Elizabeth Warren plans to introduce wealth tax
A wealth tax would target the value of accumulated assets owned by rich Americans​

Massachusetts Sen. Elizabeth Warren, D-Mass., plans to reignite calls for a wealth tax targeting the nation’s richest individuals and families.

Warren’s office said the progressive Democrat plans to introduce legislation calling for a wealth tax on fortunes valued at more than $50 million as she joins the Senate Finance Committee in the 117th Congress.

As opposed to taxes levied on income and payrolls, a wealth tax would target the value of accumulated assets owned by rich Americans – or their net worth. The idea, generally, is to combat growing economic inequality, creating a more level playing field among the wealthy and middle classes by adjusting the tax system.

During her campaign for the presidency, Warren introduced a wealth tax known as her “ultra-millionaire tax,” and the pending proposal is expected to follow roughly the same parameters, the senator’s office said.

The wealth tax would apply those with more than $50 million in assets. The tax would be equal to 2 percent, but would rise for those who have assets valued at more than $1 billion. Warren’s initial proposal called for the surtax to rise to 3% -- though she later raised the top rate to 6%.

In a statement on Tuesday, Warren’s office did not specifically say what rate would be applied to fortunes over $1 billion, saying simply there would be “an additional surtax on every dollar of wealth over $1 billion.”

It was previously estimated that tax would raise $2.75 trillion over the course of a decade and would only apply to less than 0.1 percent of the population – about 75,000 families.

Warren’s wealth tax, which is designed to break up the growing concentration of wealth, would raise the tax burden on the rich by 1.1 percent to 4.3 percent.

Sen. Bernie Sanders, I-Vt., also proposed a wealth tax as part of his platform for the presidency.

The proposals were controversial and drew widespread criticism during the campaign cycle, including – unsurprisingly – from some of the nation’s billionaires.

https://www.foxbusiness.com/politics/elizabeth-warren-introduce-wealth-tax

 

Now we're talkin.

 

Motor head rules

 

I don't recall the rich worrying when Trumps tax cost me a pretty good dollar, so

 

We fight each other as the rich just take a trip to there private hideaway, and just say, hey, let em fight!

 

"Eat the Rich"

Too funny! As if their going to miss this money. The point of this is to get the money they hoard back into circulation.

 

Hoard, who is hoarding money?

The wealthy did not get wealthier by hoarding, they did by investing.

 

As long as they're richer than I......

 

THIS is the kind of shit that's killing my boner.

 

Just the opposite. For example, the Trump Piss Tapes killed my boner regardless of being political or sexual. The only politician that saved my boner is Anthony Weiner, and that's only cuz I like weiners.

 

So let 'em print more if thats the point!

 

...and just for that, I have no more insensitive to make money, I'll sit on my ass all day and smoke pot, that'll show 'em!

 

Is it really investing when they can afford to leverage the market place? S'why we have anti-trust.

This is why they get away with it, anytime anyone attempts to address the issue other people concentrate too hard on the potatoes...mind not on what is being discussed the Steak...lemme guess A1 tastes better than Heinz 57

 

It’s ironic that you mention Heinz, I’m sure John Kerry appreciates the plug.

 

American billionaires' net worths have grown to $4 trillion during the coronavirus pandemic

https://www.businessinsider.com/bil...e-grown-to-4-trillion-during-pandemic-2020-12

 

Grown to $4 trillion from what?

 

I'd be happy with a million. I think.

 

It would only work if you tax them when they live abroad. In the UK we tried something like this in the 1960's a lot of them went to live in tax haven's. And we got nothing.The way to do it is no tax paid no citizenship.

 

Can't we just feed em to the dogs