analysis
of separate Warren and Sanders wealth tax proposals during their presidential runs found they would reduce U.S. economic output by 0.37% and 0.43%, respectively, over the long term. A wealth tax would also face administrative and compliance challenges, such as difficulty valuing assets and likely tax evasion schemes, according to the Tax Foundation.The legislation would invest $100 billion into IRS systems and personnel, ensure a 30% audit rate for the super wealthy, and impose a 40% exit tax on wealthy Americans who seek to renounce their citizenship to avoid a wealth tax.
No it should be on millionaires tool, that way they include themselves
Do they have any agenda for the middle class?
That is a good start! time for them to pay for their share of our government.
But the billionaires already taxed on their money? So targeted taxation, double taxation by the state? Seems like the USA is becoming communist! How many thousands became wealthy from Tesla? How many jobs has senator Warren created versus how many has Bezos created?
Tax billlionaire!
Good luck
That stupid we need all the billionaires we can get
Horrible idea. This wealth has been taxed at least once already and will be taxed on death. Elizabeth is about as disingenuous as it gets....even in politics.
Wealth tax is dogshit. They will just do loopholes to not be taxed as much or just leave the fucking country. It’s been tried in other countries and failed to produce the revenue they wanted. A VAT tax is the way to go for this. Dems really are clueless
It will wreck the economy, wreck the market and can’t be applied in any fair and systemic way. Stop wasting our money before you try to take more of it.
Maybe instead of an annual tax it should be a decade thing at like 5% ? Not for an annual wealth tax but i could support a decade one
A politicians proposing a tax or policy that is a gimmick isn't news. It's business as usual in our hyperpartisan capital. Heaven forbid we have tax brackets with hard ceiling and floors for all income levels that don't catch phrases.....
Why not tax billionaires out of existence and take that stolen capital and give it back to the American workers? No?
That is not going to pass.
The Dems need to figure out universal healthcare and free education (up to university) with the tax dollar you already got first. Then I may consider supporting this tax.
If they increase their budget by 100 Billion a year, they’ll spend 160. It never stops with these people.
Seeing the Uber Rich in America is mostly democrats, tax away.. it’s about time they pay their fair share. Off the top of my head: Gates, Bezos, Buffet, Vanderbilts, the Google boys, most of Hollywood, Clintons, Pritzkers, Musk, 1/2 the Senate, Northern California.
How is a tax on BILLIONIRES an ultra-millionaire tax? Shouldn't we just call it a billionaire tax?
I would LOVE to see the reaction of the billionaires they will be running out of this country like rats of a sinking ship 🚢
Nobody should trust Congress with more money.
GFY
So they can squander the money on their nonsense?
As soon as the government sees a net worth tax as a source of revenue, that threshold will drop like crazy. The definition of the very rich will change radically.
Try to cut spending first
So maybe the $135 billion in tax relief that only to the top 1% of taxpayers in this country received, wasn’t a good idea?
Haha, they’ll just leave the country.
Steve Forbes’s flat tax of 16% for everyone will resolve the problem !!!! But too many loopholes, for the rich and for the poor ! The middle class are bag holders for America !
3%?
I know that everyone of them would leave the US, renounce their citizenships, and move to Ireland.
This is nonsense
But if I keep working hard in 2,000 years this could affect me!
5 percent is what pay on your saving account after a certain amount
This is misfocused and reductionist. The “wealth” isn’t sitting in a savings account somewhere. It’ll likely cost more to implement then it would bring in. Instead, gov should figure out how to activate idle corporate cash reserves, that would have a seismic wealth gap affect.
Only 3%? Why are they catering, or is it cratering, to the 1%?
Don't scare all the billionaires away, please. Unless they're bankers or politicians.
Good job trying to keep a straight face as Elizabeth Warren was trying to sell the wealth tax this morning. It’s obvious you thought her tax plan was nutty
We can live with this but what the Democrats aren’t telling you is how drastically the tax code will change in the next year. Step 1 of a multiple of revenue raisers.
to everyone who is defending billionaires saying we’re punishing success: WHY ARENT YOU RICH? why aren’t you a billionaire? didn’t work hard enough? not smart enough?
Not sure how that’s gonna work. Who’s gonna pay politicians under the table?
Loser
Liz is still around? She makes Biden look down right vivacious.
Thief
I TJIUGHT YOU WOULD TAKE ALL OF THEIR MONIES AND GIVE JT TO MEEEE REEEEEEE
She really is coocoo for Cocoa Puffs.
Don’t be shy make it 8
Wealth? It should be income. Weird
Bạn gái vui tính, hòa đồng, dễ gần.
Nah Bernie don’t do us like that
It is clear that these are socialists, be careful not to cause a flight of currency, a flight of capital would be very bad for the US economy! Be careful, the same does not happen as with the large industries that fled to China!
A lazy person looking for handouts will always ask for more
Most people don't understand how wealth is created and how we all benefit from it. The average North American has never had it so good. Billionaires happen as a result of innovation and value creation.
She needs to pay more tax
Government makes rules.. so the GOVERNMENT which she has been a part of all this time has made the rules which she is fighting. At least be honest about it.
Here here!
sprbrighting 20%
blmohr Good.
...for what legal reason? Do they require more goods and services. Aren't they the engines of charity? Don't they pay personal income tax of over 33%?
Nice Try. Though. I have learned being a Democrat All My Life, to Lose. I'm use to it. I and my family, get free lessons when we turn on MSNBC and Fox News. Keep up the Good Work Dancing With Each Other While Voters Suffer. Thanks but No Thanks. I'm Tired !!!
Guess someone has to pay for Bernie’s free stuff.
Another ceremonial tax proposal that won't lead to any increase in tax revenue from billionaires. These billionaires will just exploit the current tax laws.
And watch billionaires relocate to countries with low tax rates. Monaco, UAE, Bahamas .. etc.
So you’ll need to sell your assets every year to pay for ownership. Great.
They should reinstate the Eisenhower tax brackets on the super rich. If Elvis could live lavishly while paying into a 90% bracket so can Elon and Bezos.
220 wealthy billionaires will pay 3% of each dollar over a billion or so, it’s a hard life.
Just do it.....
Such a bad idea to re-tax assets bought with after-tax $, and to re-tax same assets every year. Could be why these 2 couldn’t win the party leadership.
That's way less though better than nothing!
The only way this would even be possible to implement is if the federal government required all Americans to provide a complete accounting of their personal assets with the value and depreciation of each asset annually. So much for the 4th amendment 🤷🏻♂️
Maybe we should increase their taxes also!
This is richisime 😤
Would be interesting to know how it would affect Jeff Bezos and his corporation
Should be like 50 percent but this is a start
Good start.
Why not 10%, 25% or 50%? If they don't need a billion dollars why would they need $500m?
Commies
Pocahontas is at it again
and than millionaires and than Hundred thousandaires and than everyone, and gone.
'Richer than me must be taxed to pay poorer than them!' Agreed?
What happen to “the millionaires”?
Either they accept the wealth tax or they accept death
But did you see Alli McCartney’s dress?
There is absolutely no reason why it shouldn't be 100% of their wealth above $100 million but a 3% wealth tax is a good start.
The 'wealth tax' is an all-out admission that you either don't know how the economy works or that you do and have no problem trashing it for votes of those who don't.
PeterMerlinCane I've read Senator Warrens proposal on a wealth tax and it is fair. She was on CNBC today and she was proposing a 2% wealth tax.
Sounds positive for the stock market
We need to end the rich’s dine and dash style of paying taxes, reaping the benefits but sticking the rest of the nation with the bill.
Some form of wealth tax is coming, make no mistake. Other than ultra rich, and a few anti tax conservatives who would oppose this? It’ll be greatly popular with joe public.
Good on ya ewarren I like it
It’s too bad people have to run out of unemployment benefits Bcuz the way officials we elected can’t make a decision. They aren’t hurtin for money so they don’t care!! We care & we will show it at the polls next time!!
Sounds more than reasonable to me. And if I ever got to a point where I had over $50 million, 3% (1.5 million) would still leave me with over $40 million. Sure, that deprives me of a yacht, but if people eat, I can have one less
Not good enough. 40% wealth tax minimum. Don't complain, FDR had an 75% wealth tax in his presidency.
Good!
All the comments in here defending billionaires like any of them care about you or you’ll ever be one 😂😂😂
Elizabeth get em hit them greedy asses in there wallet there good for it the regular working class pays more in taxes than the rich that makes no sense!!!!!
she's an idiot that would destroy investment. People's wealth is in stocks, so they'll need to sell them to pay it. Soooo are they going to sell Apple and Amazon or the smaller guys that could compete with those giants but aren't as reliable to grow?
I'm with you, BernieSanders and SenWarren . We won't be able to accomplish everything on our agenda but this seems like a no-brainer. Where are BillGates and JeffBezos joining the call for the good of the country?
I support the wealthy paying more, but based on income. Wealth can change from day to day.
Totally fair. They made the money because of us. Give back.
OK. Quit talking about it and do it already. You are going to need the money to pay for all the spending. Better then billionaires than me. Just don't allow any loop holes.
Let's do this, Sen. Elizabeth Warren. It's long overdue. Billionaires prospered during the pandemic and are still prospering. Small businesses and common workers struggled. Billionaires become billionaires partly off low and middle income consumers. It's high time to give back...
Nonsense that's not a working solution a feel good moment!!!!
It is time that the wealthy be taxed instead of the middle class working people who end up getting shorted and the wealthy coming up as usual. We need a break!
People that wealthy will just move their assets out of the country, achieving exactly the opposite of Warren's claimed intention.
What was it in the '50s?
Just tax dollar corporations based on market cap (instead of profit) higher (than $500B for example). You’ll get Apple, Google, Microsoft, Facebook, Amazon
It should be at least 6%.
It’s about time
Never going to happen. The Democrats always talk tough about taxing the rich, but when they get their opportunity, they never seem to do it. They would lose it as a never-ending campaign promise if they ever actually carried it out.
I had not given this much thought until I heard Sen Warren engage with the three skeptical hosts. Law of unintended consequences is always lurking but it is an idea worthy of 'real debate'. Her confidence in the government effectively administering more money is a big stickler.
Elizabeth will render us to Soviet styled teepees before it's all over.
Good....
Same woman who published several plagiarized relives in the Pow Wow Chow cookbook as a member of the Cherokee tribe?
They are only proposing it because they know they 1) don't have the votes and 2) couldnt legally implement it even if they did have the votes. They are putting on a show to get headlines instead of doing the work they need to be doing... And you are feeding right into their BS.
TFDWofficial If I were a billionaire, I’d gladly accept 5% wealth tax. I’d add another 5%. With those, all in my family would still be multimillionaires & relish the joy of seeing those who worked hard to create the wealth for us being happy & financially healthy. What else is heaven?
MOTHERFUCKING FINALLY
It's baffling the lengths people here will go to defend the billionaires who gained their wealth by exploiting you and hoarding their wealth
Oh no. The horror of the wealthy needing to pay taxes!
Should be more than 3%
Only 3%? It’s not infrastructure is crumbling. We’re sitting on a volcano figuratively.
650 individuals own more than $165 million. U.S. billionaires now have a combined wealth of $4.2 trillion. Nearly double the wealth owned by the bottom half of all U.S. households, 165 million people combined, according to the Federal Reserve.
Instead of adding new taxes, why not close the loopholes which allows the wealthy to reduce their taxes. Better yet, why not a reasonable flat tax with no deductions. TaxTheRich
Just 3%
long overdue
Sure grandma, let's get you to bed.
Let’s start with Amazon,Apply,Google,Facebook and Twitter that put her and Bernie in power.
Based
Propose this
I propose we get rid of politicians that keep looking for new ways to take Americans money while sending USA dollars to foreign nations.
Great proposal billionaires get easymoney, cheapmoney, dirty money comfortably from fed, investors, govt, treasury etc but common man face difficult environment of corruption, recession, adverse market forces, this 3% wealth tax will help in meeting redistribution challenges
Bitcoin
Good idea NO WAY it's going to happen. Stop the gaslighting. Progressives
Only if the windfall tax is going to a sovereign wealth fund of BTC!
I notice that good ole BETH stays away from that $10 mil threshold for taxes on wealth.......... maybe cause hers is like $11 million? Amazing the 🐑🐑🐑🐑🐑 fall for this class warfare!
Ask her if she is willing to put her money where her mouth is... Anyone that has saved over $5 million pays a 1% wealth tax. Let's see how fast she crabwalks backwards.
Biden was voted in to save us. He had a plan for Covid. The country has just hit a monumental 300,000 cases a day and expected to be 400,000. Over las week the daily number of cases and deaths rose 2% on average compared to the week prior. Where is the plan, Bi-dan?
Let's cut the salaries and benefits of Congress. Sanders and Warren have done nothing, while Jeff Bezos create at 800,000 jobs. We should applaud the people creating jobs not the slackers like Warren and Sanders who have gotten rich being in Congress and create NO jobs.
Billionaires take millions in Gov subsidies to make their businesses more profitable...so this is a no brainer.
50% Elizabeth!
We the people have transferred wealth to these guys who are squandering it and not benefiting mankind. Space expectation, and everything futuristic is there fantasy. Tax the hell out of them
I'm more than good with it. I paid more in taxes than Trump did. If this country gave you the opportunity, give back to instead of passing the bill to those who don't make millions.
There is a cost to live in a society as admirable as ours...our best years were when we came together collectively, particularly the wealthy, and invested in our society. The road of inequity we’re on leads to one place...see “French Revolution”.
We have created these monsters. For eg. Berkshire Hathaway is sitting on lots of cash, and have bought up every distress property in America, and have manipulated the supply thus sending prices higher. We have created our own demise as humans. Capitalism is fu*king flawed
The rich and Wall Street fund progressive campaigns and coward to woke mobs . It’s time for them to get the government they voted for and the campaigns they fund. Start with Big Tech .
Hell, make it 10%! Who needs a billion to survive anyway? cancelthenationaldebt
They'll simply leave and move their headquarters like so many have done already.
What about doing an audit on wasteful spending before looking to increase taxes!
But... but this will leave someone who has $1,000,000,000 with only $970,000,000 left to spend! Fiends! Unconscionable!
Only 3%, The inflation rate is over 3%, and the interest rate will be over 3% next year.
There's nothing capitalist about this
Why?
Find other creative ways to make back the money you guys drop out of helicopters.
3%, why stop there, how about 100%. They probably cheated anyway.
And they want to add a 40% exit tax if you want to leave....as if America has the right to own 40% of everything you own for doing nothing....worst business partner ever
This is some of the most dangerous beliefs held by the socialists. That causes EROSION of wealth and a bleeding of their cash cow. They need the tag dollars from the rich for their spending... bleed them dry and you have nothing.
Why not millionaires like themselves. You know the ones that Vite to give themselves raises under 14% approval rating.
Just raise the min wage and every one's else's wage will increase. That taxes the 1%, feeds the government's bottomless appetite and maybe the middle class gains a little. Hopefully 💙
It's quite comical to listen to Elizabeth Hypocrite Warren talk about taxing the rich. When she became wealthy on the backs young college students and crippling debt.
There are roughly 600 billionaires in the US. How many will stay if this is moved forward? Interesting to see.
redgreenaction I mean if you already have $50 000 000 I think you can afford to pay a little more tax to help out the nation as a whole. I mean it's not like you are likely to go hungry with that sort of money or more.
SenWarren SenSanders Tax billionaires 5% not 3%
🐍🐍🐍
It was 2%. Now she’s up to 3% with her insane plan. If imposed she’ll crash the market and hurt all people w/401ks, pensions, etc
The only wealth distribution will be to those involved with tax planning to get around it, ultra successful people aren’t stupid
Will never work
Think we need to instead implement a gofundme tax. So sick of these people getting crowdfunded healthcare for free.
This is unconstitutional
I like the idea, never going to happen though
DO IT!!!
How sexist of Bernie... amirite Liz?
Awesome!!
Anyone with more money than they will ever need is a greedy bastard. I would clean them out and use the money to feed the poor and save the planet.
6 dollar gas on the way
I think it should be on none with 3 million or more
BeHappyandCivil Yes!
How about we just don't tax anyone and let everyone do with their money as they see put.
Place a tax on stock holdings over 100 million dollars by calling them deemed dispositions. Think of the revenue. The system is already in place, nothing to make up, just deem them dispositions. Simple, easy and fast, and fair.
Used same infrastructure as everyone else but paid less for it. Go ahead. protect them. 😆👍🏻Scandinavia, EU, Canada & Asia will continue with a progressive tax. to make an absurd amount you needed to have used more than your fair share of infrastructure.
You can tax all you want but loophole is the main thing. Our former president didn't pay much taxes because of loophole
She hates pekoe with money....
tax system not progressive when it comes to wealthy. richest 1% pay federal income tax of 24.7% - little more than 19.3% rate paid by someone making an average of $75,000 & 1 out of 5 millionaires pays a lower rate than someone making $50,000 to $100,000😆
tax system not progressive when it comes to wealthy. richest 1% pay federal income tax of 24.7% - little more than 19.3% rate paid by someone making an average of $75,000 & 1 out of 5 millionaires pays a lower rate than someone making $50,000 to $100,000😆
YES INDEED SENATOR WARREN 👊🏻✌🏼💔
Free enterprise exchange or free commodity order
Why are people upset at billionaires being taxed 3% when they will literally never be able to spend all their money anyway. Go cry about something that actually impacts you
they should pay the same 3% if it is that important to them , other words its a simple im jealous of you and hate you tax is all it is it means nothing in the grand scheme
I remember when we used to admire, and aspire to success, rather than punish it.
Cut taxes and cut spending.
Start with congress people with a net worth over $1mm
If the rules are rigged, they were passed by the politicians!
Go get those bad bad billionaires
Twits
God, she’s still around
This woman needs to get her head checked!
Wouldn’t a 1% increase on millionaires generate more money
It's unworkable, apart from it being an absurdly high number, because people who own private companies can't sell 3% of their business each year...
Taxing people without a realization event is stupid.
If you own over $1bn in shares of your company, why wouldn't you want to pay at least double/treble the national minimum wage for your hard workers?
Communist.
I bet they did, since they’re only millionaires.
Be successful but don’t be too successful or we’ll tax you extra. Seems un-American. You know what would be more in line with American values, all politicians taking a 10% pay cut.
Not constitutional
Flat tax
It is always easy to demand taxes on others. Maybe, all of us should pay extra 3% in personal income tax. Maybe we should raise sales tax on non-essential items
Make it 50%
Poor people running to this thread to defend billionaires
Too little - start w 20%
I’m sure they have the money to find a loop hole....this 3% is meaningless
Let's require members of Congress to give up their Congressional paycheck until the Federal debt is paid off
?
Instead of the gov operating more efficiently they simply want to tax the wealthy - that is lazy and unfair. I would like to see Sanders and Warren step up and contribute their 3pct
Ok, now we know Bernie is worth 49M
how magnanimous of them lol
Considering that Americans have been promised for 40 years did giving tax breaks to billionaires in corporations was going to help every American and it hasn't done exactly the opposite I would say this is a fair proposal give us our money back you never invested in American jobs
no van recaudar ni para comprar un helado helado
How about a 80% on the House & Senate
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