Exclusive: Democrat exploring 'patriot tax' on multimillionaires' wealth

[mystery-ak]

Exclusive: Democrat exploring 'patriot tax' on multimillionaires' wealth
By Naomi Jagoda - 06/14/21 09:50 AM EDT

Rep. Thomas Suozzi (D-N.Y.), a member of the tax-writing House Ways and Means Committee, said that he’s exploring the idea of a one-time tax on the wealth of the richest Americans as Democrats seek to increase taxes on the rich in order to pay for spending priorities.

In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.” This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Wealthy people would be able to pay the tax over five years.

Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.

Suozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income.

“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.

more
https://thehill.com/policy/finance/558263-exclusive-democrat-exploring-patriot-tax-on-multimillionaires-wealth

[cato potatoe]

You have to wonder how close we are to this sort of wealth confiscation.  4 or 5 senators, maybe?  If the dems had their numbers from 2009, they would transform us into Argentina. 

[Sled Dog]

A "one-time" surcharge tax, eh?

When they sold the 16th Amendment to the public, they claimed only the "rich" would have to pay income tax, and it would only be a few percent.

Turned out, really fast, that "rich" meant "anyone with a job".

If this "one-time" tax was passed, wouldn't be long, say by the end of the next year, that the government would be putting a cap on personal wealth and simply confiscate the excess.   So long as the upper limit was over what the judges on the Supreme Court owns, that law will sail right through the courts.

[Fishrrman]

Seems to me the 16th Amendment provides for a tax upon income, and DOES NOT give the government the authority to tax "wealth" (assets).

Upon what Constitutional authority would a "wealth tax" be based?

[skeeter]

This is about establishing a precedent, 'cause taking 2.5% and 5% on 50 or 100 million respectively won't pay Nancy Pelosi's liquor bill

[libertybele]

Exclusive: Democrat exploring 'patriot tax' on multimillionaires' wealth
By Naomi Jagoda - 06/14/21 09:50 AM EDT

Rep. Thomas Suozzi (D-N.Y.), a member of the tax-writing House Ways and Means Committee, said that he’s exploring the idea of a one-time tax on the wealth of the richest Americans as Democrats seek to increase taxes on the rich in order to pay for spending priorities.

In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.” This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Wealthy people would be able to pay the tax over five years.

Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.

Suozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income.

“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.

more
https://thehill.com/policy/finance/558263-exclusive-democrat-exploring-patriot-tax-on-multimillionaires-wealth

 

So we punish people who have become successful? Why? Redistribution of wealth is all this is. Low income people don't fare as well as others in most situations, so should we then punish them for not doing as well and tax them at a higher level??

This is craziness.  The fact that it is called a 'patriot tax' is even crazier.  What is so patriotic about it?

The leftists/socialists are absolutely out of control.

[Sled Dog]

This is about establishing a precedent, 'cause taking 2.5% and 5% on 50 or 100 million respectively won't pay Nancy Pelosi's liquor bill

I'd say the Kamel is trying to sneak into the tent bass ackwards.

First the tail, then the butt, get a little hump action going on, and then the whole socialist 100% confiscatory nightmare is in cackling it's way across the country.

[Sled Dog]

 

So we punish people who have become successful? Why? Redistribution of wealth is all this is. Low income people don't fare as well as others in most situations, so should we then punish them for not doing as well and tax them at a higher level??

This is craziness.  The fact that it is called a 'patriot tax' is even crazier.  What is so patriotic about it?

The leftists/socialists are absolutely out of control.

Yup.  Absolutely.

But something to bear in mind:

The 16th Amendment contains not a single word about a special exemption to the Equal Protection Clause of the 14th Amendment.

That means, per the Constitution, the income tax must be applied flatly.  If a tax rate is applied, it must be applied to ALL persons with income in the US.   

And if the Constitution was obeyed and everyone had to pay their fair share, there'd be a heck of a lot less sharing going on.   The budget would be balanced and the deficit would be minimal if not zero.

[sneakypete]

@mystery-ak

Suozzi said that the surcharge he’s exploring would reflect the fact that many wealthy Americans were less hurt by the coronavirus pandemic than people with less income.

Did he explain how the virus knew who were uber wealthy and who wasn't,so it would know to leave them alone?

Enquiring minds,and all dat.

[christian]

How the democrats love to falsely label legislation and their agendas as the opposite of what their intentions really are.
The socialist Democrat Nazis WWII did the same thing.  One Nazi work camp at its entrance stated; Freedom through work.  The real freedom through work was, worked to death.  Our democrats use the same tactics today as many of the tactics used in Germany back then.  False labeling to fool people to their demise. Obviously denial did its job as well, LIKE TODAY AS WELL.

[Sled Dog]

How the democrats love to falsely label legislation and their agendas as the opposite of what their intentions really are.
The socialist Democrat Nazis WWII did the same thing.  One Nazi work camp at its entrance stated; Freedom through work.  The real freedom through work was, worked to death.  Our democrats use the same tactics today as many of the tactics used in Germany back then.  False labeling to fool people to their demise. Obviously denial did its job as well, LIKE TODAY AS WELL.

That was at many of the National Socialist labor and extermination camps.   The sign at Auschwitz was stolen in 2009 and found a couple of days later cut into three pieces, one for each word.

Arbeit Macht Frei

Today's Rodents use the phrase "Look!  A Squirrel!"