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Democrat proposes one-time 5% 'patriot tax'
on Americans making more than $100M -
where Jeff Bezos would have to pay $9.7B,
Elon Musk $7.7B and Mark Zuckerberg $6.3B

Original Article

Posted By: Imright, 6/16/2021 2:05:27 AM

The very richest Americans could be hit with bills for billions of dollars under plans being developed for a wealth tax by Democratic Rep. Tom Suozzi, it emerged on Monday, which would see Amazon founder Jeff Bezos face paying almost ten billion dollars on his enormous wealth. Suozzi, who sits on the tax-writing House Ways and Means Committee, is drafting what he called a 'patriot tax.'It would impose one-time tax of 2.5% on wealth above $50 million and a 5% surcharge above $100 million.At that rate, Bezos, the country's wealthiest person, would face a payment of almost ten billion dollars on his wealth of about $195 billion.

Post Reply

Reply 1 - Posted by: Krause 6/16/2021 2:19:46 AM (No. 817175)
Drop in the bucket when we’re 30 trillion in debt. Thanks for pointing it out how bad it is.
40 people like this.

Reply 2 - Posted by: EJKrausJr 6/16/2021 4:36:13 AM (No. 817200)
For our government, the amount anticipated to be collected is chump change. And a one time assessment, unbelievable. Restricted only to millionaires, maybe once only, unbelievable. And where will the money go? Down the government drain faster than the collection. Democrats are insane.
53 people like this.

Reply 3 - Posted by: Rand Al'Thor 6/16/2021 4:40:13 AM (No. 817202)
"One time", huh? Just like reparations would be only "one time".
47 people like this.

Reply 4 - Posted by: mifla 6/16/2021 5:07:10 AM (No. 817207)
A one time tax? From the same people who said that federal income tax was only temporary.
62 people like this.

Reply 5 - Posted by: planetgeo 6/16/2021 5:26:34 AM (No. 817218)
And who thinks that it would only stay applied to millionaires once they saw how easy it was to get away with such a grab? Their appetite for other people's money is insatiable. And it won't stay limited to income either. Sooner or later they'll come after assets too with taxes on retirement accounts, homes, etc. Absolutely nothing is safe from their confiscation game.
57 people like this.

Reply 6 - Posted by: franq 6/16/2021 5:48:44 AM (No. 817224)
Gotta hand it to them. There plan names are comedy gold.
21 people like this.

Reply 7 - Posted by: chance_232 6/16/2021 5:55:47 AM (No. 817227)
Since the vast majority of the ultra wealthy support democrats.... I say go for it. They deserve the government that they paid for good and hard. Its time Republicans stop protecting the ultra rich liberals from their liberal policies.
26 people like this.

Reply 8 - Posted by: Toby Ten Bears 6/16/2021 6:40:10 AM (No. 817244)
Sounds great!!! (Until they pass that loss onto the consumer).
19 people like this.

Reply 9 - Posted by: Kafka2 6/16/2021 6:41:13 AM (No. 817245)
As big as the amounts the 5% surcharge might bring in, they would be less than 1% of the $6 trillion Biden wants to spend. Guess who will be on the hook for the other 99%. Us, our children and our grandchildren.
27 people like this.

Reply 10 - Posted by: homefry 6/16/2021 6:42:05 AM (No. 817247)
The worst thing about socialism is eventually you run out of other peoples money.
33 people like this.

Reply 11 - Posted by: hershey 6/16/2021 7:16:13 AM (No. 817262)
Yea, like those three will pay anything...wait until the trickle down reaches middle class Americans making between 30 and 50K a year, plus the increased gas taxes, and breathing taxes, and green energy taxes....
18 people like this.

Reply 12 - Posted by: privateer 6/16/2021 7:20:49 AM (No. 817269)
I foresee NO chance these plutocrats will allow their wholly-owned congress-critters to fleece them in this manner. Congress squawks...but money talks.
17 people like this.

Reply 13 - Posted by: Lazyman 6/16/2021 7:41:15 AM (No. 817292)
I'm starting to see Huey Long's face get bigger in the rearview mirror.
8 people like this.

Reply 14 - Posted by: Donna M 6/16/2021 7:47:50 AM (No. 817296)
Every single one of these billionaires will expatriate if on total assets. Or the bill will turn into an income surcharge and they will find a way to get under the limit just like Warren Buffett. Or Suozzi will be quietly or not so quietly dissuaded with some exposure...he has plenty of skeletons in his closet. Meanwhile Suozzi, a dog from Nassau County who nearly wrecked it as County exec, will find a way to make regular folks pay.
11 people like this.

Reply 15 - Posted by: snapper451 6/16/2021 7:53:16 AM (No. 817303)
See Margaret Thatcher's comment that socialism is great, until you run out of other peoples money. There are not many "trips to the well" but these communists have no limits. With a 50/50 split in the Senate and 5 seat advantage in the House they have spent like they were 49-1 and 434-1 in the House!
13 people like this.

Reply 16 - Posted by: czechlist 6/16/2021 7:54:05 AM (No. 817304)
These guys don't have money like that in cash. they would have to sell assets (stock) in order to pay the taxes. Selling those assets reduces the value of ordinary investors (like 401k). Bill Clinton started this disaster when he and Congress capped executive salaries in the early 90s. As usual the Law of Unintended Consequences soon kicked in.
14 people like this.

Reply 17 - Posted by: skacmar 6/16/2021 7:54:51 AM (No. 817307)
While Bezos. Zuckerberg, Gates, and friends could easily afford this tax on paper, why should they pay it? Like many wealthy people , they probably have their billions on paper. To pay the tax, they would need to liquidate some assets. Would there be some effect on the stock market if suddenly 5% of Amazon, Microsoft, Facebook, and some other stocks had to be sold to pay the taxes? It might make you feel good that that they had to pay but it will not make anyone's life better.
13 people like this.

Reply 18 - Posted by: udanja99 6/16/2021 7:57:15 AM (No. 817313)
#8 nailed it.
4 people like this.

Reply 19 - Posted by: Clinger 6/16/2021 7:57:22 AM (No. 817314)
Let's see, how much of the stimulus money was stolen, about half? This is no different than any other junkie begging you for one last hit while telling you, honest this will be my last time.
14 people like this.

Reply 20 - Posted by: bpl40 6/16/2021 8:00:24 AM (No. 817319)
Punitive taxes on income legally earned, whether they pretend to be 'one time' or not never solve the problem. They, frankly, are not intended to. The root cause (to quote Cackling Harris) is systematically destructive socialist/liberal policies. Don't blame the Democrat/Socialists. Vote fraud or not it is up to us the voters to correct this. We are ultimately to blame.
5 people like this.

Reply 21 - Posted by: Knotwyrkin 6/16/2021 8:06:08 AM (No. 817331)
"One time" - that goes on the list of "Checks in the mail", and others that would get me censured.
14 people like this.

Reply 22 - Posted by: Are You Serious 6/16/2021 8:20:40 AM (No. 817348)
This will be an excellent way of getting these people to move their wealth out of the country. Democrats never tire of thinking of ways to damage the US.
9 people like this.

Reply 23 - Posted by: PeterWolosin 6/16/2021 8:20:58 AM (No. 817349)
It's ridiculous, it doesn't work, and most importantly, it's wrong. It's not their money. Democrats are the party of greed and envy. You've got it, we're taking it.
9 people like this.

Reply 24 - Posted by: zephyrgirl 6/16/2021 8:35:05 AM (No. 817373)
Much as I'd like to see the government stick it to these leftists, if it gets away with taking money from billionaires, millionaires will be next, then the middle class. I'm against this, even though I despise Bezos, Musk and Gates.
16 people like this.

Reply 25 - Posted by: Speedypetey 6/16/2021 8:36:02 AM (No. 817376)
Confiscate (wealth tax) a few hundred billion dollars from the oligarchs will not even make a dent in the increased 2,000 billion year to year deficits. If the career bureaucrats even have a clue how much the deficit really is since there hasn't been a budget since GW Bush.
13 people like this.

Reply 26 - Posted by: snowoutlaw 6/16/2021 8:38:52 AM (No. 817381)
With inflation soon many of us will be in the range. $50 million soon will be what some have in their 401k and a house. People have been warning for years that the Democrats had their eyes on our retirements and here is the proof. I say off with their heads.
8 people like this.

Reply 27 - Posted by: Califedup 6/16/2021 8:44:44 AM (No. 817396)
All these billionaires have been feeding the communist death democrat coup millions of dollars thinking that they can control these radical communists and can continue to be in charge. Here's a news flash to these worthless pieces of excrement like Soros, Bezos, and especially Zuckerberg. The communist death democrats have run out of other peoples money to waste and now they are coming to devour you. This proposed "Patriot Tax" is the opening salvo of confiscation of your vast wealth. They are coming for you and your billions. It is now your well deserved turn to be destroyed. You are traitors and as the saying goes evil begets evil and you are definitely evil.
5 people like this.

Reply 28 - Posted by: Zigrid 6/16/2021 8:46:39 AM (No. 817400)
Yeah... yeah... a one time deal?... my aunt Tillie's apron... it's a hook... once they convince you how patriotic your are by paying... it's set for live...remember the social security "lock box"... that no one could touch... well IT'S EMPTY..and who raided the box?... Washington DC...I remember my Canadian friends complaining about their value added tax 30 years ago... well... they're still paying it and Trudeau vacations in Bermuda...don't believe it's a bait and switch...
8 people like this.

Reply 29 - Posted by: MickTurn 6/16/2021 8:48:56 AM (No. 817406)
I propose you raise it to 100%...why do these people need money?
4 people like this.

Reply 30 - Posted by: LtE126 6/16/2021 8:51:11 AM (No. 817411)
They all voted for him. Eff 'em. Let them pay.
4 people like this.

Reply 31 - Posted by: bad-hair 6/16/2021 9:00:56 AM (No. 817425)
Atlas just shrugged. The final chapter. Raise 100 billion with this "tax". Do it TEN times and you've got a TRILLION. The government taxing authority spent 5 TRILLION. last year and they want 6 TRILION more. Take ALL the money from the people named in this article and you might make it to one TRILLION. Why tax anybody, just PRINT IT ALL. Worked for Zimbabwe.
10 people like this.

Reply 32 - Posted by: LC Chihuahua 6/16/2021 9:11:51 AM (No. 817444)
This is a test run to see if it will be accepted. We are already 30 trillion in debt, and the G7 announced another 40 trillion in spending. This won't be a tax. It will be wealth confiscation. Btw, who really believes these billionaires will actually eat this? They will find ways to pass it on to the consumer through their businesses. The real plan is for big government to use big business as tax collectors.
10 people like this.

Reply 33 - Posted by: RuckusTom 6/16/2021 9:41:53 AM (No. 817469)
That 2.5% wealth tax (not income) is even more interesting. Let's pretend 10k is the upper limit for the wealth tax. Who cares if you've got any income coming in (maybe you live with relatives). Any amount of wealth over 10k is what they'll tax you on. Bye bye car. Bye bye property. Bye bye family momentoes. Those will have to be sold to pay for the wealth tax on everything over 10k. And the wealth tax will be imposed until everyone has just 10k in wealth. We'll eventually be no better or worse than the neighbor next door because everyone will have only 10k. Of course some will blow through that and the remaining folks with 10k will have to pay even more for their wealth.
7 people like this.

Reply 34 - Posted by: TrueBlueWfan 6/16/2021 9:55:59 AM (No. 817487)
I think this is a way for congress to shake down these billionaires for campaign donations and under-the-table cash. Then this stupid idea will go away until they decide they need to do it again. I really despise Bezos, Zuckerberg,, but this is wrong.
7 people like this.

Reply 35 - Posted by: janjan 6/16/2021 10:10:34 AM (No. 817499)
This is not a tax. It is outright theft. The US tax code permits the possibility of the wealthy paying no taxes. Instead of fixing it, they come up with the clever idea of just confiscating the money. They’re confident that the masses will clap like a bunch of seals at dinner time, that is until they discover that they’re next.
9 people like this.

Reply 36 - Posted by: marbles 6/16/2021 10:18:00 AM (No. 817508)
Once again , style over substance.
3 people like this.

Reply 37 - Posted by: mc squared 6/16/2021 10:46:41 AM (No. 817531)
This isn't an earned income tax, but a WEALTH TAX. As other posters have pointed out, it will be easy to lower the cut-off to pay for more World Infrastructure.
7 people like this.

Reply 38 - Posted by: Right Time 6/16/2021 10:58:11 AM (No. 817540)
One-time tax? Sure, just like the Democrat Covid lockdowns to flatten the curve were supposed to be for only 2 WEEKS !!
10 people like this.

Reply 39 - Posted by: Philipsonh 6/16/2021 12:08:37 PM (No. 817602)
The very wealthy did NOT steal the money and the tax rates are already in place. While I don't like some of these $$$ folks, this proposal just smells. It is not Patriotic to treat individuals differently and punish them for their Capitalistic success.
5 people like this.

Reply 40 - Posted by: patriot99 6/16/2021 12:43:56 PM (No. 817626)
It might start as a tax on billionaires, but once they figure out they can't raise enough money that way they will start taxing us regular folks.
6 people like this.

Reply 41 - Posted by: SALady 6/16/2021 1:09:16 PM (No. 817654)
That is pocket change for them, and they would do it one time to show how "woke" they are. Now make it an annual thing, and see how quickly they all become Republicans!!!
2 people like this.

Reply 42 - Posted by: Lawsy0 6/16/2021 2:47:38 PM (No. 817722)
Nah! The big 3 will weasel out of it. Where are you from, newbie?
2 people like this.

Reply 43 - Posted by: kono 6/16/2021 5:40:21 PM (No. 817810)
Headline says it's on people MAKING more than $100M, while the text says it's on NET WORTH over $100M. There's a huge difference between the notions of taxing income and taxing net worth. And perhaps the reality people about which most need to be reminded is that when it comes to Democrats and taxes, "one time" is always just the camel's nose under the tent. And remember how, nearly a century ago, they ASSURED the people that the new income tax would never be higher than 1%? Don't fall for their lies and trickery again!!
3 people like this.

Reply 44 - Posted by: JimBob 6/16/2021 7:16:23 PM (No. 817859)
My Dad, WWII US Marine Corps Staff Sergeant (Kwajalein) told me a couple of Truths: -A TAX, once Imposed, is Never Repealed. -A Freedom, once Taken Away, is Never Restored. ---------------------------------- Anyone who believes this 'one time tax' Bovine Scatology', well, I'll make ya a real good deal on some nice Oceanfront Property in Kansas.
3 people like this.

Reply 45 - Posted by: Californian 6/16/2021 7:54:55 PM (No. 817874)
No, no, no, no, no, a thousand times no! It will be a few short years until all of us are told we should be patriots too and we aren't for not supporting a wealth tax on ourselves in addition to the greater than 50% maximum rate from Federal + State + Sales + everything else tax n fees we get charged on everything. This is not about billionaires "paying their fair share". It is ONLY about slipping the Trojan horse through the gates so we all pay it later.
2 people like this.

Reply 46 - Posted by: snowoutlaw 6/16/2021 8:13:34 PM (No. 817881)
Does any one read? Its not just for billionaires, its for everyone that saved for retirement and made some good choices. $50 million isn't that much above what many normal people will have in their 401k after 40 years.
0 people like this.

Reply 47 - Posted by: stablemoney 6/16/2021 9:31:12 PM (No. 817916)
It won't be one time. Once the Democrats have it in place, then they will be back for more.
2 people like this.

Reply 48 - Posted by: heartsurgeon 6/16/2021 10:37:38 PM (No. 817962)
This is a standard shake-down the Dem's use to raise campaign funds. For a donation, the legislation will never see day of light. Looks good for the base. Blame the Republicans for the bill not passing. They do this all the time. Besides, the billionaires can stick the money into a foundation, beyond the reach of the tax man.
0 people like this.

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34 replies
Posted by Magnante 6/16/2021 3:11:51 AM Post Reply
There is something you need to know because it is of overwhelming importance to America’s survival as a constitutional democratic republic: The Biden administration is moving inexorably to making it a crime to oppose Biden and the Democrat party’s policies. Attorney General Merrick Garland is organizing a massive task force to hunt those illusory “White supremacists,” who just happen to be Trump supporters. Moreover, the federal charging documents against many of those being held for trespassing in Congress reveal that some of the people most active in planning January 6 and encouraging others to act were FBI agents or informants. In other words, it was a set-up.
'Larger than life' George Floyd statue
unveiled in N.J.'s largest city
33 replies
Posted by Ribicon 6/17/2021 9:28:00 AM Post Reply
A 700-pound statue of George Floyd now sits in front of Newark City Hall. It will remain there for at least a year, as what city officials say they hope will be a reminder of the impact of the Minnesota man’s death. “George Floyd represents a lot more than himself at this juncture in history,” Newark Mayor Ras J. Baraka said during a ceremony Wednesday where the statue was unveiled to the public. “Hopefully when people walk by it and they see it…hopefully it inspires them to become active in the struggles that are happening right here in Newark and right here in New Jersey.”
Squad member Cori Bush now calls
for reparations and 'black liberation'
after House votes to make Juneteenth
a 'National Independence Day' federal
holiday—after 14 GOP Reps said it forces
Americans to pick between June 19
and July 4
32 replies
Posted by Ribicon 6/17/2021 2:04:03 PM Post Reply
Squad member, Rep. Cori Bush said on Wednesday night that black Americans now need reparations and 'liberation' after the House approved a bill making Juneteenth a federal holiday known as 'National Independence Day'.(Snip) 'It’s Juneteenth AND reparations. It’s Juneteenth AND end police violence + the War on Drugs. It’s Juneteenth AND end housing + education apartheid. It’s Juneteenth AND teach the truth about white supremacy in our country,' she wrote in a tweet Wednesday night. 'Black liberation in its totality must be prioritized,' the Missouri Democrat encouraged. The fourteen House Republicans voted against the measure for June 19 to become a 'National Independence Day' because
Juneteenth bill passes House, set
to become 11th federal holiday
31 replies
Posted by Imright 6/16/2021 11:10:19 PM Post Reply
A bill to make Juneteenth Independence Day a federal holiday passed the House on Wednesday and will head to President Joe Biden’s desk for his signature.The bill would make June 19 the 11th federal legal public holiday. Also known as Emancipation Day or Jubilee Day, Juneteenth commemorates the end of slavery in the United States marked by Major General Gordon Granger arriving in Galveston Bay, Texas, with 2,000 Union troops to issue an order on June 19, 1865, that said "all slaves are free" under the Emancipation Proclamation.President Abraham Lincoln issued the proclamation on Sept. 22, 1862, to go into effect on Jan. 1, 1863.
N.J. city to unveil 700-pound
statue of George Floyd
28 replies
Posted by Ribicon 6/16/2021 12:30:19 AM Post Reply
Newark Mayor Ras Baraka on Wednesday is set to unveil a statue of George Floyd that officials say will be displayed outside City Hall for at least a year. “The artwork honors the life of George Floyd, an African-American man who was brutally murdered by a white Minneapolis police officer,” the mayor’s office said in a statement. “Mr. Floyd’s death elevated the ‘Black Lives Matter’ movement which has resulted in an international response, including protests, police reform measures, and the removal of Confederate statues from public parks and racist names from organizations.”(Snip) The ceremony will also honor Juneteenth, which is Saturday and marks June 19,
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