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

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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

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