Warren, along with leftist Democrat Reps. Pramila Jayapal (WA) and Brendan F. Boyle (PA), have reintroduced the Ultra-Millionaire Tax, which would impose a wealth tax and captivity tax ("exit tax"), and would also allot $100 billion for increasing tax audits on the the wealthy.
As law professor, author, and political commentator Jonathan Turley called it in a Wednesday column, an "Eat the Rich" plan. As you might imagine, Turley isn't a fan of a wealth tax — and that's just the beginning.
The wealth tax is back. We have previously discussed the constitutional and policy concerns surrounding the push by Democrats like Sen. Elizabeth Warren (D., Mass.) to introduce a wealth tax that would start with billionaires. It would not likely end there. //
It is worth noting that the top 1 percent’s income share rose from 22.2 percent in 2020 to 26.3 percent in 2021 and its share of federal income taxes paid rose from 42.3 percent to 45.8 percent.” The top 50 percent of all taxpayers paid 97.7 percent federal income taxes,. The bottom 50 percent paid the only 2.3 percent.
Even more stark, in 2021, the bottom half of taxpayers earned 10.4 percent of total adjusted gross income and paid 2.3 percent of all federal individual income taxes, while the top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.
IBM Vice Chair and former Trump economic advisor Gary Cohn slam-dunked Biden's claim, and he brought the receipts.
"If you actually look at who pays taxes in this country, the bottom 50% of earners in the United States pay 2.3% of tax collected, and the top 10% pays over 70% of tax collected in this country," Cohn said, adding that this is in large part thanks to how the Trump administration redid the tax code in 2017.
Cohn then identified a problem with Biden's talking point about billionaires, noting that a billionaire is a measure of net worth, not a description of one's taxable income. //
Cohn went on to clarify the difference between wealth and income:
"We do a very good job in this country of taxing income," he said. "There is no income in this country, unless you buy a tax-free bond, that doesn't get taxed at a minimum of 20%, whether it's interest or dividends or capital gains. So, there's no billionaire in this country that has income that is not paying at least 20%." //
a person may hold wealth - say, in the form of a family farm that has no paper on it but may be worth several million dollars - without seeing any income from the mere existence of that asset. Taxing a person on that basis would be ruinous for that person and for the economy. //
MCPR
4 hours ago
Republicans and economists have been “fact checking” the Democrats on this since LBJ, but it doesn’t do any good. When it comes to worldly wealth, everyone who has less than another is jealous. Thinking people can overcome this and use logic to decide on reasonable policies. The rest vote on emotion. Sounds good, doesn’t it? Robin Hood gonna give me all their money! Emotional people don’t see the world is filled with people who have less than they, and when Robin Hood comes around, it’s gonna be them that lose.
Keep “fact-checking” and keep losing. Reduce taxes and win.
We don’t have a revenue problem, we have a spending problem. Until the craven Republicans in Congress can get together and CUT spending (not rate-of-increase) we are going to lose to jealousy, every time. //
anon-201n
4 hours ago
Remember, Joe Biden is absolutely brilliant - was in the top of his law class - 76 out of 85 - so it must have been at the top of a page with 25 in a column! I would rank his financial acumen less than that of a 10 year old so that's the reason why the whole Biden family had to be involved in its (illegal) financial dealings, with 10% for the big guy.
Taxing assets is, at present, constitutionally illegal but raises all sorts of questions. If assets decrease in a year, are the tax levies given back (fat chance)? As Reagan said, we don't have a revenue problem but a spending problem. Until federal spending is addressed, pressures to increase taxes will persist.
Here’s the funny thing: Biden’s 8 percent estimate is derived from that same tax data on the top 400 taxpayers. So what’s going on? The president is describing a tax system that he wishes existed — not the system in place.
As Kessler noted, under the 16th Amendment of the Constitution, ratified in 1913, “Congress shall have power to lay and collect taxes on income, from whatever source derived.” //
Biden and the Democrats dishonestly use a definition of income, to Kessler's previous point, that they wish existed, vs. the definition that does exist, per federal tax legislation and the IRS. //
Note that unrealized capital appreciation is not included in the above definition of income. //
Here's more from Kessler:
In 2021, two White House economists — Greg Leiserson of the Council of Economic Advisers and Danny Yagan of the Office of Management and Budget — published a blog post that estimated what the tax rate would be for the 400 wealthiest households if unrealized capital gains were considered part of income. ... The report estimated that these households had an average federal individual income tax rate of 8.2 percent for the 2010-2018 period.
The steep run-up in stock prices in recent years has meant the wealth of super-wealthy Americans has risen significantly, even if they never sell stock that would trigger a tax liability. In fact, when interest rates were low, it was more cost-effective for a billionaire to borrow money against the value of those shares than sell them. The White House economists estimated what the tax rate would be if that income — now not subject to taxation — were included on their tax returns.
Tax his land, tax his wage,
Tax his bed in which he lays.
Tax his tractor, tax his mule,
Teach him taxes is the rule.
Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirts,
Tax his work, tax his dirt.
Tax his chew, tax his smoke,
Teach him taxes are no joke.
Tax his car, tax his grass,
Tax the roads he must pass.
Tax his food, tax his drink,
Tax him if he tries to think.
Tax his sodas, tax his beers,
If he cries, tax his tears.
Tax his bills, tax his gas,
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.
If he hollers, tax him more,
Tax him until he’s good and sore.
Tax his coffin, tax his grave,
Tax the sod in which he lays.
Put these words upon his tomb,
“Taxes drove me to my doom!”
And when he’s gone, we won’t relax,
We’ll still be after the inheritance tax.
The current federal income tax system is clearly broken — unfair, overly complex, and almost impossible for most Americans to understand. But there is a reasonable, nonpartisan alternative before Congress that is both fair and easy to understand. A system that allows you to keep your whole paycheck and only pay taxes on what you spend.
The FairTax is a national sales tax that treats every person equally and allows American businesses to thrive, while generating the same tax revenue as the current four-million-word-plus tax code. Under the FairTax, every person living in the United States pays a sales tax on purchases of new goods and services, excluding necessities due to the prebate. The FairTax rate after necessities is 23% compared to combining the 15% income tax bracket with the 7.65% of employee payroll taxes under the current system -- both of which will be eliminated!
Important to note: the FairTax is the only tax plan currently being proposed that includes the removal of the payroll tax.
Keep Your Paycheck
For the first time in recent history, American workers will get to keep every dime they earn; including what would have been paid in federal income taxes and payroll taxes. You will get an instant raise in your pay!
Social Security & Medicare Funding
Benefits will not change. The FairTax actually puts these programs on a more solid funding foundation. Instead of being funded by taxes on workers’ wages, which is a small pool, they’ll be funded by taxes on overall consumption by all residents.
Get a Tax Refund in Advance on Purchases of Basic Necessities
The FairTax provides a progressive program called a prebate. This gives every legal resident household an “advance refund” at the beginning of each month so that purchases made up to the poverty level are tax-free. The prebate prevents an unfair burden on low-income families.
all the tags from https://b.plas.ml
1st-amendment 2nd-amendment 4th-amendment 5th-amendment 9/11 a8 abortion acl adhd afghanistan africa a/i air-conditioning amateur-radio amazon america american android animals anti-americanism antifa anti-semitism antiv antivirus aoip apollo apple appliances archaeology architecture archive art astronomy audio automation avatar aviation backup bash batteries belleville bible biden bill-of-rights biology bookmarks books borg bush business calibre camping capitalism cellphone censorship chemistry children china christianity church cia clinton cloud coldwar communication communist composed computers congress conservatives constitution construction cooking copyleft copyright corruption cosmology counseling creation crime cron crypto culture culture-of-death cummins data database ddt dd-wrt defense democrats depression desantis development diagrams diamonds disinformation diy dns documentation dokuwiki domains dprk drm drm-tpm drugs dvd dysautonomia earth ebay ebola ebook economics education efficiency electricity electronics elements elwa email energy engineering english environment environmentalism epa ethernet ethics europe euthanasia evolution faa facebook family fbi fcc feminism finance firewall flightsim flowers fonts français france fraud freebsd free-speech fun games gardening genealogy generation generators geography geology gifts git global-warming google gop government gpl gps graphics green-energy grounding hdd-test healthcare help history hollywood homeschool hormones hosting houses hp html humor hunting hvac hymns hyper-v imap immigration india infosec infotech insects instruments interesting internet investing ip-addressing iran iraq irs islam israel itec j6 journalism jumpcloud justice kindle kodi language ldap leadership leftist leftists legal lego lgbt liberia liberty linguistics linux literature locks make malaria malware management maps markdown marriage mars math media medical meshcentral metatek metric microbit microsoft mikrotik military minecraft minidisc missions moon morality mothers motorola movies mp3 museum music mythtv names nasa nature navigation navy network news nextcloud ntp nuclear obama ocean omega opensource organizing ortlip osmc oxygen paint palemoon paper parents passwords patents patriotism pdf petroleum pets pews photography photo-mgmt physics piano picasa plesk podcast poetry police politics pollution pornography pots prayer pregnancy presentations press printers privacy programming progressive progressives prolife psychology purchasing python quotes rabbits rabies racism radiation radio railroad reagan recipes recording recycling reference regulations religion renewables republicans resume riots rockets r-pi russia russiagate safety samba satellites sbe science sci-fi scotus secularism security servers shipping ships shooting shortwave signal sjw slavery sleep snakes socialism social-media software solar space spacex spam spf spideroak sports ssh statistics steampowered streaming supplement surveillance sync tarsnap taxes tck tds technology telephones television terrorism tesla theology thorium thumbnail thunderbird time tls tools toyota trains transformers travel trump tsa twitter typography ukraine unions united.nations unix ups usa vaccinations vangelis vehicles veracrypt video virtualbox virus vitamin vivaldi vlc voting vpn w3w war water weather web whatsapp who wifi wikipedia windows wordpress wuflu ww2 xigmanas xkcd youtube zfs