The Briefing Room
General Category => Politics/Government => Topic started by: mystery-ak on September 24, 2019, 02:53:36 pm
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Bernie Sanders unveils new wealth tax plan: 'Billionaires should not exist'
By Megan HenneyPublished September 24, 2019
Vermont Sen. Bernie Sanders on Tuesday morning unveiled a sweeping plan to tax the wealth of the richest Americans, including one that he said would slash the wealth of billionaires in the U.S.
The Democratic presidential candidate followed a similar model introduced in Massachusetts Sen. Elizabeth Warren’s wealth tax plan -- who has made taxing the rich a pinnacle of her presidential campaign -- but took it a step further.
“There is no justice when three billionaires are able to own more wealth than the bottom half of the entire country,†Sanders said in a tweet.
more
https://www.foxbusiness.com/politics/bernie-sanders-unveils-new-wealth-tax-plan-billionaires-should-not-exist (https://www.foxbusiness.com/politics/bernie-sanders-unveils-new-wealth-tax-plan-billionaires-should-not-exist)
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Wealth confiscation won't stop there. That threshold may start at a billion. Watch from there.
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Under the plan, the Sanders campaign said it would levy these taxes on married couples:
1 percent on married couples with a net worth above $32 million (meaning a couple worth $32.5 million would pay $5,000 annually in taxes)
2 percent on those worth $50 million to $250 million
3 percent on $250 million to $500 million
4 percent on $500 million to $1 billion
5 percent on $1 billion to $2.5 billion
6 percent from $2.5 billion to $5 billion
7 percent from $5 billion to $10 billion
8 percent on wealth over $10 billion
For individuals, all of the brackets would be cut in half
That doesn't seem bad at all, tbh
The headline is deceiving
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Wealth confiscation won't stop there. That threshold may start at a billion. Watch from there.
Of course, because the money will simply vanish and flow easily and electronically to places and investments where it will not be penalized. The assumed tax revenue windfall will quickly fail to materialize, resulting in a demand for lower tax thresholds, which will result in... the same behavior.
Now, to speculate: as capital formation plunges and the economy falters, some kind of national emergency will be declared, with politicians demanding regulations on money movement and increased oversight of individual and corporate financial transactions. This of course, will lead to even more capital flight, which in turn will be blamed on greedy capitalists. And we all ought to know where things go from there.
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Neither should communists, and yet this dinosaur is still with us.
Most of these billionaires would have to liquidate their company stock in order to pay taxes. That should go over really well.
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He goes away after a couple primaries. Unless HR Clinton runs, Warren will rise to lead the Democommies, and she bests Bernie in every run. Biden falls out most likely before Iowa or right after it, for his campaign is on life support with the revelations of his corruption with his son, George Soros, and Ukraine and China.
How sweet, Trump up against Fauxcahontas. I was wrong, he may well end up winning as well as Reagan with his 2nd election. I predicted 40 states, but Warren will be road kill.
Only HR Clinton can save the corrupt and lunatic Democommies. She has a couple months to make her decision.
We do have a couple billionaires that may jump in with the implosion of the Biden campaign.
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That doesn't seem bad at all, tbh
The headline is deceiving
That is how the income tax started. The Revenue Act of 1913 only taxed the top 3% of wages.
You always run out of other peoples money when the goverment is only taking other peoples money and not yours.... yet....
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That doesn't seem bad at all, tbh
The headline is deceiving
It's their money. They made it. Why in the hell should the government decide how much you should have or not have?
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The old commie's plan will require a federal registry of everything a person owns and who puts the value on it? The assets were purchased with money that was already taxed. Imagine the bureaucracy to implement this disaster! The goal is for the government to take everyone's assets.
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If I was a billionaire or even a millionaire in America
I would buy gold and get the f**k out of here.
With all of this 'wealth confiscation' talk...
Why work? Why do anything at all?
If everything you do is ultimately confiscated by the government...
Then what the F**k?
Why do anything at all?
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Does anyone here live in or near Ct,and have any idea how the millionaire and billionaire refugees from NYC who live there are taking this?
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Of course, because the money will simply vanish and flow easily and electronically to places and investments where it will not be penalized. The assumed tax revenue windfall will quickly fail to materialize, resulting in a demand for lower tax thresholds, which will result in... the same behavior.
Now, to speculate: as capital formation plunges and the economy falters, some kind of national emergency will be declared, with politicians demanding regulations on money movement and increased oversight of individual and corporate financial transactions. This of course, will lead to even more capital flight, which in turn will be blamed on greedy capitalists. And we all ought to know where things go from there.
@andy58-in-nh
I wouldn't be surprised at all if that were to come true if he or any other Dim is elected President.
Not that people like Soros or Buffett will be penalized. Exceptions MUST be make,you know.
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The care of human life and happiness, and not their destruction, is the first and only object of good government.
Thomas Jefferson
Bernie never learned that.
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Neither should communists, and yet this dinosaur is still with us.
Most of these billionaires would have to liquidate their company stock in order to pay taxes. That should go over really well.
@cato potatoe
No,they won't. Most of them don't pay any taxes now. Remember Warren Buffett whining about how his secretary paid more income taxes than him a few years ago?
It's a con game. A bait and switch. They throw out the "make the rich pay taxes!" screed as red meat to the working class,and at the same time allow the billionaires tax lawyers write new legislation that protects their income from taxation.
Then they spend the money they budgeted even though they don't have it,and end up taxing the middle-class people who can't afford tax attorneys to make up for the shortage.
The idea is NOT to make everyone equally comfortable,but to make everyone BUT the wealthy and powerful equally needy and dependent.
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If I was a billionaire or even a millionaire in America........
@240B
You would have nothing to worry about if you contributed to the "right" campaigns.
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Does anyone here live in or near Ct,and have any idea how the millionaire and billionaire refugees from NYC who live there are taking this?
I have friends and clients who live there and they are fleeing in droves. Connecticut has had a succession of left-wing governors and legislators that are sucking up tax dollars in ever-increasing amounts to help pay for massive welfare pits that exist in cities like Bridgeport and New Haven.
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I have friends and clients who live there and they are fleeing in droves. Connecticut has had a succession of left-wing governors and legislators that are sucking up tax dollars in ever-increasing amounts to help pay for massive welfare pits that exist in cities like Bridgeport and New Haven.
@andy58-in-nh
Thanks! I had no idea that was already happening,
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@andy58-in-nh
Thanks! I had no idea that was already happening,
Its happening in every state controlled by Democrats. It happens in Washington also. People wonder why I post so much. I don't see Trump as the answer to this either. He has given Nancy and Chuck everything they wanted. And he hasn't gone after illegal Sanctuary state laws. He even wanted to bus illegal immigrants into states that have sanctuary laws. He is not for us, he is against us. And its easy to say those states, but even Texas is on the verge of losing its Conservative values. The more you fill these states with illegal aliens. The more blue they become.
America is on the threshold of being lost to Socialism. In America there are people who have insurance and can't afford medical treatments for things like Cancer of MS. High deductible, co pays...…...etc. If you look at a family whose income is based on two jobs that pay 15.00 and 18.00 respectively medical bills are a huge burden. And then consider if they are not able to work full time while going through treatment. But Trump says he is going to deport people. Then he backs waffles on deporting people going through medical treatments on the American Taxpayer backs. Do you know how much these treatments cost for illegal aliens who are receiving it all free?
I am no billionaire but I am faced to pay increased taxes for welfare, medical and schooling for illegal aliens. Trump talked big talk to get elected but he is a socialist too. He can't even make a policy and keep it. With a small amount of pressure from Nancy he is caving at her feet.
I really cannot be concerned about billionaires. If they had used their power to crush socialism instead of pandering to illegal immigration they wouldn't be in this situation.
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Great idea, Bernie! Stupendous idea! Let's take the wealth creators out of the equation. No doubt the homeless will create jobs.
What a maroon.
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That is how the income tax started. The Revenue Act of 1913 only taxed the top 3% of wages.
You always run out of other peoples money when the goverment is only taking other peoples money and not yours.... yet....
At one point it was 90% for to wages, I think.
It goes up and down. The numbers proposed are mighty small.
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At one point it was 90% for to wages, I think.
It goes up and down. The numbers proposed are mighty small.
What a Progressive thinks is small and what normal people think is small are two separate things.
And again...what gives the government or the President for that matter the right to determine how much wealth a person is allowed to have?
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I'm trying to imagine the process for the federal government to assess and put a value on everything one owns. Homes, cars, clothing, jewelry, art-everything. The paperwork would be staggering and keep the non-productive government in hours, days and years of "work." This is a nightmare scenario and no little thing.
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Its happening in every state controlled by Democrats. It happens in Washington also. People wonder why I post so much. I don't see Trump as the answer to this either. He has given Nancy and Chuck everything they wanted.
@Chosen Daughter
You shouldn't take drugs and post.
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It's their money. They made it. Why in the hell should the government decide how much you should have or not have?
:amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen: :amen:
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What a Progressive thinks is small and what normal people think is small are two separate things.
And again...what gives the government or the President for that matter the right to determine how much wealth a person is allowed to have?
There's no cap on wealth by the government. That's why we have so many wealthy people here.
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There's no cap on wealth by the government. That's why we have so many wealthy people here.
There's not a cap yet. What Bernie is wanting to do is exactly that...put a cap on wealth. He wants to determine how much is enough for you to have of the money you earned either with your brain or by the sweat of your brow.
And up thread you had no problem with what he's proposing. It's not the government's job to determine winners and losers when it comes to the money I make or you make or anyone makes. It's not their job to make the playing field "level" or "fair".
And every Progressive running for President...every Jacobin Socialist on the left in this country wants to make things "fair" and control who has how much.
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There's not a cap yet. What Bernie is wanting to do is exactly that...put a cap on wealth. He wants to determine how much is enough for you to have of the money you earned either with your brain or by the sweat of your brow.
And up thread you had no problem with what he's proposing. It's not the government's job to determine winners and losers when it comes to the money I make or you make or anyone makes. It's not their job to make the playing field "level" or "fair".
And every Progressive running for President...every Jacobin Socialist on the left in this country wants to make things "fair" and control who has how much.
No, I don't have a problem with the taxes he's proposing. If what I quoted from the article is accurate, those proposed tax brackets are very reasonable.
A couple making $32Million would pay $5000.
The sky is not falling.
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No, I don't have a problem with the taxes he's proposing. If what I quoted from the article is accurate, those proposed tax brackets are very reasonable.
A couple making $32Million would pay $5000.
The sky is not falling.
Wrong...Wrong...Wrong...
Check again, this isn't an income tax, it is a tax on net worth. i.e. Wealth consfication Plan
It's one thing to tax income, its another to steal what has already been earned and previously taxed. You are warped bubba.
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Wrong...Wrong...Wrong...
Check again, this isn't an income tax, it is a tax on net worth. i.e. Wealth consfication Plan
It's one thing to tax income, its another to steal what has already been earned and previously taxed. You are warped bubba.
Ah, I see. That changes things a bit, but much of what the wealthy earn is tax-free because it's not Earned Income.
I support treating that income as earned income.
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No, I don't have a problem with the taxes he's proposing. If what I quoted from the article is accurate, those proposed tax brackets are very reasonable.
A couple making $32Million would pay $5000.
The sky is not falling.
It's taxation on money that's already been taxed once. Bernie and his fellow Socialists want to double dip on taxing people. Also known as a wealth tax.
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It's taxation on money that's already been taxed once. Bernie and his fellow Socialists want to double dip on taxing people. Also known as a wealth tax.
Yeah... @catfish1957 cleared that up for me. See above...
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@Chosen Daughter
You shouldn't take drugs and post.
Awe, you only posted the weak part of what I wrote. Billionaires have created this monster. Wanting cheap labor and expecting all the welfare to be paid for by taxpayers for illegal immigrants. Take Trump for instance. He has employed many. And it wasn't him paying for their groceries it was the taxpayers. It was the citizens of the states in which they were employed through local and property taxes also. And don't give me this bull crap that middle income people don't pay taxes. Billionaires can whine about it but they should have put a stop to the socialism a long time ago.
All of the billionaires that regularly lobby in Washington DC. The ones who need someone to take care of the kids. Mow the lawn. Clean the house. Chop up chicken in a plant. Knowing full well that their "employees" are going to suck up every type of welfare they can. So maybe the billionaires should stop whining. They paved the way.
And furthermore the young DACA illegal immigrants are their hiring pool of young professionals.
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The pro-mass immigration Koch brothers’ network of billionaire, donor-class organizations is readying to financially back Democrats, so long as they promise to support amnesty for illegal aliens and vote to advance free trade at all costs.
https://www.breitbart.com/politics/2019/06/09/billionaire-kochs-to-financially-back-democrats-pushing-amnesty-free-trade/ (https://www.breitbart.com/politics/2019/06/09/billionaire-kochs-to-financially-back-democrats-pushing-amnesty-free-trade/)
America’s richest billionaires support open borders
America's richest billionaires are overwhelmingly leftist, Democrat, open-border globalists. On the list of Forbes' wealthiest billionaires there are descriptions of every personality linked their enormous wealth.
Published: July 31, 2018, 9:43 am
Jeff Bezos who runs Amazon, is a huge Democrat supporter who pushes open borders and communism through his ownership of the Washington Post. He recently donated $33 million to fund scholarships for illegal immigrants.
Microsoft’s Bill Gates is a liberal who is a founding member of the open borders lobbying group FWD.us along with Mark Zuckerberg, the CEO of Facebook.
Gates is also a major supporter of H-1B visas which will replace American workers with foreigners. He’s praised Canada’s loose immigration policies under Justin Trudeau. His wife is extremely liberal, openly discriminates against white males and recently attacked President Trump over his “alarming†immigration views.
Facebook founder Zuckerberg is a globalist who supports open borders and regularly attacks President Trump’s immigration policies through his lobbying group FWD.us.
Since President Trump’s election, Zuckerberg has turned Facebook into the most heavily censored website on the internet and moved to massively suppress conservative websites.
Warren Buffett is a long-time Democrat who backed Barack Obama in 2008 and throughout his presidency. He supported Hillary Clinton in 2016. Despite cultivating the persona of a simple investor, Buffet made billions off the banker bailout which he championed.
A study found that Facebook had eliminated 93 percent of traffic to top conservative websites since 2016 US election
The Gateway Pundit has repeatedly reported on tech giant censorship of conservative content. The TGP website itself reached a record number of page views in 2017.
Larry Ellison donated to the Republican neoconservative cause by supporting open borders through his company Oracle which backed Senator Marco Rubio’s Gang of Eight and I-Squared immigration bills. His company is a major user of H1-B visas. He’s donated millions to Marco Rubio who has been a vocal advocate for mass amnesty for illegals...…………
http://freewestmedia.com/2018/07/31/americas-richest-billionaires-support-open-borders/ (http://freewestmedia.com/2018/07/31/americas-richest-billionaires-support-open-borders/)
They want them and so I guess they will finally pay for them.
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And finally here it is. Tucker Carlson tells us exactly why billionaires support Socialism. He has it figured out and its long been known. See if you can get it too.
https://www.youtube.com/watch?v=TdNTkhgYEyk (https://www.youtube.com/watch?v=TdNTkhgYEyk)
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There's no cap on wealth by the government. That's why we have so many wealthy people here.
To me that is a good thing.
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At one point it was 90% for to wages, I think.
It goes up and down. The numbers proposed are mighty small.
Taxing wealth is insane. Income is from transactions happening in the economy. Just taking what someone else has, and has already paid taxes on to accumulate, is straight out theft.
If their wealth is in property rather than monetary investments, do you propose taking away acreage until they don't have as much?
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That doesn't seem bad at all, tbh
The headline is deceiving
It is always tempting to covet free stuff. Warren wants to provide a $$2,400 boost in Social Security benefits for seniors, to be financed "painlessly" by the "rich". That's a bribe, sir, pure and simple. But it comes at the cost of turning Social Security into just another welfare program.
And the devil's in the details, of course. What will it take to reform the tax code to address annual valuations of wealth, and the reach of the wealth tax on amounts held in trust or charitable foundations?
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Taxing wealth is insane. Income is from transactions happening in the economy. Just taking what someone else has, and has already paid taxes on to accumulate, is straight out theft.
If their wealth is in property rather than monetary investments, do you propose taking away acreage until they don't have as much?
There's a bunch of ranch owners in the southwest and Wyoming and Montana that would not want to give up even one section of their land.
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There's a bunch of ranch owners and farmers in the southwest and Wyoming and Montana across the whole country that would not want to give up even one section acre of their land.
Fixed your typos...
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I have no problem with taxing wealth instead of "income" IF it is done correctly, as in at the point of retail sale only when and if the wealth holder decides to spend it on a new good or service.
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Fixed your typos...
Thanks my friend.
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'Billionaires should not exist'
Millionaire Socialists with 3 houses shouldn't exist.
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I have no problem with taxing wealth instead of "income" IF it is done correctly, as in at the point of retail sale only when and if the wealth holder decides to spend it on a new good or service.
That is not taxing wealth. That is only a sales tax and has no relation to existing wealth.
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That doesn't seem bad at all, tbh
The headline is deceiving
What in your mind is 'not bad' in the government taking your own money away simply because you are successful?
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I have no problem with taxing wealth instead of "income" IF it is done correctly, as in at the point of retail sale only when and if the wealth holder decides to spend it on a new good or service.
The operative phrase here is "IF it is done correctly." That in itself is an impossibility, considering the myriad taxes we all pay, or could be subject to. Here's just a partial list:
Personal income taxes
Business income taxes
Business franchise taxes
Property taxes
Social security taxes...double if you're self employed
Sales taxes
Capital gains taxes
School taxes
Sin taxes (alcohol, cigarette taxes)
Excise taxes
Gas taxes
Utility taxes
Need I go on? "Wealth" taxes can be currently found in estate taxes, and I would include property taxes as well. The higher the taxable value, the more tax you pay.
Let us not forget that the supplemental telephone tax to pay for the Spanish American War was not repealed until May 2006.
https://taxfoundation.org/spanish-american-war-tax-1898-2006 (https://taxfoundation.org/spanish-american-war-tax-1898-2006)