According to Treasury Secretary Janet Yellen, "Senator [Ron] Wyden and the Senate Finance Committee would impose a tax on unrealized gains on liquid assets held by extremely wealthy individuals, billionaires." While Yellen refused to call this a "Wealth tax," House Speaker Nancy Pelosi had no such qualms: "We probably will have a wealth tax," she said.
What do wealth taxes do? They destroy value by taxing unrealized value.
Under Warren's proposal, $950 million of those unrealized assets would be taxed at 2%, meaning that you would be on the hook for an annual tax of $19 million.
From 1990 onward, nine out of the 12 European countries that had a wealth tax followed Macron's lead and killed their wealth taxes.
What's the point of a wealth tax if, in the end, it will fail?
The original income tax contemplated in the United States was 1% applied to the lowest tax bracket, and 7% on those making $500,000 or more.
Today, the top marginal income tax rate is 37%; income above $86,000 is taxed at 24%. Eventually, the agenda becomes clear: going after all earners, not merely those at the top.
https://www.dailysignal.com/2021/10/28/punishing-achievement-punishes-everyone/
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