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

I think you need to look at it as being incredibly lucky that you and I can live in an America designed for us wealthy folk.

And, paying some taxes for that privlege, even above and beyond what we use is a BARGAIN.

 

I think that Warren is just chirruping to uninformed voters who somehow think that if we "tax the rich" that the poor people will actually see some results of that tax in their own bank account. What we see in history is that "tax the rich" is never a transfer from rich to poor, but only a transfer from wealthy private individuals to the the pockets of wealthy government bureaucrats.

Just a quick research indicates that America's billionaires (about 2,300 of them) own about $4 Trillion dollars in net worth. Additionally, there are about 100,000 households with a net worth over $50 million, or about another $5 Trillion.

So, let's just get it over with at tax these 102,300 people 100% of their $9 Trillion in wealth and distribute that "equitably" between 330,000,000 Americans. Each American would get a one time "pop" of $27,272.72, which is less than one person earning $15/hr, 40 hours/week for 50 weeks.

Otherwise, tax the billionaires at 3% and the >$50 millionaires at 2%, and give every American $1,121.21, less than $100/month.

That assumes that the government actually redistributed wealth to citizens and not to themselves and bureaus of expanded government offices, managers, consultants, and other "overhead" paid for by taxpayers. Now the people who are wealth creators and jobs' providers are "equally poor" with everyone else and have to shut down their companies. That seems like "justice", right?

The only jobs government knows how to create are more government jobs. At some point you run out of money sources from the people who actually create taxable wealth with their jobs.

 

Very well stated. I've worked for both city and state government and they were the worst jobs in my career. The level of apathy and bureaucracy was mind blowing. You hit the nail on the head.

 

fake news, you don't pay tax on any dollars under $11,700,000, only the $$$ over that on the inheritance tax

https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax

so if anyone gets a 10 million dollar farm in an inheritance, they would be under that limit

 

I'm assuming that Warren wants these taxes applied with no possibility of any loopholes to avoid them as the wealthy currently have in avoiding regular income tax allowing them to pay a lower rate than those making $15 an hour. these would be flat fixed taxes on every dime over the limits she specifies.

 

LOL!!!

Farms worth less than $11.5 Million get ZERO estate tax.

So your daughter would have ZERO estate tax to pay on that farm you left her.

Not only that, but there are ways to reduce estate tax that people with money use all the time.

For example, one can give $15,000 per year to any number of people you want without there being a tax ramification. That gift can be made in property. It doesn't have to be cash. Plus, it can come in your descendent's lives where some extra cash actually matters. It can make education possible. It can make grandchildren more possible. Etc.

For example, there are trusts that can be formed that dodge all or most of estate taxes, depending on what you want to do.


You are not alone. People just don't know jack about these taxes.

So, Republicans whine and whine about this, knowing that those without wealth don't actually know the issue.

 

It is a criminal act for government officials to redirect tax dollars to themselves.

I've heard your claim before, and we all know that Trump did this through his "charity".

Let's remember when this gets detected, the individual needs to go to PRISON.

Republicans need to stop making this claim of redirected tax dollars, as it is just one more blatant falsehood.

 

We don't have low taxes on "the wealthy", we have a highly progressive tax system. Corporations had the sole charter to protect the assets of the company which is the owners which are the stockholders. They have a fiduciary responsible to protect those assets and then make a return on that investment. What do you mean my maximize profit, short term or long term? Yea I could increase my profits by cutting wages and increasing prices, but for how long. My competitors would have a better workforce a better product and lower prices. How long would I survive?

 

I was speaking of businesses surviving which they won't for very long and the owners will lose money and people will be without jobs. But I get it for you that doesn't matter it's only about taking more money from those who have more than you.

 

80 percent of dems vote against their own interest for sure.

They take to much at surface level. Including their anger towards those with more than them.

That being said, if you can raise the minimum wage, tax the hyper wealthy, all without seeing a drop in available jobs or destroyed small businesses or inflation. I’m all for that.

Or more realistically, if the corresponding loss in jobs or inflation is “worth it” then I’m down with that to.

I wont hold my breath but this is an area I wouldn’t mind being wrong on.

 

Yes.

 

Color me skeptical that a small tax on that much will really have much impact. Most people are just gonna move their money so it doesn’t hit them.

 

No the Democratic plan is to transfer money to people who don't make a lot from people who do and instead of the people who did make the money spending it they get to spend it. They gain the knowledge and experience on the JOB not in the store spending someone else's money. And the best way for them to make more money is to MAKE more money not just have money given to them by someone else.

 

Do you believe rich, wealthy, high earners, successful whatever you want to call them people want everyone else to be poor and believe the more poor the better for them and their businesses and the country in which they live?

 

Really? Post the effective income tax rates for the income groups and prove the highest income groups pay a lower effective tax rate.

 

Here's the questions.

How do you assess the value of these people wealth and do it every year in order to bill them for their wealth tax? Who does the assessments? What is considered "wealth" under this tax code? And what do you think the possibility of passing a constitutional amendment in order to apply this direct tax on citizens by the federal government?

 

If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs?

"Normally progressives like to point to Europe for policy success. Not this time. The experiment with the wealth tax in Europe was a failure in many countries. France's wealth tax contributed to the exodus of an estimated 42,000 millionaires between 2000 and 2012, among other problems. Only last year, French president Emmanuel Macron killed it.

In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others
, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn't raise much revenue."
https://www.npr.org/sections/money/...s-such-a-good-idea-why-did-europe-kill-theirs

So hasn't Warren and her supporters been keeping up? Yea I know like the socialist who proclaim "But OUT socialism will be better and it will work" THEIR wealth tax will be "different" and will work without explaining how they will change human nature.

 

Our Legislators always claim that "they are really going to tax the rich this time!" But they also include language, which they later call "loopholes" that allow the rich to continue to evade effective taxation. If they truly wanted to tax the rich they would eliminate ALL deductions and tax all income, charitable or otherwise. But, of course they will not do that, there is no opportunity for graft with that.

I predict that Lying Lizzy's bill will not collect anywhere near the amount of revenue claims it will.

No matter the marginal tax rate, the amount of actually collected taxes is going to be right at 19% of GDP. Lyig Lizzy's Law won't change that.

​

 

Well said, I’m happy to see when someone has the patience you have.

Like I said, if we can ever manage to tax the wealthy and raise the minimum wage, etc without any consequence other than better lives for people I am all for it. But it’s a pipe dream I think. One I wouldn’t mind being proven wrong on but I doubt that would happen.

 

So what?

Warren's Bill is already DOA in The Senate.

 

What an ineffective politician

 

The problem with over-taxing rich people is that you run out of rich people to tax. Which is why the wealth tax failed in several European countries. In France, the wealth tax actually decreased the internal revenue of the country, until it was revoked as it backfired.

The likes of Elizabeth Warren and Bernie Sanders are insane.

 

I can't even see Elizabeth sending in her $2 million. I wonder if anyone asked her if she would volunteer to write the first check as a sign of good faith.

 

So what's the point of it then? Are you admitting it's a dumb idea. And yes the government taking 2% of everything you own adds up over time.

$50M over 20 years

 

You can't compare marginal tax rates over time because the credits and deductions change over time. Comparing marginal is meaningless. It's effective tax rates that matter, what the bottom percent of taxable income is paid and that has hardly changed over the decades. Also the goal of our tax system is to tax less and less of GDP by growing the economy faster than we grow the government. We seem to do that best when we cut tax rates. I'd like to see taxes only taking 15% of GDP and then just 10% of GDP, the size of government is not necessarily tied to the size of the economy it is not required they grow together.

ALL federal taxes effective tax rates



Income taxes effective tax rates


https://www.taxpolicycenter.org/statistics/historical-average-federal-tax-rates-all-households

Which also blows out of the water the canard that is even being floated around in this thread that the top earners pay less than the bottom 90%