Sen. Elizabeth Warren introduces "ultra-millionaire" wealth tax bill

Money earned from investments is not "earned Income". It is cap gains. That's why uber wealthy pay themselves $1 a year and take their salary in stocks or options. Long term cap gains tax is less than half of what earned income pays. However, I do believe that a low cap gains tax is warranted on physical investments or lower income people. I would make a rule that cap gains is taxed as ordinary income if that's where >50% of your income comes from. (exempted for retirement savings to a certain point). It gets complicated pretty fast.

 

The problem is until you fix the tax code you will always has this. If the rich have a loophole it will be taken and they have the money to buy loopholes. A much simpler way is to fix and simplify the dang code and eliminate loop holes. Unfortunately, there isn't a congress left or right that will do it. This way is laughable, the rich will hide it like John Kerry did his Hamptons house, in a corporation and actually show it as an depreciable expense. Politicians are scum and want you to believe there for you but in the end it's just words on paper that mean very very little in tax income.

 

Nice. You want people to earn more for the sole reason of taking it from them.
I agree with you though, if they want to live, then they should work on earning a better wage. School, training, hard work, etc are much better ways to do that than to rely on the government to mandate a higher min wage.

 

Exactly.

 

I know what the tax rules are I am not talking earned income for tax purposes as wages are. If your investments "earn " you a profit the value of that profit is earned and Inam not discussing the tax ramifications.

 

.....and their army of high priced accountants will have hidden all that money well before the bill ever hits the Senate floor.

 

Interesting take. Can we fix alcoholism by controlling how they steal their booze? The only solution is to reduce spending.

 

Hell, it'll be sliced and diced up like a hunk of cheap bologna before it would ever come close to a vote. Those big money donors expect RESULTS from their investments.

 

It's just a smoke and mirrors parlor trick to foo people into thinking they will actually make it happen. They've tried it so many times in the past. The Republicans would be wise to vote for it because this is only to be able to say the Republicans protect the rich. The uber wealthy, mostly Democrat donors, are counting on Republican opposition. Throw 'em a curve ball instead.

 

You are correct sir.

 

That would be funny to watch John Kerry write an extra $5 million dollar check every year or his wife write an extra $30 million check every year. Of course it also wouldn't matter if you lost money that year or gave to charity because that wouldn't really affect your wealth that much.

 

It’s the same everywhere at the moment.
A certain stratum gets richer, while another gets poorer.
It seems that if you have pots of money, you need to keep every little bit of it.

 

Wasn’t it about taxing assets? Is that the same as wealth?

 

Are prices set by the desired profit of the producer?

 

No.

 

Wealth taxes, taxes based on greed and envy, are horrible ideas and where they have been tried have been shown to be impossible to enforce, impossible to properly implement and never producing the politicians self-serving proclamations as to how much revenue they would generate and were subsequently dropped.

One of the founding principles of this country is the ability to earn, create, and save wealth and that wealth is protected from government grabs simply because it's there and some in government want it to spend it as THEY see fit.

 

And doing so would harm the economy and EVERYONE. Their ownership in the company, the stock that represents it would be subject to the wealth tax so IOW every year the government takes 2% more of your ownership. Such owners do not have the equivalent cash in hand. They have to sell assets in order to have that cash to pay the tax. So every year the person is going to lose 2% of that ownership or have to sell an even higher share of some other asset.

Does even touch on who would to the valuation of the total wealth of the person and how they would do it.

How about we not allow some to use the tax code to satisfy their greed and envy or self-serving politicians use that in a money grab.

 

Which just adds more cost to the owner/business to do business and will be a drag on the economy.

I believe even if passed it would immediately go to the SCOTUS which would declare it unconstitutional and that like the income tax the Congress will have to pass and get the states to agree to an Amendment to establish it and if they try to get around it then we the citizens should march to the Capital in PEACEFUL but loud protest.

 

Isn't it Warren whom has also advocated against the SALT Cap? Seems weird to add one tax and try and eliminate another that taxes the wealthy even more....

 

No. There of course are minimal margins that must be maintained else the business will not survive.

 

Sen. Elizabeth Warren introduces "ultra-millionaire" wealth tax bill

What a great idea. Drive the wealthy and their money out of the country resulting in a loss of economic activity and lower taxes for the government. It will also result in fewer donations to political campaigns - something I actually like. When the money is gone from our economy they won't even be able to collect this crazy tax. Nothing gained, much lost.

They are so partisan they can't even see the common sense staring them in the face.

 

Where else would they go to make large fortunes, without being taxed on it? Channel Islands, Switzerland, Cayman Islands?
Would it be as comfortable as living in the US?

 

Then why would they be able to pass the cost of higher taxes off on the consumer?

 

Which begs another question. If your wealth in the US is say $10 mil and your wealth out of the US is $5 billion, do you get taxed on money that isn't in the US and is that even legal? I could see how people would move most of their money to Switzerland and leave enough here to live comfortably.

 

Guessing someone with 50 million will manage