Elizabeth Warren wealth tax: Unfair, counter-productive, growth-killing, and un-American
CDN - Communities Digital News,
by
Michael Busler
Original Article
Posted By: BigAlPeoplesPal,
10/21/2019 5:12:49 PM
Massachusetts Senator Elizabeth Warren, the Democratic candidate for President, has proposed the passage of a wealth tax. The tax would be 2% annually on net worth between $50 and $100 million, and 3% on net worth above $1 billion. This is a disastrous proposal for America. The proposed Warren tax on wealth is unfair, counter-productive, growth-killing and downright un-American. The Warren tax means families that have worked years, perhaps decades, to accumulate wealth, will be forced to pay millions in extra taxes each year. Their extra earned income is already taxed at 37%. Warren wants an additional wealth tax of at least $1 to $50 million.
Reply 1 - Posted by:
tsquare 10/21/2019 5:24:39 PM (No. 213816)
Yet another wealth destroying proposal from Liawatha, You only need to look at the original income tax or social security tax to see that a wealth tax will grow and destroy wealth.
2 people like this.
Reply 2 - Posted by:
Starboard_side 10/21/2019 5:53:01 PM (No. 213833)
They don't care if is sounds bad, because she knows it will never happen.
It does sound great to all of those fawning over this idea, and belief, that somehow the 1/2 percent can pay for everything, and it won't cost the average person anything.
Yet, in reality, Warren, Sanders and others, KNOW, this won't happen, but may pave the way to increase the taxes by 3-5% more, and increase corporate taxes to 30-35% range, however.
It's all a ploy to fool the many.
1 person likes this.
Reply 3 - Posted by:
stablemoney 10/21/2019 6:13:14 PM (No. 213853)
The Democrats and their leftist bureaucrats are desperate to raise taxes so they can increase their pay and benefits, and pay for their trips and seminars, all while credentialing each other for higher positions.
1 person likes this.
Reply 4 - Posted by:
Geoman 10/21/2019 6:13:48 PM (No. 213855)
At least the wealth tax is self-limiting. Once it drains you of your wealth, it doesn't tax you anymore.
1 person likes this.
Reply 5 - Posted by:
Goose 10/21/2019 6:21:50 PM (No. 213867)
I may be old but I still remember the story about the goose that laid the golden egg.
1 person likes this.
Reply 6 - Posted by:
Plex 10/21/2019 6:50:13 PM (No. 213893)
Note that many (all) democrat contenders for the President simply ignore the Constitution. No where in the Constitution is there any authority to tax wealth. Income, yes via the 16th amendment. So it doesn't matter if the idea is good or bad for the economy, it simply is not constitutional.
1 person likes this.
Reply 7 - Posted by:
Petronius 10/21/2019 6:53:09 PM (No. 213895)
If Warren gets in, she will strangle the American economy even worse than Obama did.
1 person likes this.
Reply 8 - Posted by:
Right Time 10/21/2019 7:11:49 PM (No. 213906)
Did I mention that Direct Taxes are specifically prohibited in our Constitution ?
This is a Direct Tax
1 person likes this.
Reply 9 - Posted by:
snakeoil 10/21/2019 10:36:29 PM (No. 214039)
One problem is the dims will get to define wealth. If you have radio, tv, the internet, or indoor plumbing the dim will declare you wealthy.
1 person likes this.
Let's start with you and your millions and don't forget to combine them with your husband's and whatever company you have formed to flip houses.
0 people like this.
Reply 11 - Posted by:
lakerman1 10/21/2019 11:56:18 PM (No. 214071)
Cherokee Lizzie knows full well that a wealth tax is not constitutional, and further, knows that it would be nearly impossible to administer.
A handful of countries tried to impose a wealth tax, but gave up on the idea.
Lizzie is the herpes lesion on the body politic. She is petty and punitive, a congenital liar, and should go back to Oklahoma and never speak with that Edith Bunker headshaking, ever again in public..
0 people like this.
Reply 12 - Posted by:
DVC 10/22/2019 1:07:29 AM (No. 214098)
Well, yeah, but other than those things, what's wrong with it?
/s off
0 people like this.
Reply 13 - Posted by:
Trigger2 10/22/2019 1:07:48 AM (No. 214099)
But, but, the leech crowd just loves it. More freebees.
0 people like this.
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