And the rich will have to raise consumer prices and lay off a number of workers to make up the difference.
Nothing more than disguised communism.
Typical Dem maneuver. Propose a damaging policy then wait for the campaign contributions to come rolling in as sort of a indulgences. It fades until the next wave.
Democracy, as today’s democrats see it, is two wolves and a lamb voting on what to have for lunch. However, even if the poorest 51% votes to redistribute everything from the wealthiest 49% and they get legal backing for their armed robbery, it’s still stealing, and it’s still immoral. I will be cheering for the (armed) victims to defend themselves successfully.
First, it was Gavin Newsom and Bill de Blasio trying to out-promise each other.
Now, Old Paleface Lizzy jumps into the game.
“The wealth tax is projected to apply to less than 0.1 percent of U.S. households, and would raise $2.75 trillion over 10 years, Saez said.”
It won’t raise 10% of that, these taxes never amount to anything but stifling the economy.
Start with Silicone Valley...and end there.
What loopholes is she purposing for her crony multi-millionaires in Congress?
Or will it be another one of those bills that is to big and in to big of a hurry to be read before being voted on?
HOW TO MAKE A LOT OF MONEY
1. Declare that you are a Democrat candidate for President.
2. Promise all kinds of unrealistic free shirt for Democrat voters.
3. Stuff your pants full of cash from stupid Democrat voters.
4. But $12 worth of confetti and balloons and lose.
5. Get that condo in Kauai!
Notice it is a number higher than what she probably has.
Let me guess, she’s got $49,999.99 in assets.
The hearts of the sheeple are up for auction, and the bidding has begun.
Mass prosperity requires economic progress,which requires a pro-capitalist political system, which requires rationality, natural rights, including private property rights, capital accumulation, and technological progress and advances.
The total abolition of the personal and corporate income taxes and of the inheritance tax is an essential feature of a pro-capitalist political system. It is required by the individual’s right to his own property. In addition, progress toward the abolition of these taxes helps to create the conditions required for economic progress, by increasing economic incentives, and the ability to save, both of which serve to promote capital accumulation, and thus a rising productivity of labor and rising average real wage rates.
That’ll sure encourage savings and investment....
I propoise that we remove the Cadillac Health care plans enjoyed by Congress Critters, including Fauxahontus’s. Let them pay for their own via payroll like every other US citizen, and have a similar stabdard of care as the majority of Americans.
Need to buy an International Moving Company, pronto!
I looked at the “Wealth Tax” entry at Wikipedia. Some countries impose one but not at a 2% and more rate. Only Norway of the Scandinavian countries imposes a wealth tax at 0.85%. Even that rate has caused large political puch back. Germany used to have one, I remember Steffi Graf got into trouble for not paying the tax, but the German Constitutional Court ruled it unconstitutional.
Her proposal might be unconstitutional. From Wikipedia:
In the United States, depending upon how Article 1, Sections 2 and 9 of the United States Constitution would be interpreted, the implementation of a wealth tax not apportioned by the populations of the States would require a Constitutional amendment in order to be passed into law. The United States Constitution prohibits any federal direct tax on asset holdings (as opposed to income tax or capital gains tax) unless the revenue collected is apportioned among the states on the basis of their population.
I actually applaud this, with BIG caveats.
#1. It can’t be land or real property wealth. That would mean lots of families losing the farm.
#2. Tax wealth, not income. We WORK for our wages. Wealth is accumulated, and wages are sweat of the brow. I’ve always opposed INCOME taxes.
#3. Of course, there’s a plethora of WEALTHY democrats in Hollywood, publishing and technology, and many don’t “earn” a dime. All their money wealth is in grants, foundations, and they live in mansions not owned by them but rather the foundation, with the limos and planes owned by the foundation, and even the cooks are paid by the foundation and the foundation buys the food.
So these types of wealthy people LOVE raising the INCOME tax, which doesn’t effect them, but really hurts small businesses owned by individuals.