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Elizabeth Warren proposes new wealth tax

Bucky

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Sen. Elizabeth Warren is proposing a new tax on Americans with assets of $50 million or more as part of a bold new initiative to reverse the increasing concentration of wealth among the country's richest households.

According to documents provided by Warren's presidential campaign, the plan would impose a 2% tax on Americans whose net worth exceeds $50 million, with an additional 1% levy on billionaires. It does not specifically address marginal tax rates.

https://www.cnn.com/2019/01/24/politics/elizabeth-warren-2020-tax-plan-50-million-assets/index.html

I hate to break it to Senator Warren but we already have two wealth taxes in our country: Property and capital gains.
 

Bullseye

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Phys251

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Laugh all y'all want to but with tRump and the Republicans having swung the pendulum so far right, it could very easily swing way to the left soon.
 

Amelia

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I like Warren buttttt ..... she would have an uphill climb to convince us that what other countries have tried and abandoned would be a good thing for us to adopt ...

A recent report by the OECD observed that wealth taxes, though once common in developed countries, have gone out of style in recent years.

While 12 OECD members had wealth taxes in 1990, just four — France, Norway, Spain, and Switzerland — do today. Warren’s proposed rate would be slightly lower than Spain’s but higher than the other three. The OECD report observes that the decline of wealth taxes has been driven both by “administrative concerns and by the observation that net wealth taxes have frequently failed to meet their redistributive goals.”

In other words, not only do rich people not like paying wealth taxes but countries have tended to find that it’s challenging to make them do it.

https://www.vox.com/policy-and-politics/2019/1/24/18196275/elizabeth-warren-wealth-tax
 

Bullseye

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Laugh all y'all want to but with tRump and the Republicans having swung the pendulum so far right, it could very easily swing way to the left soon.
Yeah, Venezuela has served as a training course for the loony left in Congress. Let's seize wealth, nationalize industries and limit free speech. What's the worst that can happen?
 

Slavister

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https://www.cnn.com/2019/01/24/politics/elizabeth-warren-2020-tax-plan-50-million-assets/index.html

I hate to break it to Senator Warren but we already have two wealth taxes in our country: Property and capital gains.

I like a lot of what Warren is doing, but this is a deal breaker for me. If she does not abandon this idea, and if she is the nominee in 2020, she will lose my vote... unless Republicans run Trump in 2020, in which case, I will have to vote for her...
 

Phys251

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Yeah, Venezuela

And here come the idiotic comparisons between authoritarian socialism and democratic socialism. Right on cue.
 

Xelor

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$50M in wealth strikes me as a bit on the low side to impose such a tax. $150M+ strikes me as a more fitting wealth level.

The reason I think as I do of the matter is that wealth is very different from income.
  • One can be quite wealthy and not have much income.
  • One can have a lot of income and not be wealthy.


Now, sure as I've said the above, the fact is that nobody who has a lot of wealth need be "burnt" by Warren's proposal. For instance, one need only move one's assets into a trust and, "poof," no tax. Why? Assets held by a trust aren't one's assets. So unless Warren changes the way things work re: trusts, nobody's who's actually got $50M+ in assets is really going to gripe to aggressively against her proposal, but, hey, it'll probably make folks of "normal" net worth feel good. If that's her aim, it'll probably work.
 

Bullseye

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And here come the idiotic comparisons between authoritarian socialism and democratic socialism. Right on cue.
LOL, sure, socialism is socialism, you're being fed a line of bull by your "superiors".
 

Roadvirus

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Good luck getting mega-donors to donate to your campaign, Fauxahontas.
Why would they want to donate to a person who wants to take their money away from them?
 

Neomalthusian

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Tax Foundation has a good critique of this, and it's primarily that it would influence investment decisions in undesirable ways, owing to the fact that the tax would effect those with ordinary returns more punitively than those with extraordinary returns.

https://taxfoundation.org/warren-wealth-tax/

Its cogent conclusion:

"And these issues matter for more than just the wealthy individuals directly impacted by the tax. The capital owned by these high-net-worth individuals is used to employ others, to make products consumed by other individuals, or to generate returns for pensions and retirement accounts owned by others. While the legal incidence of the tax would be on the wealthy individuals, the economic impacts (incidence) would be much more dispersed.

This is another example of why policymakers, when discussing issues such as income inequality, should consider the limitations and negative consequences created by using the tax code as a fix."
 
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