Your first post in the thread stated:
Then you switched gears to wealth:
I have a feeling you haven't thought about this topic nearly enough.
Here we go, are you ready? There's a vast inequality in this country between the top 10% and the bottom 90%. The wealth inequality is growing exponentially since Trump gave a big tax cut to the top 10%. Everyone knows that, or should know that. There's no way that this country can survive economically with 90% of the country paying more in taxes than the top 10%, that's basic economics.
A wealth tax would levy an annual 2 percent tax on wealth over $50 million, with the rate rising to 3 percent on wealth over $1 billion (the top .01% of .10%) A wealth tax would raise substantial revenue — by one estimate almost
$3 trillion in the next decade. So, households would pay an annual 2% tax on all assets — net worth — above $50 million, and a 3% tax on every dollar of net worth above $1 billion. All household assets held anywhere in the world will be included in the net worth measurement, including residences, closely held businesses, assets held in trust, retirement assets, assets held by minor children, and personal property with a value of $50,000 or more. Therein lies the secret, taxing properties and other assets that have been shielded under tax shelters to avoid taxation.
Bernie Sanders has proposed increasing estate taxes for the wealthy, and has floated the idea of an annual 1% tax on “extreme wealth,” which he defines as assets exceeding $21 million. But Elizabeth Warren’s plan is the most detailed and ambitious so far. University of California, Berkeley, economists Gabriel Zucman and Emmanuel Saez, who study wealth inequality, say Warren’s tax would fall on about 75,000 U.S. households (less than 0.1%) and would raise around $2.75 trillion over 10 years.
Warren is banking on a $2.75 trillion revenue projection to fund a host of her priorities
Universal child care for every child age 0 to 5.
Universal pre-K for every 3- and 4-year old.
Raise wages for all child care workers and preschool teachers “to the professional levels that they deserve.”
Free tuition and fees for all public technical schools, 2-year colleges and 4-year colleges.
$50 billion for historically black colleges and universities.
Forgive student loan debt for 95% of those with such debt.
$100 billion over 10 years to combat the opioid crisis.
“Down payments” on a Green New Deal and Medicare for All.
Warren campaign says there are no loopholes or exemptions for different types of assets, that the IRS already has estate tax rules in place on how to value assets, and that her plan would increase funding for the IRS to crack down on evasion.
The rate would rise to 3% for any fortune that crossed the $1 billion threshold.That means billions of dollars would be transferred from the richest Americans to the larger population. Jeff Bezos, whose $137 billion fortune makes him the wealthiest person in the world, would have to fork over $4.1 billion annually under such a plan. Bill Gates would pay an additional $2.9 billion in taxes, and Warren Buffett would owe $2.5 billion more. President Donald Trump, whose estimated $3.1 billion fortune made him the 259th-richest person in America as of September, would owe an additional $80 million.
