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.
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