Bernie Sanders proposes $1.5 trillion universal child care financed by 'tax on extreme wealth'

[mystery-ak]

Bernie Sanders proposes $1.5 trillion universal child care financed by 'tax on extreme wealth'
by Nihal Krishan
 | February 24, 2020 11:04 AM



Bernie Sanders proposed a new plan to guarantee child care through age 3, as well as universal free prekindergarten education, that would cost $1.5 trillion over a decade.

The Democratic presidential candidate said that the proposal would "substantially reduce the massive level of wealth inequality in America, create new and good jobs, enable parents to more easily balance the demands of work and home, and give our children the best chance at leading healthy, happy lives."

The Vermont senator would pay for the proposal through his wealth tax on those with over $32 million in net worth. His campaign has said that this tax would raise approximately $4.35 trillion over 10 years.

Sanders's campaign says the proposal will improve job flexibility for parents, improve childhood development, and increase wages and training for child care workers.

Other top Democratic candidates, such as Sen. Elizabeth Warren and former mayors Pete Buttigieg and Mike Bloomberg, have also put forward their own child care plans, but Sanders's is the broadest and most expensive.

https://www.washingtonexaminer.com/policy/economy/bernie-sanders-proposes-1-5-trillion-universal-child-care-financed-by-tax-on-extreme-wealth

[andy58-in-nh]

Never mind for the moment that such a tax is unconstitutional, since the 16th Amendment only authorizes a Federal tax on income, not on wealth. Even if it were constitutional, how could it possibly be done? Consider the problems:

- What assets constitute a person's wealth? Cash? Securities? Real estate? Cash value life insurance and annuities? Pension and retirement plan assets? Art... furniture.... clothing.... a car collection?  Which would be included, and which excluded, and by what standard?
 
- How and when would each of these assets be valued? How often would they be revalued? Who would be responsible for keeping track of and recording and documenting such valuations as well as records of sales, purchases, gains and losses?

- What would prevent the targets (victims) of this selective and discriminatory tax from simply moving or restructuring their assets in order to avoid a yearly depletion of their wealth? (Answer: nothing). 

[cato potatoe]

Never mind for the moment that such a tax is unconstitutional, since the 16th Amendment only authorizes a Federal tax on income, not on wealth. Even if it were constitutional, how could it possibly be done? Consider the problems:

- What assets constitute a person's wealth? Cash? Securities? Real estate? Cash value life insurance and annuities? Pension and retirement plan assets? Art... furniture.... clothing.... a car collection?  Which would be included, and which excluded, and by what standard?
 
- How and when would each of these assets be valued? How often would they be revalued? Who would be responsible for keeping track of and recording and documenting such valuations as well as records of sales, purchases, gains and losses?

- What would prevent the targets (victims) of this selective and discriminatory tax from simply moving or restructuring their assets in order to avoid a yearly depletion of their wealth? (Answer: nothing).

It would work sort of like the income tax --- the wealthy citizens would have to report every asset they owned worldwide.  If they renounced their citizenship, the government would consider them deceased and their assets subject to the estate tax.  Bernie has provided some details on the other questions.  Extensive regulations would be needed, but it could be done.

https://berniesanders.com/issues/tax-extreme-wealth/

A poll from last year found 74% support for a wealth tax.  Pretty much all it would take is a congressional majority and the death of one SCOTUS justice ... and voila, it's constitutional.   

[LMAO]

Running on a wealth tax and even possibly getting a Congress to pass one  is only but a couple steps.


Actually collecting the expected revenue has proved horribly impossible

[sneakypete]

Get the money from taxing the EXTREMELY WEALTHY,not mere millionaires like Bernie.

Feeling "the Bern" yet?

[andy58-in-nh]

It would work sort of like the income tax --- the wealthy citizens would have to report every asset they owned worldwide.  If they renounced their citizenship, the government would consider them deceased and their assets subject to the estate tax.  Bernie has provided some details on the other questions.  Extensive regulations would be needed, but it could be done.

https://berniesanders.com/issues/tax-extreme-wealth/

A poll from last year found 74% support for a wealth tax.  Pretty much all it would take is a congressional majority and the death of one SCOTUS justice ... and voila, it's constitutional.

What would happen is absolute confusion and endless legal battles over the indeterminate and changing value of privately-held assets, while those few affected paid their financial advisors to move their funds into tax shelters and foreign banks, and to create charitable remaindered trusts to shelter tangible assets, among many other potential strategies. 

What would also result is financial chaos and collapse as once-predictable valuations and investment returns suddenly became unstable and risk capital dried up instantly.

Don't kid yourself: they're not really interested in the money. But chaos leads to power.

[Fishrrman]

andy writes:
"How and when would each of these assets be valued? How often would they be revalued? Who would be responsible for keeping track of and recording and documenting such valuations as well as records of sales, purchases, gains and losses?"

You left yourself open on this one...!

There'll be yearly "home inspections", conducted by the local "wealth officers" -- apparatchiks appointed by their higher-ups.

You'll be required to give them access to your home, computers, bank records, and whatever else they "need" to examine to complete their "report" on you.

... After which you'll receive your assessment and bill.

[PeteS in CA]

100% confiscation should fund that program for a year or two. But throw in MfA and maybe just 6 months.

ASSuming the "extremely wealthy" lay still so Bernie can rape them.