Within a few years, the limit would be adjusted from $50 mil, to $20 mil and eventually $1 mil. Sell your home to pay your taxes!
I support this tax plan. Income taxes are regressive and harm upward mobility. Wealth taxes fit with the Founder’s intent - Read Thomas Jefferson on the evils of hereditary wealth.https://thehill.com/news/campaign/426830-warren-to-propose-wealth-tax-on-those-with-more-than-50m-in-assets …
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Pandora’s box
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Pretty sure the Founders would be appalled with an *income tax* let alone one of a 70% income tax over *any* amount of income.
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Tax is theft!
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wont work, people will just move
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It still amounts to a double taxation. That wealth was in most cases earned at some point and already taxed.
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Does it mean the end of income tax? No? I am not for feeding the beast.
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I didn't see anywhere in her proposal for the removal of income tax. Profits and gains are taxable, income from labor is not a profit, it is exchange for labor and should not be taxed. I would support this if income tax was removed.
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I'll admit, I did not see this coming.
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Probably an unconstitutional tax. Any tax other than on income must be apportioned by population. Maybe constitutional if you’re taxing only unrealized gains which might be considered income.
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@KevinGutzman would Jefferson approve? -
If Warren wants abolish the federal income tax, gas tax, telephone tax, etc., after eliminating virtually all federal programs and agencies, we can then take up how he'd prefer paying for the very slight government that would be left. (In his day, there were 4 Cabinet depts.) /2
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#TaxationIsTheft and all involuntary coerced actions are immoral. With that said, "hereditary wealth" can only kept if a) the person is actually smart and productive or b) the monetary system is immoral. Fix the monetary system first then lets see how bad "hereditary wealth" is.Thanks. Twitter will use this to make your timeline better. UndoUndo
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The problem of wealth tax is that it is necessary to block lobbyists and impose it equally on everything . When certain branches are given benefits everything falls
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Why would they tax themselves? They don't even pay taxes in most cases.
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