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

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

I doubt that "ultra rich" people are going to agree to this. Why should they? All they have to do is throw lavish parties and make large campaign donations to keep things just the way they are. They keep getting richer on the backs of those in the middle class while the gap widens. The saddest part is people vote against their own best interest no matter how many times they are lied to.

What do you think?

 

I think that you hit it right on the head that the Ultra Rich just say "WGAS ". You are correct thatbtoo many people do votevagainst their nest economic and political interests. My guess is that 75 % of the the Trumpocity supporters do just that.

 

What I find saddest is that there are many misguided and credulous people in this country who have bought the lie that more government is a good thing, which is against their own best interest no matter how many times they are lied to by Fauxcahontas Warren and her self-serving ilk.

The last thing we should want to do is reduce the size, expense and intrusiveness of a rapacious entity that is responsible for eroding not only our own freedom and prosperity, but jeopardizing those of our children and grandchildren.

Nah, let's spout Marxist class warfare rhetoric and pretend, as Alexander Solzhenitsyn once put it, that the steamroller that is about to flatten us is our salvation.

 

Think New York. The Rich fled. Now they will flee the US.

 

Taxing wealth is a bad idea. If you want to stick it to the John Kerrys of the world, then change the Cap Gains tax for people that make most of their money from non-earned income.
Taxing wealth would just make people move their wealth into corporations that they control thus avoiding the tax.

 

It won't raise anywhere near $2.75tril. 2% of 50mil is 1mil. Thats far less than what it costs to hire a big name law firm to find inumerable loopholes in the ridiculously complicated tax codes that will allow these 'ultra rich' all to skate paying but a mere fraction of this tax. The tax accounting law firms will make far more off this than the govt ever will. The 'ultra-rich' has been lobbying to create this complicated 'swiss cheese' tax code for decades precisely so they could avoid taxes.

If Warren was anything but an establishment crony, she'd be trying to drastically simplify the existing tax codes to eliminate these loopholes and increase revenues by far more than this without even having to raise taxes at all, because these 'ultra-rich' already bank off of loopholes and special exemptions. But obviously she is just another establishment crony catering to the dull, ham fisted 'more taxes = utopia' crowd. Yuck.

Whats worse is, it'll prolly pass, the govt will spend based on the moronic projections of an extra $2.75tril, and when it doesn't come in, they'll just pile it back on to we common folk as usual, who will undoubtedly cheer Warren for it anyway.

 

I really don't believe it's a left or right thing. I know so many people that get stuck on one or two points and won't budge and it happens on both sides. There is no way for us to come together as long as we have this "us v. them" mentality.

 

Great point. I forgot about that but I recall Cuomo got a wake-up call with that mass exodus.

What do you think would be a reasonable alternative to this idea?

 

Right. It's like laws. They only work if someone is not inclined to break them.

 

Of course the lawyers WILL make out like bandits. They always do.

What do you think would be a reasonable alternative to this idea?

 

So there are no Rich left in NY, OMG ! I am devastated! . Seriously there was a bit of self deportation by the well off from New York as can be expected when rich people need to get out of Dodge.

 

Simplify the tax code. Eliminate the loopholes and exemptions. Make it so being able to afford expensive accountants and law firms doesn't make it easier to avoid taxation. Doing ones taxes should not require specialized training, rich or poor. When it does, taxation only benefits those who have, or can afford to hire, the specialists required to take advantage of it.

 

Denial is not a river in Egypt.

 

Fine, but my guess is the uber wealthy would find a loophole to exploit. There are plenty of uber wealthy people that have said they aren't taxed enough.

https://www.cnbc.com/2019/02/25/war...ompared-to-the-rest-of-the-us-population.html

 

FYI, they don't have to leave, all they have to do is change their residence.

 

Er, uh, woops, that should read "more" not "less"

 

I think people should be smart enough to look at results already in place before doubling down on failure. CA already has the highest taxes and the wealthiest 1% pays about 46% of the total state income tax.

Here are some results of the Democrats greedy, irresponsible handling of the additional money they take in:

CA leads the nation in poverty
The gap between the rich and poor is huge with few left in the middle
Roads are crumbling
Schools rank with the lowest
CA cities were on the brink of insolvency before Covid

Now they want to reward their irresponsibility by giving themselves a raise?

As people cheer for tax increases for the wealthy, let me ask you a question:

Do you think they eat the loss or do they pass it down to the consumer?

 

How do you tax "wealth" ? What is the "measure" of wealth ? Is it the value of my stocks ? The Value of my home ? The value of my Business ? All of those things are arbitrary and not hard numbers, a Wealth tax is a non-starter

Like Par10 said....tax cap gains. Something you can actually measure.

 

I do not consider income earned from investments or the stock. Arket as not earned. Hell if you employ money that you earned to produce income your money earned it weight in gold so to to speak.

 

Who has denied anything? Besides Egypt of course who had denied having rivers.

 

You mean as Donnie Dodo did.

 

It's passed on to the middle class consumer.

 

I'm really curious about this one, too.

It is FAR from straighhtforward to figure out what someone that wealthy actually owns.

I agree with cap gains.

And, I'm in favor of serious inheritance tax for large wealth transfers. We've gone WAY too far toward having an aristocracy.

 

Low taxes on the wealthy solves NOT ONE of these issues.

If we want better roads, schools, less insolvancy, etc., then more taxes is required. PERIOD!

If people are to move out of poverty, they need a wage on which they can live - NOT $7.50/hr.

Corporations have the sole charter under capitalism to maximize profit. Suggesting that low taxes changes that in ANY WAY is just plain ignorance of our economic system.

 

The problem with inheritance tax is that say I have a farm it's worth 10 million but due to the pandemic it's operating at an million dollar loss. I die, give it to my daughter she gets a 4 million tax bill, now add the 1 million dollar loss and your looking at bankruptcy. This is just a basic example but these are types of things that many many leveraged businesses deal every today after this pandemic.