For this to truly work, I suggest a direct transfer from rich to poor based off regressive tiers. Poor 0-65k households get a 65% share. 65-90k get 20% share. 15% goes back to reinvestment in social security or medicare style programs. The government can't heavily rely on this revenue as they would quickly use it to plug up their own mistakes...in perpetuity. As for "punishing success", we already "reward success" with supply limited real estate and all the luxury goods and yachts unseen elsewhere in the world. If you want to leave, then you can't play. Democrats unveil an ultramillionaire tax on the top 0.05% of American households Democrats introduced a bill to put a 2% tax on households with net worths over $50 million. The wealth tax would work to combat wealth inequality and include anti-evasion measures. Progressive lawmakers have praised the tax, but moderates and conservatives have pushed back on it. In an effort to combat wealth inequality, Democrats on Monday unveiled a bill that would impose a 2% wealth tax on American households with net worths over $50 million. Sen. Elizabeth Warren of Massachusetts, who has long been a proponent of the wealth tax, introduced the Ultra-Millionaire Tax Act with Rep. Pramila Jayapal of Washington and Rep. Brendan Boyle of Pennsylvania. A press release said the bill would create a fairer economy without raising taxes on the 99.95% of households with net worths below $50 million by creating a 2% tax on households with net worths between $50 million and $1 billion, along with a 1% annual surtax — or 3% overall tax — on households with net worths over $1 billion. "The ultra-rich and powerful have rigged the rules in their favor so much that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaire wealth is 40% higher than before the COVID crisis began," Warren said in a statement. "A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations." The ultramillionaire tax also has anti-evasion measures, according to a bill summary, which include: A $100 billion investment to strengthen the IRS. A 30% minimum audit rate for taxpayers subject to the tax. A 40% exit tax on US citizens with net worths over $50 million who renounce their citizenships. Third-party reporting for existing tax information exchange agreements, along with penalties for underpayment. The press release cited an analysis that the economists Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley, sent to Warren on February 26 regarding the wealth tax. It said the tax would bring in at least $3 trillion in revenue over 10 years. According to Saez and Zucman's estimates, 100,000 American families would be liable for the wealth tax in 2023, and the tax would raise about 1% of gross domestic product per year. Warren has consistently advocated for a wealth tax and made it a core component of her 2020 presidential campaign. Her campaign fact sheet said the money gained from a wealth tax would allow for investments in universal childcare, tuition-free technical school, student-debt cancellation, and financing for "Medicare for All." And other progressive lawmakers, like Sen. Bernie Sanders of Vermont — a cosponsor of the bill — have advocated for a tax on wealthiest Americans. "When the gap between the very rich & everyone else is widening; when the 50 richest Americans own more wealth than the bottom half of our country; when the effective tax rate of billionaires is less than that of average workers; YES. We must address income & wealth inequality," Sanders said in a tweet on February 18. In a 2019 Insider poll of 1,233 Americans, 54% of respondents said they supported Warren's wealth tax. But a tax on the rich has received pushback from moderate and conservative lawmakers, and it will likely be difficult to pass through Congress. For example, during the presidential debate on October 15, Sen. Amy Klobuchar of Minnesota said Warren's plan "is not the only idea." As an alternative to the wealth tax, Rep. Ro Khanna of California introduced a bill on February 17 to hold the ultrarich accountable by requiring more aggressive auditing from the IRS, rather than imposing additional taxes. "Right now, the wealthiest 1% are responsible for roughly 70% of the 'tax gap' — the difference between taxes owed and taxes paid," Khanna said in a statement. "It's time every American pay their fair share."
Yep. I'd even go as far as bumping that 30 mill annual wealth tax on a bili to a full John Wall 45 mill.
Isn't something like this more effective than a minimum wage increase without tax cuts to small businesses, since most employers aren't billionaires?
I guess the billionaires have to lay off a bunch of people from the giant corporations they created to offset these taxes
Didn’t Latrell Sprewell live on a boat to avoid taxes and his baby momma from trying to get his money ? https://www.google.com/amp/s/www.cbc.ca/amp/1.635905 The lawsuit alleges that Sprewell broke his promise to share his life and fortune with Cabbil when he entered their Purchase, N.Y., home last Sept. 8 and announced they needed "to end this fake" relationship. Sprewell started giving Cabbil less money than usual for household expenses, and for their children, ages 3, 7, 8 and 11, and made himself scarce when she tried to find him, according to the lawsuit.
Not sure. We have a major issue with the fact that extremely rich people (and corporations for that matter) exploit so many tax loopholes that they basically pay nothing. They do need to pay their share, especially considering the giant ever expanding gap in wealth inequality. If they would just pay their tax bracket taxes like the rest of us without creatively getting out of paying much of anything that would be a good start.
That's the thing. If you tax them too much they will just move. I'd propose a Wall Street tax on a sliding scale that starts at 5% and maxes out at 40%. Your broker would be responsible for collecting the capital gains. We don't care where you live, you have to pay if you win. Sure you can invest overseas but if you want to play the #1 market and you make a killing doing it, you'll make a bit less. A killing * 0.6 is still a killing.
A wealth tax is on all their assets including property overseas I believe as long as they are US Citizens. They would have to revoke their citizenship. That's off the top of my head and I could be wrong.
No point in trying to reason. Some of these people think Bezos and Musk have big scrooge mcduck bins loaded with their hundreds of billions that they swim around in for their amusement.
I'm starting to come around to a more simplified tax model (aka flat tax or close to flat). However I want it to be completely flat after some standard deductions (don't know what that amount should be). This would including taking the cap off of the payroll tax, taxing all capital gains the same, all inheritance(maybe a higher exception for that ) at the same rate. No deductions for property tax, no deduction for local tax.
Aren't these wealth tax rates marginal? As in anything below some absurd amount such as 20 million will never be touched? Are you afraid they'll be only be able to afford 3 La Ferraris instead of ten? We can use some of the wealth tax money for mental health so they can cope with those loses. Every single person here knows that the wealth that Bezos and Musk have isn't liquid and is in shares of their companies and other assets. You honestly think there are people here that naive? Btw it's estimated that Bezos keeps around 8 billion in cash. So ya it's a Scrooge Mcduck vault.
So Bezos puts 7 more billions in bonds. Do these same guys know that ultra wealthy often give generous portions of their wealth to charity's? I despise greedy and corrupt people as much as the next person, but random money grabs don't do much. And there are people who never take into consideration of how wealth is stored or accounted for....which is why this is a dumb idea. Feel free to take all of warren Buffets wealth. He is a leech on society.
