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Warren bill would impose wealth tax on 50M households

Added on March 1st, 2021 by | Report Post
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Sen. Elizabeth Warren (D-Mass.) on Monday unveiled legislation to create a wealth tax for high-net-worth households, furthering her efforts on an idea that was a central feature of her 2020 presidential campaign.

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    Saborlas

    There was a time when the very wealthy were heavily taxed. During that time, we had the funding to build the Interstate Highway System. Curiously enough, conservatives remember this time as the greatest America ever was, but refuse to acknowledge what made that time period good (hint: it wasn’t that racism was socially acceptable).

    3
    MalcoveMagnesia

    Sure you think it’s awesome to stick it to rich people now.

    Wait until the bar of this “wealth” tax invariably makes it down to whatever your salary level is, since some progressives might consider some-artibrary-number (e.g. $100K) salary too rich.

    In some states like California, people are already paying 50+% of their income: in federal plus state income tax, plus 9% sales & use tax, vehicle plus property tax. I probably missed a couple additional taxes (vehicle fees, for example) in there, too.

    -5
    jediadept

    Rather than bitch about what might happen, pay attention to where your tax money is being spent now!

    2
    tiki god

    that’s hilarious!

    2
    storminator

    Delusional, as usual….

    3
    Bolthorn

    Love your slippery slope argument there. Again, failing to debate/argue in good faith you move the goalposts again. Classic you.

    2
    MalcoveMagnesia

    What’s slippery slope about pointing out that people are already paying a heavy tax burden? You really think you’re getting a great value for the 40-60% of your money you’re paying in taxes? That’s truly delusional.

    -4
    tiki god

    who’s paying that much and where are they?

    and what services are they getting out of it?

    1
    MalcoveMagnesia

    I know you have it pretty good in Florida (which doesn’t have a state income tax), but in California, state income tax is 9.3% for most people… plus federal income tax of 24%, plus sales tax of 7.5 + whatever the county throws on (in Los Angeles, the total is 9.5%). Obviously income tax comes off the top, and those additional sales & vehicle & property taxes depend on whatever you own or are buying, but all of these taxes totaled up easily eat up at least 40-60% of a middle class income.

    I’m too busy working at the moment (to pay my upcoming April tax bill) to come up with additional concrete examples for other Democratic-party-dominated states, but I strongly suspect the tax burden is just as bad in New York.

    -3
    tiki god

    well shit, if we’re doing math that way,I have a solid 30% in federal taxes, 8% in sales tax, then another 10% in property taxes, then my investments get taxed at some ungodly amount if I pull them out early, then there’s a tax on pig breeding, it’s all just too much for me.

    2
    Bolthorn

    Do you not pay attention to what you write?

    “Wait until the bar of this “wealth” tax invariably makes it down to whatever your salary level is, since some progressives might consider some-artibrary-number (e.g. $100K) salary too rich.”

    1
    MalcoveMagnesia

    Right now, Warren is talking about establishing the wealth tax for anyone who has a net worth of $50M. If they can get the law signed, that number is absolutely not going to stay static. Once a wealth tax is established, it’s easy to imagine it won’t take long until the government starts lowering the threshold for the wealth tax down to a 10M net worth, then a 1M net worth (which is when they start punishing middle class savers, retirees, etc.), maybe even less.

    -5
    Jac

    You’re fucking hysterical, do you even read what you write?

    2
    MalcoveMagnesia

    I do. I’m arguing against adding yet another tax where the threshold will be inevitably lowered down to affect you. And you’re just attacking the conservative because it makes you feel good. I haven’t heard a _single_ argument that makes me even slightly agree that adding more tax is a good thing.

    -5
    Gropegrope

    Taxing the rich at pre 1980 levels would go a long way towards paying for needed infrastructure.

    There….you just heard cogent argument for adding more tax.

    1
    Bolthorn

    So you are in fact using a slippery slope argument. Thank you for admitting it.

    2

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