Elizabeth Warren to pitch 'wealth tax' on richest Americans
Sen. Elizabeth Warren (D-MA), a 2020 presidential candidate, plans to release a proposal that would impose a new “wealth tax” on Americans with a net worth of $50 million or more, according to documents provided by her presidential campaign. CNN’s MJ Lee reports.
Read more here: https://www.cnn.com/2019/01/24/politics/elizabeth-warren-2020-tax-plan-50-million-assets/index.html
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Why shouldn't the rich, who constantly rig everything in their favor, actually put something back into the system by paying their fair share? It shouldn't even be a question about this, that's how far they've moved us into believing taxing rich people is bad. It's not bad, it's only fair. That they're telling us otherwise should be enough proof for anyone. Not taxing the rich has gotten us into the hole we're in where rich people parasitically attach themselves to the system, and puff up like a leach with money. What is it about greedy people that it makes them so weak? Any chance to screw others is a great opportunity, and they're like a heroin addict, more more , more, need more, desperate for more, gotta have more. It's a re-definition of the word, more-on. I think greed is a genetic defect. It's a trait that tells you who the bad guy is right away. People with greed are more likely to rip you off than a heroin addict, there's just plain more of them, and they use money to gain power. Now they're addicted to power, which gives them more money, and they use that money to gain more power. More. Always more. Until greed is recognized as the genetic defect it is, we'll get exactly nowhere. No change can be made because greed rules the planet right now, and the addicts are much worse than heroin addicts, they're much weaker, unable to resist cheating someone, gotta feel that high. And last, but not least, greedy people feel no shame or guilt like heroin addicts do, they just get high and then need more.
Net worth above $50M is not in a savings account. These people will have to liquidate holding in companies and jobs will be lost. If they don't liquidate portions of their assets they will increase prices so the low income people will pay their 2% tax. Truth is corporations do not pay taxes. The tax is buried in the price of the goods and services so this wealth tax is no different.
We should start out at 1 million as the threshold. Any wealth above 1 million gets a 1% rich person tax. That way at least 100% of all lawmakers can eat this crap they are flinging around too. Plus, if we start at 1 million threshold, that’ll be even more money collected, we could use all the money we can get to help our vets and education and UH. People who have anything above 1 mil is way better off than 99% of Americans already no reason they shouldn’t give back more too.
Elizabeth Warren networth: 11mil, way to look after yourself, sets a tax threshold that doesn’t include herself despite also being excessively wealthy.
Yeah, Andrew Yang is gonna DESTROY her at the first debate
https://www.youtube.com/watch?v=wuUGW8Up2dU
Having watched Elizabeth Warren rip the WellFargo CEO to pieces, I think if that same Warren comes out during the debates against Klobuchar on student debt and free college or Joe Biden on billionaires and the big banks, it's game over. I can easily see, if that 2013-2015 Warren comes out, she can shoot to the top of the field.
Tax the individual, but not corporations… Tax the guy who had an idea, took a chance and made money… But not walmart, banks, college's, hospitals, exxon Mobil, Pfizer, or prisons
If the rich are responsible for most the tax revenue and it's truly possible to become extremely wealthy why is there such a divide between the wealthy and non? Where did this divide come from if the rich are already giving away all their money? Is there such a thing as too much? Does equity even matter?
I call on all Democrats to voluntary impose a 90% income tax on themselves and send the money to the IRS. That would give Congress a ton of money to mismanage.
So we should punish wealth and promote frivolous spending?
If they leave the country, then these billionaires should be hunted, the US use drones every day, they could also use them on these really evil people.
Ummm….that is totally unconstitutional. Federal taxes on property require apportionment meaning they must be laid evenly throughout the U.S. based on the census. The Supreme court would no doubt strike it down. Getting this taken out of the constitution would be impossible. It would go no where as it would allow the Federal government to tax your personal property. https://en.wikipedia.org/wiki/Direct_tax
It's called theft! You can't tax money that just sits in my home. This is what she is suggesting. If you have over 50 million, the Govt. is just going to take 2% every year. I am not sure the IRS has the authority to do this, cause the Constitution says they can tax income. WTF happened to just taxing everyone 15-20% on all sources of income; job, capital gains, everything? But a person has the right to guard a vault if they want to.
So now we know what they think about the strategy – which I don't care that much about – can we get a bit on the policy please? You know, the important bit?
these people are so rich they couldnt spend all their money in 3 lifetimes! what the hell good is the money doing just gathering dust when it could go towards programs for the poor and infrastructure? i never understood why people want to be that rich. you have everything you could ever want and then some. dont you think you have a duty, now that you are at the top where the rest of us want to be, to help those less fortunate?? this money does not belong to us anyway. it belongs to the federal government, to be returned upon DEMAND. it used to be printed on the bills. not sure if it still is. if i were this disgustingly rich, i would feel a duty to my fellow man. but thats just me i guess.
Wow! An orginization Taxing successful entrepreneurs so that unqualified people can provide services beyond their frame of reference was reprehensible when the mafia did it!!
Socialism destroys wealth and you're slitting your own throats! It has never worked anywhere! Wake up and smell the tyranny.
Hey Liz, can you get Pritzker in Illinois to pay his fair share? He has most of his in off shore accounts, and still he pulls toilets out of houses so he can protest the taxes and say they aren't livable. Wonder if Liz pays any taxes?
They will just hide wealth – overseas or in things like diamonds, you would need to tax them as they take it out of the bank or when they transfer their property into their child’s name etc
Point is – they are super wealthy because they are super smart(most cases) with money. They will find whatever loop hole to avoid the tax
Only solution I see is make charity a tax break, so they have their egos stroked
That’s the only way I see them not hiding it, and in a way let them enjoy the glory of it means it helps poor etc
Economics is all about human behaviour. That’s why although this all sounds good, you need to understand the mindset of the super rich, then use that to carrot and stick them towards doing good
But either way it’s good to consider this issue in perspective of the inequality of the very very few.
Ultimately it’s sad to say “hey how about you don’t get that yacht and use the money to make 1,000 unimaginably better”
Sucks to force them (democracy and capitalism and all that good stuff) but it’s not like they would even really feel it. It’s more of an ideal they don’t like the thought of I guess
Unfortunately if they just had empathy of their own for the super struggling lower 10 percent, and gave willingly they would feel soo much better and that would be worth millions- that feeing that would be the only they lack for(assuming money can buy everything else)
It’s a beautiful irony that if they just gave they would be soo much happier than letting it sit in the bank(assets too).
It should be manditory to visit the poorest schools – BEFORE AND AFTER – to see the effect they – that 1 person(billionaire) has on the situation
It would be such a sad tax(to wealth not pay) not because of where the money will go because it symbolises – forced generosity! And it robs the rich of a privilege almost no one (top 1 percent) has – the privilege of profoundly changing lives for the better, its a super power, it’s perhaps the noblest and selfless of acts.
Peace
Aaron
I disagree with the implementation / execution. We already have a 2% wealth tax (you could say even more, as without quantitative easing the money supply would deflate by a few percentage points instead), it's called inflation. How the central bank works, to target 2% inflation it looks at expected growth / deflation and effectively (oversimplification of the federal funds rate, etc.) prints money to meet the target 2% inflation. If you want a bigger wealth tax, just increase government spending, and the central bank won't need to print as much. Either Warren doesn't understand Modern Monetary Theory, or she's floating this policy as a marketing ploy. Obviously what I explained is not as sexy or as simple to understand as a "wealth tax" even though it's the same thing.
What's funny is that Fox News / rich people are getting up in arms over a wealth tax, yet they deal with inflation no problemo? That's not dumb at all.
After she steals their money who will be next.
Take everything the rich have everything, give it to the Democratic Party.