Posted on 11/17/2019 3:45:01 PM PST by Enlightened1
Elizabeth Warren's crusade against rich people is even worse than we thought. According to Richard Rubin of the Wall Street Journal, some millionaires and billionaires would experience tax rates of over 100 percent on investments under Warren's proposals.
Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don't sell their assets.
Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren's taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.
The rate would vary according to the investor's circumstances, any state taxes, the profitability of his investments and as-yet-unspecified policy details, but tax rates of over 100% on investment income would be typical, especially for billionaires.
Warren has promised free healthcare, childcare, housing, and education, amongst other things, and has promised to do so without raising taxes on the middle class. Her plan to pay for Medicare for All without raising taxes on the middle class can't even be done, and that's just one proposal. Warren's plans to pay for all of her proposals are clearly more radical than she wants...
(Excerpt) Read more at pjmedia.com ...
Here, Warren, take it all! Go ahead, all of it. Why should we have the privilege of keeping anything we earn or invest?
All hail Marx and Lenin./s
This moonbat was teaching these communist ideas at Harvard for decades.
If Warren somehow wins, everybody will cash-out their 401(k)s and IRAs and stop working. We’d essentially become a barter economy. Who is going to work only to have their earnings confiscated?
I wrote a program to test this myself. I don’t know if I just don’t get the policy but as far as I see Bill Gates wouldn’t be a million after 7 years with this craziness. After that there are no more billionaires and you’d have to lower the threshold. These people are crazy. It’s not like these guys are just sitting on cash waiting for it to be taxed...This idea is not going to work
over 100 percent? why so little?????
They are simply asking for you to do your fair share.
The walk-in crowd are already on that cash economy and unload the health care on the American taxpayer.
Trash article.
This guy didn't even read the plan. The Social Security tax only applies to wages and salary, not investment income.
I guess that means they must work for the government on weekends for free?
Yea but the wealth tax applies to wealth regardless of income. That’s an immediate losernodna policy
Full employment for attorneys doing asset planning to avoid taxes.
Lizzy Warpath from the large bipartisan TAX & SPEND tribe.
Steal our time of life via taxation and spending. Where do all of these megalomaniacs come from?
The most evil administration in the history of this glorious republic. Clinton, Obams, Biden. et al.
Hey Bitter Clingers...here’s POS Barry (belongs on a sidewalk in Frisco)...
https://www.youtube.com/watch?v=gqyY6ax3hc0
DISMANTLE CFPB...the Warren MONSTER
I guess Italy is the current holder.
Indeed. And I will too. As long as they are gonna take over 100 percent of my $, I will gladly write them a cheque for 100,000,000,000,069 percent of it.
Wonderful that a pinhead attorney, who lied about her ancestral background, and was enormously overpaid at the overrated community college of Boston - Harvard, and who has been driven by insatiable ambition, wants to take away the fruits of other people’s ambitions and efforts. Why are the pathetic so ubiquitous in politics?
Even 150% taxes won’t be enough to pay for her spending wishes, though lol and the rich deserve it, after supporting left-wing politicians for so long...
Gray Beaver need tomahawk between eyes.
“ If Warren somehow wins, everybody will cash-out their 401(k)s and IRAs and stop working. We’d essentially become a barter economy. Who is going to work only to have their earnings confiscated?”
*
The uber rich and the merely wealthy will move their money, investments, etc, off shore to a tax friendly. And, they relocate themselves, family, businesses off shore as well. The people who will get screwed, long, wide and deep are the middle class and blue collar folks who will loose their jobs, saving, etc. but, hey, they’ll have free medical, free college, free daycare, etc, etc. free, free, free! And of course, how could I forget, open borders and free everything for everyone who enters. What a wonderful country this will be! Sarc/
She became a democrat in 1996. She was a Reagan fan. Something happened in the 1990’s: divorce perhaps?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.