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A Message From the Billionaire’s Club: "Tax Us"

HumblePi

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A Message From the Billionaire’s Club: Tax Us - The New York Times[h=1]

A Message From the Billionaire’s Club: Tax Us[/h]
Enthusiasm for a wealth tax on the country’s thin sliver of multimillionaires and billionaires may be unsurprising — after all, most Americans wouldn’t have to pay it. But now the idea is attracting support from a handful of those who would.
A letter published Monday on the website Medium.com calls for “a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1 percent of Americans — on us.”


The “us” includes self-made billionaires like the financier George Soros and Chris Hughes, a Facebook co-founder, as well as heirs to dynastic riches like the filmmaker Abigail Disney and Liesel Pritzker Simmons and Ian Simmons, co-founders of the Blue Haven Initiative, an impact investment organization.

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Even the super rich understand that this country cannot function financially solely on the taxes of the middle class.

Excerpt from the Medium open-letter;
http://An Open Letter to the 2020 Presidential Candidates: It’s Time to Tax Us More by Pay It Forward: Letter for a Wealth Tax [url]https://link.medium.com/7eWNjPf3LX

[/URL][snip]TO: 2020 Presidential Candidates

We are writing to call on all candidates for President, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans — on us. The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.[/snip]


 

Gifts to the United States:

U.S. Department of the Treasury
Funds Management Branch
P.O. Box 1328
Parkersburg, WV 26106-1328

Problem solved.


Even the super rich understand that this country cannot function financially solely on the taxes of the middle class.
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Good thing nothing remotely like that is happening, then.

https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001
 
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Nothing and nobody stops them from writing a check today for a few millions each and making it out to United States Government.

Why wait for new laws when this action doesn't even need a law.

Nothing stops those millionaires/billionaires from buying land, building homeless shelters/rent-free apartments and paying for the upkeep.


All I see is those guys are mocking the government and the working people.
 
Warren doesn't seem to have though this through, entirely.

She wants to tax assets such as -
Her proposal would create a wealth tax for households with $50 million or more in assets — including stocks, bonds, yachts, cars and art. She estimates such a tax would affect 75,000 families, and raise $2.75 trillion over 10 years.
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- and that sounds good right up until the point that the owner of that "wealth" transfers it to a Trust or parks it in their corporation.
 
Lutherf said:
Warren doesn't seem to have though this through, entirely.

She wants to tax assets such as -

- and that sounds good right up until the point that the owner of that "wealth" transfers it to a Trust or parks it in their corporation.
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Once any such additional federal taxation scheme is deemed Constitutional then it will spread downward on the wealth scale to fund all manner of new "entitlements". The reporting requirements alone, for such a hair-brained scheme, will immediately enrich bureaucrats, lawyers and accountants beyond belief as well as boost campaign cash to those congress critters able to protect their "special friends" from the asset grabbing pirates which such a system would instantly create.
 

Exactly. The expense of compliance would likely be more burdensome than the tax.

Warren is pandering to her base and that's all it is.
 

Which particular billionaire's club is this? Could it perhaps be the ones that are some of the most well-known and prominent Democrat supporters? Looks like it. This is a political stunt.

The letter also fails to address wealth flight/capital flight concerns, which is the most obvious economic concern with the idea to tax amassed wealth, regardless of one's politics.
 

Well, if you had read the article you would know exactly who signed onto this, their names are there, open up your eyes and read.
 

All the democrats come up with creative ways to tax, but I don’t recall much effort being put into creative ways to cut spending. What’s up with that?
 
chuckiechan said:
All the democrats come up with creative ways to tax, but I don’t recall much effort being put into creative ways to cut spending. What’s up with that?
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Republicans are spending it like there's no tomorrow. A billion here and a few billion there. The party used to be the party of small government spending, that's history. Now the republican party has become the party of corruption, greed and selfishness. Just two months ago, in May, Democrats controlling the House proposed cutting back Trump’s budget hikes for the Pentagon (though never a soldier himself, he admires men with balls enough to join up) while significantly increasing spending on the domestic programs they favor.

Trumps budget proposes funding “endless wars” while not adding enough to domestic programs.
 
HumblePi said:
Well, if you had read the article you would know exactly who signed onto this, their names are there, open up your eyes and read.
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I read who signed on before I wrote the previous post.

If it were an honest and thoughtful attempt at coming up with good policy, any mention of a wealth tax would attempt to address concerns about cross-border financial assets and capital flight. It would also consider the possibilities of alternative ways to dial up taxes on the rich, for example via excess/luxury consumption and/or excess property taxation, and other ideas that wouldn't necessarily incentivize wealth hemorrhaging on a national scale.

BUT... again, it's not an honest and thoughtful attempt at coming up with good policy. It's a political stunt by known Democratic supporters.
 
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Harshaw said:
Gifts to the United States:

U.S. Department of the Treasury
Funds Management Branch
P.O. Box 1328
Parkersburg, WV 26106-1328

Problem solved.
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Retarded, dishonest, and equally as expected.

Nobody needs to voluntarily pay extra in order to legitimately advocating for everyone to pay more. I really have to wonder why conservatives think they're so very clever when they borrow that debate board maneuver, but it probably isn't worth my time to think about.
 
I bet the billionaire that said that wasnt Soros!!!!!!!!!!!!!!!!!!!!!!!!

Liberals are only good at giving away some one elses money!!!
 
Am I the only one who is a bit put off by this? If they really cared about poor people, all they need to do is give to charity.
 
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