The bad news: The long march from taxing the ultra-rich to the very rich to the rich to the middle class has begun.
Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.
The wealth tax would raise $2.75 trillion over a ten-year period from about 75,000 families, or less than 0.1 percent of U.S. households, Saez said.
Those are a significant increase in funding for the Internal Revenue Service; a mandatory audit rate requiring a certain number of people who pay the wealth tax to be subject to an audit every year; and a one-time tax penalty for those who have more than $50 million and try to renounce their U.S. citizenship.
Soaking the rich is broadly popular with Americans; Trump's biggest legislative achievement to date was a tax cut that benefited the rich; thus, if she's the nominee, Warren will use this proposal to club Trump during the campaign for being a phony populist who's more concerned with protecting his gold-plated toilet than he is the working-class voters who elected him.
Warren will try to use her wealth tax to puncture it and bring some of those working-class Trump voters into her camp.
"There are people in my party, like Bernie Sanders and Alexandria Ocasio-Cortez, who support much more ambitious taxation of the rich than I do." Thus does the wealth tax become a "Moderate," middle-ground policy.
https://hotair.com/archives/2019/01/24/elizabeth-ocasio-warren-lets-use-wealth-tax-take-trillion-rich/
Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.
The wealth tax would raise $2.75 trillion over a ten-year period from about 75,000 families, or less than 0.1 percent of U.S. households, Saez said.
Those are a significant increase in funding for the Internal Revenue Service; a mandatory audit rate requiring a certain number of people who pay the wealth tax to be subject to an audit every year; and a one-time tax penalty for those who have more than $50 million and try to renounce their U.S. citizenship.
Soaking the rich is broadly popular with Americans; Trump's biggest legislative achievement to date was a tax cut that benefited the rich; thus, if she's the nominee, Warren will use this proposal to club Trump during the campaign for being a phony populist who's more concerned with protecting his gold-plated toilet than he is the working-class voters who elected him.
Warren will try to use her wealth tax to puncture it and bring some of those working-class Trump voters into her camp.
"There are people in my party, like Bernie Sanders and Alexandria Ocasio-Cortez, who support much more ambitious taxation of the rich than I do." Thus does the wealth tax become a "Moderate," middle-ground policy.
https://hotair.com/archives/2019/01/24/elizabeth-ocasio-warren-lets-use-wealth-tax-take-trillion-rich/
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