Tag:WealthTax

Elizabeth Warren introduces 2% -3% wealth tax for rich with $50 Million in assets

A wealth tax should have been passed decades ago.  Warren bill would impose wealth tax on $50M households BY NAOMI JAGODA The bill, called the Ultra-Millionaire Tax Act,...

Argentina Passes “Millionaire’s Tax” to Fund Covid-19 Recovery

Lawmakers in Argentina on Friday approved a new one-time levy on the country's richest citizens to raise money to address the devastating health and...

Trump Tax Story Reminds Us Again: Time for a Wealth Tax

The release of Donald Trump’s taxes to the NYT is a confirmation of many things long assumed about Donald Trump, or already documented in...

‘Rich People Have Profited Enough’: New Poll Shows Two-Thirds of Americans Support Wealth Tax to Combat Inequality

Support for a wealth tax to combat persistent inequality in the U.S. is growing, according to a new poll released Wednesday by TheHill/HarrisX which...

After gutting Bloomberg, Warren lands a blow against a Las Vegas billionaire in his own newspaper

On Wednesday night, Democrats held their ninth debate on the way to picking a nominee to take on Donald Trump this fall. Based on social media...

Bankers “Confirm Warren’s Whole Worldview” by Saying They’ll Donate to Trump to Defeat Anti-Wall Street Senator in 2020

For the second time in three weeks, Sen. Elizabeth Warren embraced Wall Street executives' fear of her potential presidency after CNBC reported Thursday that...

19 superrich Americans wrote an open letter about a wealth tax. Their goal? To pay a lot more

How do some of the wealthiest people in the United States feel about paying a “wealth tax” on the top 1%? According to an...

Elizabeth Warren is right. And she’s scaring the GOP silly.

*Sigh* No, I am not endorsing Elizabeth Warren in the Democratic primaries. I have too many other people I want to hear from, like Kirsten Gillibrand, Julian Castro, and Sherrod Brown. But I can still listen to the early birds, and chime in when I notice something. Elizabeth Warren, and her fellow quick starter, Kamala Harris, learned something from Trump. When you come out early with something, you can control the news cycle. Warren quickly came out with her proposed “wealth tax,” and along with Harris’s eliminate private insurance company healthcare, is dominating cycle after cycle. And as a result can feast on the blowback. And mmm-dogies is there blowback! I’m not so much talking about the silk boxer twins, Bloomberg and Schultz, having a collective aneurysm about Warren actually daring to come after all of their shiny trinkets and toys. She is igniting right wing exploding heads in a way we haven’t seen since AOC’s last tweet. The basics are simple. If you reside in the hallowed halls of the top 0.01%, making more than $50 million a year, then fuggedaboud that piddly “income tax” shit. No, for you guys and gals, if you own it, and it’s not green paper, it’s fair game.Republican politicians, totally owned and indebted to the same 0.01^, are laying on their fainting couches, wrist over a fevered brow, and lowing like a herd of Wisconsin Herefords. They darkly foretell the death of American capitalism, and moan that no western democracy has sunk to the dishonor of a “wealth tax.” OK, I’ll take their word for it. As lifeless as I may be, I have not yet degenerated to the level where I spend all day Googling the tax structures of Belgium and Lichtenstein. But lucky for my lazy ass, I don’t have to go trolling around on the other side of the pond to look for wealth taxes. I can stay at my table and look right here. What do you think that the inheritance tax is? It doesn’t just look at cash on hand, it assigns a valuation to every physical asset of an estate, and taxes it. Most people never think about the estate tax, since it only applies to estates of a size that are far beyond the realistic bounds of shit kickers like you and me. But every American homeowner already pays a wealth tax, just not to the US government. Waddaya think your real estate taxes are? Your home isn’t disposable income, yet the state assigns a value to it, and slaps a tax on it. Warren’s “wealth tax” is nothing more than your already existing real estate taxes writ large. The real reason that the Republicans and their rich shitpoke donors are having coronary kittens over Warren’s new plan is that it isn’t an income tax. If it were income based, the caviar snorters wouldn’t even rouse from their Godiva comas. Income taxes are no-brainers. When the new tax is passed, it’s either written in such a way that it takes advantage of already written loopholes, or new loopholes are created to take the sting out of it. One thing you can say about the US tax code for rich shitpokes, it has more holes than a Swiss cheese factory. The thing that is giving Republicans and their Daddy Warbucks backers night […]

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