Elizabeth Warren plans to propose a "wealth tax" on individuals with more than $50 million

[jmyrlefuller]

https://www.wivb.com/news/national/elizabeth-warren-plans-to-propose-a-wealth-tax-on-individuals-with-more-than-50-million/1723890333

Sen. Elizabeth Warren plans to propose a "wealth tax" on Americans with more than $50 million in an effort to combat inequality in the United States, according to an academic adviser behind the tax. If implemented, the tax would raise $2.75 trillion over a 10-year period, according to a study he conducted.

The proposal would levy a 2 percent tax on individuals with more than $50 million in assets and 3 percent on those with more than $1 billion

(excerpt)

[libertybele]

https://www.wivb.com/news/national/elizabeth-warren-plans-to-propose-a-wealth-tax-on-individuals-with-more-than-50-million/1723890333

Sen. Elizabeth Warren plans to propose a "wealth tax" on Americans with more than $50 million in an effort to combat inequality in the United States, according to an academic adviser behind the tax. If implemented, the tax would raise $2.75 trillion over a 10-year period, according to a study he conducted.

The proposal would levy a 2 percent tax on individuals with more than $50 million in assets and 3 percent on those with more than $1 billion

(excerpt)

In essence, she's for redistribution of wealth.  She herself has an estimated net worth of over $5 million.   She's a loon.

[jmyrlefuller]

In essence, she's for redistribution of wealth.  She herself has an estimated net worth of over $5 million.   She's a loon.

Conveniently under her threshold.

It's like the old Rocky and Bullwinkle joke.

SENATOR: I vote to raise taxes on everyone 67 and under!
MAJORITY LEADER: How old are you?
SENATOR: 68.

[jmyrlefuller]

The other thing is, though... does she have a plan to get into the numerous trusts and accounts most have already set up to evade the taxes we already have now? "Taxing the rich" is not as easy as it seems.

[bilo]

The other thing is, though... does she have a plan to get into the numerous trusts and accounts most have already set up to evade the taxes we already have now? "Taxing the rich" is not as easy as it seems.

You're on the right track. Also, it's a proposed tax on assets. Who is determining the value of the assets?

[Fishrrman]

bilo wrote:
"Also, it's a proposed tax on assets. Who is determining the value of the assets?"

They will.
Of course.

[Wingnut]

bilo wrote:
"Also, it's a proposed tax on assets. Who is determining the value of the assets?"

They will.
Of course.

What is yours,  is mine.

[240B]

How would they ever track all the offshore and foreign accounts?
What does $50 million even mean? Is that U.S. currency only, or are they talking about global assets? And how could they ever know what a global asset is worth? How would it be valuated?

This is just more kindergarten level economic nonsense coming from the Left. Like everything else I'm sure they have not thought this through on any serious level. They just spout nonsense in childish terms for the moronic base.

[catfish1957]

I will say it again.  I think the biggest threat of these bat shit crazy commie dims is confiscation of all 401k's and IRA's into a government run "all emcompassive"  Social Security Program.  That idea has already been brought up before.

Say you will withrdraw immediately?   They'll love that too, paying at the high tax bracket >59 1/2,

or early withdrawl penalties <59 1/2.

[Free Vulcan]

It was a few years back, but I did some calculating on taking ALL the wealth of America's billionaires.

It came up to about 4 or 5 trillion dollars, at the time enough to run the govt for about a year and a half, and cover at the time maybe 3 years of the deficits we were running in the Obama admin.

I went down to millionaires and you could fund the govt for maybe 4 years, and 7 years of deficits.

These lefty nutloons just don't get it. As much wealth as there is in America, govt spending just dwarfs that. You can't tax income enough, and even if you outright confiscated and liquidated existing wealth, there isn't enough in the rest of the world to pay full price for it.

[Frank Cannon]

Let me guess. This stupid whores net worth is coming in around $49,999,999.00

[Hoodat]

The proposal would levy a 2 percent tax on individuals with more than $50 million in assets and 3 percent on those with more than $1 billion

Finally.   A Democrat Senator goes full communist.  Now when they say they want to tax the rich, they won't be lying.

[catfish1957]

Finally.   A Democrat Senator goes full communist.  Now when they say they want to tax the rich, they won't be lying.

Watch expat rates sky rocket, taking funds overseas with them.

[DB]

Not that long ago Trump proposed a wealth tax. Not an income tax but a wealth tax.

Trump wanted it on people with $10 million or more in assets.

https://taxfoundation.org/time-donald-trump-proposed-57-trillion-wealth-tax/

[GtHawk]

An awful lot of wealthy democrats would fall under her axe, but only if they were stupid enough not to hide their assets. Hillary and Willie, Nancy, Difi all those tech billionaires. Yeah I can really see this idea gaining traction, not! It takes a really awesome level of crazy to out communist and out stupid Ocasio- Cortez. They'ed make a perfect pair if they weren't both horses asses that is.