WASHINGTON, D.C. – In a bulletin to possible supporters this week, Democratic Presidential candidate Elizabeth Warren said she wants to tax wealth, not income, pointing to ultra-rich with fancy possessions.
The January 24, 2019 bulletin from the Elizabeth Warren campaign reads:
Here’s something to think about:
Right now, an heir with $500 million in yachts and fine art and a public school teacher with no savings can pay the same amount in federal taxes.
The reason? Because people pay federal taxes on their income, not on their wealth. So if that heir and that teacher both make $50,000 in a year, the federal government sees no difference between them.
This isn’t an oversight, it’s on purpose. It’s because the rich and powerful run Washington, and they make sure the rules are written to benefit themselves.
The top 0.1% of American families – the richest 1 in 1,000 – now have nearly the same amount of wealth as the bottom 90% of American families combined. Meanwhile, for everyone else, opportunity is slipping away.
This is bad for our society, bad for our economy, and bad for our democracy. We need structural change to fix it.
That’s why today I’m proposing a tax on the wealth of the richest Americans. It will only affect the tippy-top 0.1% of the wealthy, those with a net worth of over $50 million. I’m calling it the “Ultra-Millionaire Tax,” and we can use the significant revenue it creates to start rebuilding our middle class.
Experts say that this tax would generate nearly $3 trillion over the next 10 years. That money could help people and grow the economy in a pretty big way.
How? Here’s one idea: We could use that revenue for universal childcare and make sure every parent has access to good, affordable childcare and every kid has access to early education.
Or here’s another: Create a path to student debt relief for the millions of young people getting crushed by student loans.
That’s how we make structural change so our economy works for everyone, not just the people who can afford to hire armies of lobbyists and lawyers.
Our tax laws have been written by the wealthy and well-connected to benefit the wealthy and wealth-connected.
But not for long. We’re building a grassroots movement to return power to the people.
Sorry to say this but socialism is coming to America. They now out number us and they have the votes to win. Why do you think the Democrat party is so accepting to these radicals, they no longer have to hide their agenda because they know they have the votes. Once a society goes socialist they never recover.
I live in a free country and want to keep it that way. If anyone wants a different form of government then move to s country that supports that form of government.
I’m gonna have me a beer and contemplate how stupid pochantas is. The “D” after her name must stand for Dumb ass.
Only problem with a national sales tax is that the very wealthy purchase much of their clothing, etc out of the USA. They would still avoid paying their share.
Yes, I believe the wealth should take care of their employees, but they haven’t been. What she is propusing is stealing. There need to be a place in between. Livable wages and proper taxes. The biggest issue is the government getting the money, they don’t spend it wisely- that is the problem.
I’d much rather get rid of income tax in favor of a federal sales tax. Then, your purchasing habits establishes your tax burden.
Let’s see….what brand of Communist do you prefer, Chinese or Russian? Sorority girl for president, for sure,, like, like? I know, MS 13 or free drugs for everyone. Open killings, legal for a change. No police. Illegals demanding you get out of your house and give it to them. It will be so much fun. Just take what ever you want, can’t get arrested.
How long do you think those wealthy Americans are going to stick with the US when 70% of their money goes to taxes? Why would you resent the wealthy who had the ambition & stamina to become wealthy or maintain wealth? Is it because you couldn’t do it yourselves, so you are just going to control what they were able to create? Get real! Without the wealthy there wouldn’t be a US!
I think there would be a U.S., but it would be a wasteland of abandoned factories, office buildings, and airports. Small businesses would fold, and those who could, fleeing to other places. (kinda sounds like Mason City?).
No, this is all about jealousy.
This is all about jealousy, nothing more.
The top 10 percent of income earners in America, those having an adjusted gross income over $138,031, pay about 70.6% of federal income taxes. These numbers come from 2017. The top 1 percent that the Dems like to target pay over 39% of the total tab. Politicians like Warren exploit public ignorance making them think that the rich don’t pay anything.
The bottom 50 percent of income earners, those having an adjusted gross income of $39,275 or less, pay 2.83 percent of federal income taxes.
How much more are you going to suck from the rich Elizabeth until they stop producing? I think they are already paying more than their fair share to support your handout programs.
She isnt talking about middle class incomes like $ 50 – 140 k. Its the millionaires and billionaires… Mega tax shelters, off-shore holdings, personal income mixed with corporate income, blind trusts…If the top 1% paid their fair share, there would be mo deficit and all of us would have lower taxes..
The top 1% of wage earners pay 63% of all income taxes collected and you don’t think that is enough? You are out of your mind!
Yes she is.
OK, so Warren says, regarding her proposal; ” A lot of rich and powerful people won’t like it, but I don’t work for them.”
I guess I didn’t realize once you attained a certain amount of wealth, that you were no longer represented by elected Congressmen or Senators.
And… her ideas for providing childcare or relieving student debt are very novel, but what happens for those that don’t have children or student debt, is she forgetting about them entirely?
Since she suggests the wealth bar to be set at $50 million, I’m guessing her net worth is somewhere under the $50 million level so she wouldn’t of course be affected.
great points Buzz
Sound to good to be true – only the money goes from the hard working private sector to the political thieves in government and not the lower income people (I mean cash in their pocket – not some grant that means nothing to them ) CAN YOU SAY CUBA – VENSUALIA – SOUT AFRICA ? She is just a nutty socialist/commie NOT INDIAN – fraud -fraud -fraud!
AMEN.
You got that right. easy to spend someone else’s money. Most of these people earned their money and it isn’t right to take something someone else has earned and give it to people who don’t earn anything. Besides, it would just go to crooked politicians.