Elizabeth Warren's tax concept

RNG

Moderator
Jan 2015
13,327
9,098
Left coast
#1
Elizabeth Warren has come out with an alternative to AOC's tax on the rich. She is suggesting a 2% tax on all wealth over $50 mil and 3% on wealth over $1 Billion.

I like Warren's new idea more than AOC's for two reasons.

First, income is easy to avoid. Get yer gelt via dividends, company benefits, spread it around all your family members, the dog and the gerbils.

Second, 70% sounds scary, 2% or even 3% doesn't.

I like it lots.

Elizabeth Warren weighing a "wealth tax" on Americans with more than $50 million
 
Jul 2011
49,487
9,089
NYC
#2
Elizabeth Warren has come out with an alternative to AOC's tax on the rich. She is suggesting a 2% tax on all wealth over $50 mil and 3% on wealth over $1 Billion.

I like Warren's new idea more than AOC's for two reasons.

First, income is easy to avoid. Get yer gelt via dividends, company benefits, spread it around all your family members, the dog and the gerbils.

Second, 70% sounds scary, 2% or even 3% doesn't.

I like it lots.

Elizabeth Warren weighing a "wealth tax" on Americans with more than $50 million

So if I am taxed on money, get taxed on it again?
 
Mar 2012
51,839
34,262
New Hampshire
#3
Elizabeth Warren has come out with an alternative to AOC's tax on the rich. She is suggesting a 2% tax on all wealth over $50 mil and 3% on wealth over $1 Billion.

I like Warren's new idea more than AOC's for two reasons.

First, income is easy to avoid. Get yer gelt via dividends, company benefits, spread it around all your family members, the dog and the gerbils.

Second, 70% sounds scary, 2% or even 3% doesn't.

I like it lots.

Elizabeth Warren weighing a "wealth tax" on Americans with more than $50 million
I think that would work much better. There was already talk about Cayman Island bank accounts again after AOCs talk about raising it to 70%. Buffett and A few others said it would be disastrous and there were too many loopholes. Warrens plan would at least make it more palatable and keep the money here.
 
Mar 2012
51,839
34,262
New Hampshire
#8
The biggest issue I see with this plan is that its on "assets." Many wealthy people do not put their wealth or assets under one name. Its usually spread around or in trusts or other tax avoiding plans. For example the bulk of Mark Zuckerbergs wealth is in Facebook stock. So its all on paper. He would pay almost nothing on this thus avoiding it. That has to be considered.
 
Likes: pragmatic