Elizabeth Warren Introduces Wealth Tax to Bolster Biden’s ‘Build Back Better’ Agenda

[mystery-ak]

Elizabeth Warren Introduces Wealth Tax to Bolster Biden’s ‘Build Back Better’ Agenda

Hannah Bleau 1 Mar 2021

Sen. Elizabeth Warren (D-MA), along with Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA), unveiled a wealth tax proposal on Monday, which imposes a two percent tax on the net value of assets for the wealthiest people in America.

The bill, dubbed the “Ultra-Millionaire Tax Act of 2021,” is a continuation of the vision Warren laid out during her time on the presidential campaign trail, where she vigorously pitched a “two-cent” wealth tax as a means to achieve greater equality in the country.

Warren’s most recent proposal would impose a two percent tax on the net value of all taxable assets over $50 million after debts are subtracted. The tax is increased to three percent for net assets above $1 billion.

Assets are defined as “the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer.”

The tax, Warren said, is “critical for raising revenue, and that revenue is critical for raising opportunity.”

“We build a future for all of our kids by investing in opportunity,” Warren said, contending that the “small tax” would generate “at least $3 trillion” to help promote President Biden’s agenda:

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[cato potatoe]

Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.

[mountaineer]

Sounds about right.

Jeff Bezos Would Owe $5.7 Billion In Taxes for 2020 under Elizabeth Warren's "Ultra-Millionaire" Tax Plan, Claims CNBC.

[christian]

As democrats refuse to quit irresponsible spending, therefore the only way to pay for it is tax the populace and nation to DEATH.  Sound democrat planning, eh?  This will be another cluelessness the willful deaf will deny until its too late.
A fool isn't happy until a fool can die of being a fool.

[The_Reader_David]

Besides being bad policy, a wealth tax is a direct tax not levied in proportion to the census, and not a tax on income.  It is thus, not within Congress's power to levy one, either under the original text of the Constitution or the 16th Amendment.  I realize this does not bother the Democrats in Congress or most Democrat voters, but it will bother the Supreme Court, which will strike it down.

[Hoodat]

'Wealth Tax' is a fancy term for Marxism.

[jafo2010]

Since it is the BILLIONAIRE CLASS supporting Biden(Buffet, Soros,Bezos, and about 30 others), I fully support the government relieving them of one third of their wealth.  Heck, that is what any good attorney is trained to do, right, take a third.  They learn that is law school.