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Democrats’ Plans to Tax Wealth
Would Reshape U.S. Economy

Original Article

Posted By: NorthernDog, 10/1/2019 10:04:52 AM

WASHINGTON — Progressive Democrats are advocating the most dramatic shift in tax policy in over a century as they look to redistribute wealth and chip away at the economic power of the super rich with new taxes that could fundamentally reshape the United States economy. (Snip) The wealth taxes under discussion would deal a major blow to the balance sheets of American plutocrats like Jeff Bezos, Bill Gates and Warren Buffett. If the tax that Ms. Warren has called for had been in place since 1982, the net worth of the 15 richest Americans in 2018 would have been half as

Comments:

Can't wait to see how the tech industry moguls cozy up to Chiefette Warren or Red Bernie. They'll be loosing hundreds of millions !

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Reply 1 - Posted by: bamboozle 10/1/2019 10:11:47 AM (No. 194554)
The wealthy are throwing their money at the Reds hoping that the crocodile will eat them last or do they expect that they will be the rulers of the new nomenclatura when the new Communist state is born?
7 people like this.

Reply 2 - Posted by: bpl40 10/1/2019 10:24:26 AM (No. 194568)
The only real bet here is how fast the $50 million threshold will slide to $500,000 (which is where the real 401k type money is). I would bet one election. But you could hold out for two.
9 people like this.

Reply 3 - Posted by: Plex 10/1/2019 10:35:21 AM (No. 194579)
I don't find a place in the constitution where taxing wealth is allowed.
8 people like this.

Reply 4 - Posted by: Clinger 10/1/2019 10:52:06 AM (No. 194606)
Not to mention our very form of government. This makes it official. The government we created to protect us has sold out and turned upon us. I do believe the constitution provides a remedy for just such an occasion.
5 people like this.

Reply 5 - Posted by: jinx 10/1/2019 10:55:12 AM (No. 194608)
I wish someone would ask Comrade Warren how she and the rest of Congress will manage to avoid paying higher taxes. You remember when Obamacare was passed, they eliminated themselves as being subject to Obamacare. Also, ask her how she became a millionaire on a teacher's salary. Hmmmmm.
9 people like this.

Reply 6 - Posted by: Mr. Know-It-All 10/1/2019 11:00:53 AM (No. 194618)
And no matter how much money this brought into the coffers, it would still not be enough.
9 people like this.

Reply 7 - Posted by: chance_232 10/1/2019 11:37:28 AM (No. 194666)
Re#3....... Somehow the democrats will invoke the 14th anendment and appeal to the emotional base by invoking the "general welfare" clause. Since when have democrats ever allowed the constitution to get in their way?I
5 people like this.

Reply 8 - Posted by: jacksin5 10/1/2019 11:57:53 AM (No. 194688)
The poor pay taxes, the rich pay accountants. Wall Street and the wealthy will abandon the Democrat Party over this.
2 people like this.

Reply 9 - Posted by: LadyHen 10/1/2019 12:05:58 PM (No. 194700)
The investment industry does not want the author of the dreaded DOL rules, Warren, elected. Even though it was resended, the industry is still feeling the after effects of the proposed implementation that didn't happen. More than a few on Wall St will defect if Warren gets the nod. To be honest, none in the Dem clown car are really favorable to Wall St but Joe they know is at least career pol, inept, and enough of a liar he won't keep 5% of his campaign promises.
3 people like this.

Reply 10 - Posted by: LadyVet 10/1/2019 12:06:37 PM (No. 194701)
What people do not consider is that wealthy people, like those mentioned in the article, do not hoard their money. The donate it to universities, to hospitals ( Koch), to churches, to charitable foundations, some of which actually do help sick and poor people. There is a massive amount of wealth already being spread around. But once Comrades Warren, Bernie Sanders, Clinton, and Obama get in charge of allocating when and where it goes, less will go to the poor. More will go to places like Ford Foundation, Tide, Open Society which are controlled by liberals and oligarchs.
6 people like this.

Reply 11 - Posted by: stablemoney 10/1/2019 1:43:22 PM (No. 194776)
Wealth was already taxed, and is an after tax accumulation. I do not support double taxation. Neither do I support concentration of all power in the hands of the government. Without the accumulation of wealth, individuals will be stripped of all power. There will be only one employer, which will be the government. This is the road to socialism, and I am not going down it.
5 people like this.

Reply 12 - Posted by: hurricanegirl 10/1/2019 1:48:57 PM (No. 194789)
I assume "wealthy" means everyone else EXCEPT the ones who pass these laws.
5 people like this.

Reply 13 - Posted by: Luandir 10/1/2019 2:04:25 PM (No. 194811)
"Reshape" is an NYT euphemism for "destroy."
6 people like this.

Reply 14 - Posted by: Island Life 10/1/2019 5:02:41 PM (No. 194906)
I thought both Buffett and Gates have come out in favor of taxing the rich more.
0 people like this.

Reply 15 - Posted by: MickTurn 10/1/2019 6:27:52 PM (No. 194966)
Reshape? Isn't the word spelled wrong...ReS*it!
0 people like this.

Reply 16 - Posted by: JimBob 10/2/2019 1:36:52 AM (No. 195190)
This scheme is SO DUMB and SO CROOKED! People with big money know how to move it offshore in the blink of an eye. Just like Stanley Tools bought some small foreign firm then became a subsidiary of that firm, and are no longer a US company paying US taxes, the people with big money did not get that way being stupid. Their money will be out of reach long before this FauxaHon-Tax will ever be placed into effect. That wealth that is not moved offshore will be protected by loopholes written into the law. No, it's the Joe-Shmo types who worked hard and saved up a bit who will be cleaned out. Just like always.
1 person likes this.

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