not one time income tax, but annual wealth tax.
Elizabeth Warren is making it exceedingly clear that she is a socialist, and that is quite frightening considering the fact that she could potentially become our next president.
Unless some really big name unexpectedly enters the race, there is a decent chance that Elizabeth Warren could win the Democratic nomination in 2020. And if she ultimately won the general election, the Democrats would likely have control of both the House and the Senate during her first two years in the White House as well. So that means that the proposal that you are about to read about could actually become law in the not too distant future.
It would be bad enough if this was just a one-time tax on wealth.
But it isn’t.
Please note the use of the word “annual” in Warren’s tweet. That means that the rich would keep getting hit with this tax year after year after year.
Those with more than 50 million dollars in assets would pay a 2 percent tax each year, and those with more than a billion dollars in assets would pay 3 percent each year…
The Post reported that Warren has been advised by Saez and Gabriel Zucman, left-leaning economists affiliated with the University of California, Berkeley, on a deal that would levy a 2 percent wealth tax on Americans with $50 million-plus in assets. For Americans with assets above $1 billion, that tax rate would increase to 3 percent.
The newspaper, citing a person familiar with the plan, reported that Warren’s plan would try to counter tax evasion by boosting funding for the IRS, and by levying a one-time tax penalty on people with more than $50 million who try to renounce their U.S. citizenship. It would also require that a certain number of people who pay the wealth tax be subject to annual audits, the Post reported.
3 percent may not sound like a lot to many of you. But over the course of a couple of decades many families could have their fortunes almost completely wiped out by this wealth confiscation tax.
