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Election 2020, Politics, Public Policy

Eat the Rich (with the rest of us for desert)

Dems used to just act as though government owns your current and future earnings. Now, they want to know the value of your wedding ring, grandma’s China, the homestead, & your golden parachute. The plan is to tax them *every year* until you have to sell them (to them?) to pay those taxes.

“But, but, but,” you say, “It’s only on the greedy $Ultra-Rich!”

  • A wealth tax like the one proposed by presidential candidate Sen. Elizabeth Warren would make ultra-wealthy Americans pay the federal government a small percentage of their net worth each year.
  • Sen. Bernie Sanders released his own proposal for a wealth tax on September 24 that his campaign claims would cause “the wealth of billionaires would be cut in half over 15 years.”

Suuure it is. That’s what they said about the income tax in 1913. (and you can keep your doctor, too.)

By 1918, the highest tax rate went from 1% to 67%, 77% in 1918. The lowest on incomes less than $4000, went from 0% to 6%.

No, the $UltraRich might not all up and leave the country. The income tax law requires expats to continue paying US income tax for years after leaving.

Yes, in a (coco)nut shell, that is it. If you want the tax break, all you have to do is abandon everything you own, book a flight and never return, or at least not that much anyway. (HT: The Points Guy)

If you denounce your citizenship, you may be liable to an “Exit tax” calculated as though you sold everything you own on the day you “expatriate.” And you can’t get your citizenship back.

So, what we have is a bunch of 70 year olds who have enjoyed their wealth and some 20- to 30-somethings who don’t want to pay their student loans and don’t really want to work hard enough to accumulate wealth on their own.

Eat the Rich. It’s a thing.

Nite: comments disabled. Please comment on my Facebook page.

About bnuckols

Conservative Christian Family Doctor, promoting conservative news and views. (Hot Air under the right wing!)

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