Posted on 03/15/2021 9:19:36 AM PDT by Red Badger
You can’t spend $1.9 trillion you do not have.
So, now the administration is apparently giving weight to the likes of populist socialists like Senator Elizabeth Warren, and considering a wealth tax.
When asked about the idea on ABC’s “This Week with George Stephanopoulos” Treasury Secretary Janet Yellen admitted that, “that is something we haven’t decided yet and we can look at.”
She did note that President Biden campaigned on his intention to raise taxes for individuals and corporations as well as capital gains and dividend taxes.
A group of progressive lawmakers led by Senator Warren recently introduced legislation that would create an annual 2% tax on the net worth of households between $50 million and $1 billion. And, an additional 1% on those above $1 billion.
Critics says a wealth tax would not be constitutional. It would effectively be “taking” property from an individual that rightly owned the property. Indeed, in order to even have an income tax, Congress needed to pass a constitutional amendment in 1913.
Meanwhile, critics of a wealth tax also say a system like that would ultimately penalize the middle class by causing billionaires to find “loop holes” to invest and keep their money offshore. The tax, they say, could even drive those with wealth out of the U.S. much like high taxes under Hollande in France.
As usual, it will just wind up soaking the Middle Class.
It’s a yearly tax on all your assets, not just a one-time tax. If you can’t pay it, you lose your asset.
“Wealth,” AKA “capital,” is just money you invested instead of spending it on Escalades, bling, hoes and/or “economic stimulus,” AKA pork.
I guess those assets will find a new home abroad. The “rich” always find ways.
I lost ALL my ‘wealth’ in a tragic boating accident..................
These wealth taxes have failed miserably everywhere they’ve been tried (France, etc.). It’s no mystery why: if you’re rich enough to be targeted by the tax, you’re also rich enough to take your assets and get the hell out of the country that’s trying to tax you.
I would destroy it before I let them take it. F them!
Yes, annual, I forgot that little detail..................
Billionaires? Take it all. They’re democrats and they think they’re better than us. Ask Bill Gates.
Abe Lincoln and the republicans instituted the first income tax during the civil war. It was ruled unconstitutional. Hence the need for an amendment to allow it. I would think the same would be true for a wealth tax.
LOL: NOT CONSTITUTIONAL!!
HA!!
Little Johnny Roberts and his two fellow elites in Kavanaugh and Barret wouldn’t dare overturn it. They don’t want to risk their status and get disinvited to all the finest DC events.
There is nothing, nothing that isn’t Constitutional as long as these self interested hacks are involved.
No standing, it’s moot, can’t get involved, prestige of the Court, etc.
Pick your poison, that is how they will avoid this case.
ACB will remain the celebrated academic ex-Dean
Roberts will remain whatever he is
Kavanaugh will remain the man about town.
Since at least the 1970s my wife and I hear "tax cuts" from Dems and then check carefully and it says "typical family of four" (we have no children) "income level between" (ours not in that) and so on. Then ----we are excluded.
"And for some taxpayers their taxes will actually go up."
That's us.
Pelousy will just ‘deem’ the Constitution ‘Amended’.................
Do it!! Tax the living crap out of anyone making over 50k a year. A 100% levy on millionaires and billionaires. Do it!
so if a wealth tax while you are still living is not constitutional, how is a death tax at the time of your death when your assets are transferred to your heirs constitutional? I’m honestly interested in the legal logic behind this.
The income tax is illegal but every talk radio and tv panel like McLaughlin has concluded: but don’t try to change it——no one will ever successfully oppose it.
Along with lots of laughter at the person telling the truth about the illegality.
Uh, that would be me......................
How is it illegal when the constitution was amended to allow it?
They’ll never hit the super wealthy with this. And they shouldn’t. But they are definitely going after the middle class and especially the upper middle class. Usual game.
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