Posted on 01/20/2023 1:56:26 PM PST by Oldeconomybuyer
Supporters of taxes on the very rich contend that people are emerging from the COVID-19 pandemic with a bigger appetite for what they’re calling “tax justice.”
Bills announced Thursday in California, New York, Illinois, Hawaii, Maryland, Minnesota, Washington and Connecticut vary in their approaches to hiking taxes, but all revolve around the idea that the richest Americans need to pay more.
All of the proposals face questionable prospects. Similar legislation has died in state legislatures and Congress. But the new push shows that the political left isn’t ready to give up on the populist argument that government can and should be used as a tool for redistributing wealth.
“Under the pandemic, while people struggled to put food on the table, we saw billionaires double their wealth,” said California Assembly Member Alex Lee, a Democrat.
The Tax Foundation, a conservative-leaning policy organization, called wealth taxes — which levy taxes not just on new income, but on a person’s total assets — “economically destructive.”
It also said in a statement that such taxes create “perverse incentives” for the rich to avoid taxes, including simply moving to states with a lower tax burden.
“Very few taxpayers would remit wealth taxes -- but many more would pay the price,” the group said in a statement. Progressive Democrats, however, argue they are not seeing wealthy taxpayers leaving their states due to higher taxes.
(Excerpt) Read more at apnews.com ...
This may be controversial, but for just those states I’d agree with a full wealth tax at 95% over all personal wealth over $75k adjusted with inflation going forward.
Rich conservatives are welcome to move to Texas. As for the liberals, Texas is full. Please stay where you are.
Liars.
Ping
What have the rich done for me? Most billionaires vote Democrat and as a class they’re very woke. I’m not going to fight their battles. Let Elizabeth Warren tax them.
As long as they tax other liberals, I’m fine.
—> What have the rich done for me?
Your post could’ve been made by any liberal…
Almost every American multi month billionaire is a hardcore woke leftist. I say tax them 99%
Heads up!
The top 1% pay over 50% of all state income taxes (probably more in California). That is why libs want to tax at the federal level, so the rich cannot just move to lower tax states.
That great sucking sound is the wealthy moving tax havens.
That group is long gone .
The Only Blue state rich are huge Lefties on a demonic level .
Block all new Yankee invaders . trust me .
“...wealth taxes — which levy taxes not just on new income, but on a person’s total assets”
“I’m from the tax board. I am going to have to examine your home and all of your property, safe deposit boxes, etc. for wealth that might somehow concealed. No, the law requires that you let me in. Of course, you are free to dispute the valuation I put on your property. There will be a completely fair and unbiased hearing at the tax board.”
And years after the ‘wealth tax’ is enacted, like the income tax, the threshold will be lowered by both inflation and the state’s need for more money until all but the poor will be ‘paying their fair share’.
And as many of them, that can move, do move and start about destroying the next place.
On top of all of that, do these liberals, that are pushing for all these new taxes on the “rich”, not understand the tax code and how its 70,000+/- pages work?
Another democrat stumbles into Free Republic.
Welcome to Free Republic - I guess.
I wasn’t the only one on this thread saying blue states should cough it up.
Nope but I got your number.
Call me later, thanks.
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.