose, lose, lose proposition.

Selling stocks and real estate doesn't cost jobs. Stocks and real estate get sold off every day. Where there's seller, there's a buyer.

Anyway, this is never going to happen anyway, like tx said

[IsailedawayfromFR]

Selling stocks and real estate doesn't cost jobs. Stocks and real estate get sold off every day. Where there's seller, there's a buyer.

Anyway, this is never going to happen anyway, like tx said

Once again, you do not comprehend what happens when there are more sellers than buyers.

Do you believe that prices stays stagnant?

Are you above the age of 12?

[OfTheCross]

Once again, you do not comprehend what happens when there are more sellers than buyers.

Do you believe that prices stays stagnant?

Are you above the age of 12?

I don't believe this will actually happen.

I also believe if the uber rich sell their blue chip stocks in order to lower their taxes, someone else will buy their blue chip stocks

[IsailedawayfromFR]

I believe this will actually happen.

I also believe if the uber rich sell their blue chip stocks in order to lower their taxes, someone else will buy their blue chip stocks

Your belief and what actually happens are far, far different.

[OfTheCross]

Your belief and what actually happens are far, far different.

Typo* posting from my phone