Sen. Elizabeth Warren last week introduced legislation to establish America’s first-ever wealth tax: a 2% per year levy on the wealth - not the earnings, but the holdings - of those with assets worth $50 million or more, plus an extra 1% imposed on billionaires.
She calls it the “Ultra-Millionaire Tax,” saying that for every dollar held by a rich person, “they pay just two cents.” And remember, it’s an annual tax - so over a decade it could snatch away one-third of the savings built over a lifetime.
As of 2019 - the last available numbers - Elizabeth Warren's net worth was estimated to be around $12 million, largely accumulated through her career as a Harvard law professor, author, and consultant. Her wealth, shared with husband Bruce Mann, consists mainly of TIAA-CREF retirement accounts, a Cambridge home, and investment funds. Add on cumulative increases, and her net worth might be in the $ 40 million range, just below her new Bill's threshold. Coincidence? Remember - she's the one that wants us to believe she's an injun...
And that was written nearly 55 years ago...
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If you own a restaurant, what do they take, a table, a parking spot? Two percent of the family farm? Not to mention the fact that the Constitution doesn't provide for a wealth tax. No. Not now, not ever.
ReplyDeleteThis is certainly not the first wealth tax, I’ve been paying a wealth tax since I was earning less than $20K/yr. It’s called a property tax, a tax on what is often the most valuable wealth a person holds, one’s home. All property taxes are wealth taxes.
ReplyDeleteShe got rich teaching ONE F>>KING CLASS! WHORE!
ReplyDeleteLot's of truths in those lyrics, especially today. . .
ReplyDeleteSo the Massachusetts skank makes sure she exempts her own misbegotten fortune from her tax. I propose a 100% tax on all of the money members of Congress have received from insider trading and thieving from their campaign contributions.
ReplyDeletehow about a balanced budget
ReplyDeleteToo bad we couldn't run an experiment where in one universe the wealth tax is applied and the other it isn't. If applied in the past, Tesla wouldn't exist and electric cars would be at least 25 years behind where they are today. SpaceX wouldn't exist, and NASA would be paying a fortune more for every launch.
ReplyDeletePeople at that level do not have their assets in cash. They don't have swimming pools of gold coins. What they do have are company stocks. Stocks that represent control of the company. Since the IRS would force the liquidation of the stocks, the stock market would crash, and our retirement savings would be pummeled.
She wouldn't propose any tax or whatever if she hadn't already figured out a way to rake lage money in off of it.
ReplyDelete