The problem is that most Americans are too stupid to figure out that this is nothing but pandering which does nothing to benefit anyone….except government politicians.
Commie-Fuck Sanders and Woo-Woo Warren want to enact a wealth tax on people with net worth over $50 million.
It’ll be 2% for them and climb to a whopping 3% on those with net worth exceeding a billion dollars.
They want to narrow the “wealth gap.”
I guess neither of them went to a business school or failed to pay attention during economics courses.
Rich people get rich because they have something on the ball. Tax them more and they will simply find another way to make up the difference.
Bottom-line? They raise the price of goods and services they sell or charge more to be in charge of those companies.
Who gets screwed? The consumer. EVERY. SINGLE. TIME.
The most insulting thing is that the bill will raise a trillion dollars in revenue over ten years.
You read that right.
To make sure the rich pay this bill would give $100 BILLION to the IRS to ensure compliance. IOW: tax police.
Meanwhile, democrats are poised to spend twice that much in a couple of weeks to benefit their friends, suck the asses of commie and terrorist countries and pay off presidents of countries sending us their vermin and trash.
TWICE. AS. MUCH.
It would take 20 years to pay this off by taxing the rich at this rate…..assuming no more spending is done. HAH!
Fucking dupes, most Americans. As long as they get $600 they’re happy.
Judas. All of them.
They also called for a lesser, 2% annual wealth tax on the net worth of households and trusts ranging from $50 million to $1 billion.
The Ultra-Millionaire Tax Act aims at reining in a widening U.S. wealth gap, which has been exacerbated by the Covid pandemic.
“The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the Covid crisis began,” Warren said Monday in a statement.
About 100,000 Americans — or, fewer than 1 in 1,000 families — would be subject to a wealth tax in 2023, according to Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley.
The policy would raise at least $3 trillion over a decade, they found.
Warren called for the tax revenues to be invested in child care and early education, K-12 education and infrastructure.
Aside from Warren and Sanders, other co-sponsors of the legislation include: Sens. Sheldon Whitehouse, D-R.I.; Jeff Merkley, D-Ore.; Kirsten Gillibrand, D-N.Y.; Brian Schatz, D-Hawaii; Edward Markey, D-Mass.; and Mazie Hirono, D-Hawaii. Reps. Pramila Jayapal, D-Wash.; and Brendan Boyle, D-Pa., are also co-sponsors.
The bill likely faces significant obstacles in the Senate, where Democrats hold the slimmest of majorities.
Some groups also forecast a wealth tax would have some negative effects.
A 2020 Tax Foundation analysis of separate Warren and Sanders wealth tax proposals during their presidential runs found they would reduce U.S. economic output by 0.37% and 0.43%, respectively, over the long term.
A wealth tax would also face administrative and compliance challenges, such as difficulty valuing assets and likely tax evasion schemes, according to the Tax Foundation.
The Ultra-Millionaire Tax Act would attempt to address some of these issues.
The legislation would invest $100 billion into IRS systems and personnel, ensure a 30% audit rate for the super wealthy, and impose a 40% exit tax on wealthy Americans who seek to renounce their citizenship to avoid a wealth tax.