Skip to comments.Senator Warren's Pernicious Wealth Tax
Posted on 12/27/2019 6:52:11 AM PST by Kaslin
I am rich.
No, I do not have multiple residences, a yacht, a wine cave, or any of the storied trappings of wealth. And I certainly don't feel "rich."
I am simply retired, and over a lifetime of working have accumulated assets that are meant to support me and my spouse in our retirement years. In my view, this is the responsible thing to do. We want to avoid being a burden on family, or relying on benevolent institutions or government assistance to sustain us. But some Democrat politicians, most notably Sen. Elizabeth Warren, might call me "rich" and take future steps to confiscate the fruits of my labor and my sacrifice during my working years.
If wealth-tax propositions raise a legitimate question of "justice" in wealth, we should note at the outset that, as with everything else, there is undeserved wealth in the world. Dishonesty exists everywhere, the world we live in is unpredictable, and life's outcomes are never perfect. But far more commonly, honest wealth is the consequence of personal sacrifice; relentless discipline and diligence; a willingness to take risks; the life-long exercise of moderation and frugality; and tireless hard work over many years. These are attributes that should be cultivated in our society. They have through history been the basis for our country's exceptional wealth creation, benefitting all of its citizens. Instead, a wealth tax punishes these very attributes and rewards their omission.
Warren dishonestly deflects this reality and disparages what she calls "ultra-wealth," targeting the "top 0.1%." But such distinctions are arbitrary and, ultimately, transitory. Warren's wealth tax proposal presents a pure caricature of the wealthy (maybe exemplified by the Monopoly tycoon icon?).
(Excerpt) Read more at americanthinker.com ...
Agree with everything this article says.
Still, I am all in favor of Democrats embracing a wealth tax.
Until Warren, wealthy liberals who already made their money (Bezos, Gates, Buffet) could support the Democrats and tut-tut about the fact that the wealthy should pay more, because the Democrats were only talking about income taxes, which are taxes on people trying to get wealthy.
Buffet and co could pretend they were so magnanimous they were willing to pay higher taxes, but actually they don’t need income, they already have their wealth. If the income tx were 100% it would merely freeze them in place as the richest Americans and prevent anyone from ever catching up to them.
Wealth taxes change the game, and have to cause them to think twice about supporting the Democratic assault on success.
There already is a tax on accumulated money and value. The “estate” tax. A tax to prevent you from leaving money and wealth to your children. A tax on a tax - your money was already taxed by the filthy bastards when you were working. So you put some money away, because the sons of bitches won’t let you find a job. If you don’t need it all for hearing aids, eyeglasses, doctors, prescriptions, oil, electricity, casket, and taxes, the tax vipers help themselves to half of what you worked for and paid taxes on.
Members of congress have a compensation plan, health insurance and pension that is the envy of the world. They have nothing to fear financially. They then do this to us? They can go (censored).
Once you take all the wealth what do you do the next year?
Shovel-ready jobs disposing of all the kulaks, hoarders, saboteurs, and wasters.
TAKL....... the business to take care of women who have no man
Life of Julia: The Menopause Years.
Fast forward 10 years.
Your neighbor has no money and about $25k in credit card debt.
You have $52k in the bank and no debts.
Clearly, you have been privileged while your neighbor has been wronged by invisible elements of society. Therefore you should be taxed on your wealth while he should be assisted because of all the wrongs he has suffered.
If you are not a liberal, you may need to have three quarters of your brain removed, but this will eventually make sense - to imbeciles.
Warren: “You have assets? We want them.”
I contend that’s exactly why Bloomberg got into the race: to get the leading Democrat contenders to stop their “wealth tax” rhetoric. He doesn’t want/expect to win, he just wants a position to cripple them if they continue pushing that point.
What wealth to take?
Faced with losing X% of their wealth annually, The Rich will be willing to spend up to (X-1)% of their wealth to retain it. Spending 1% to keep 5% can be a _lot_ of money & motivation.
One can never get a liberal to define ‘how much is enough?’. However over the years it seems that to a liberal anyone who is doing better than they are is ‘wealthy’. The liberal then puts a target on the back of the ‘wealthy’ person.
It is ironic that the liberal mentioned above does not seem to realize that any liberal who is not doing as well as the first liberal, is putting a target on the back of the first liberal as well.
Liberals always ignore the first rules of life:
1) Life is not fair and there really is nothing you can do to change that.
2) There is always someone faster, richer, smarter, better-looking, etc than you. But there is something you can do to change that. However that requires hard work.
Very interesting theory. Mine was that Bloomberg would partner up with Duval Patrick, one having a natural base and great presentation, the other having the money and potential organization. Another theory is that he's just going to spend his money attacking Trump, so the whole thing is just a 100 million donation to the Democratic party. But his initial ad buy seemed to be more about actually promoting himself.
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