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Elizabeth Warren released her greatest new idea -- a wealth tax on the super wealthy, would allow for a 2 percent tax on those people net worths that are above 50m.


A one size fits all tax program isn't going to be the way, I don't think that some people don't understand that super wealthy people (such as Jeff Bezos) aren't sitting around with piles of cash thinking about what to do next -- they're people with shares of a company that they're not exchanging on a daily basis. You're going to be taxing them on their networth, which isn't easy to analyze -- as the IRS is going to have to enforce this by looking at all of your assets and determining a market value for these assets.

But let's think about companies that aren't large, privately held companies that don't have values that are public. To verify if you're paying the correct amount, the IRS is going to have to hire private equity analyzers to find out how much a company is worth -- then probably have it disputed by the other side as they may have their team fighting them on the valuation (as they want it to be lower, to pay less in taxes)

None of this even harps on the fact that taxes on wealth are going to cause capital to leave the country and stifle innovation, as people are going to look towards ways to avoid this tax.

Also, there are multiple arguments about the constitutionality of such legislation -- as the Income Tax amendment doesn't allow for a tax on wealth by the Federal Government.

This is a pipe dream and without a doubt a way to try to please the base.

Let's see what everyone else thinks here.

Some random articles:
https://www.wsj.com/articles/elizabeth-warren-doesnt-understand-wealth-taxes-11549228772?mod=hp_opin_pos1
https://www.city-journal.org/elizabeth-warren-wealth-tax

She doesn’t understand economics either.

It could be worse...


https://i.imgur.com/w67NiDQ.jpg

If any wealth tax is imposed, that's basically the end of the US as a major economy. While Warren's proposal would only affect a tiny percentage of the population, it'd probably directly lead to economic and societal collapse, massively encouraging wasteful spending and discouraging savings, risk, and investment. It's also a slippery slope to ever-increasing wealth taxes.


AOC's 70% progressive-income-tax proposal is very bad, but it's a lot better than any wealth tax. The economy could basically continue, though very fettered, under such a system.

The wealth tax is actually unconstitutional. The 16th amendment says
The 10th amendment says:

As such, since the constitution only allows congress to tax incomes, and not assets, a wealth tax is unconstitutional.

The estate tax is constitutional because it is not actually taxing assets directly, but the transfer of assets from the deceased to their estate.

This problem needs to be fixed at its source. The Federal Reserve Bank.

So with this said, the states would be allowed to levy a wealth tax -- just not the Federal Government, right?

If it is unconstitutional, that applies to states too.

I don't like Elizabeth Warren's proposal because I don't see a direct purpose behind it.  What is it trying to accomplish other than "stick it to the rich"? Taxing wealth isn't going to provide anything for the poor.    The green new deal is a great plan that will accomplish many things.  Our goal shouldn't be to stick it to the rich for the sake of taking their money. 


This is flatout a lie and propaganda from the rich. 

https://www.vox.com/policy-and-politics/2019/1/4/18168431/alexandria-ocasio-cortez-70-percent

I agree there seems to be too much focus on pretty much anyone who has more than you being automatically bad some how and therefore an excusable target to rob. I however don't think any of these plans are viable. Regarding the paper, perhaps instead of taxing people so much they leave, we should end the easy money inflationary casino banking system we have that is creating these market distortions that are causing all of these problems to begin with.

All the engineers, doctors, and scientists we need in their specialized field of training are seeing their investor and stock market buddies make bank doing nothing all day and leaving the jobs where we need them because it pays more. The only reason that works is because The Federal Reserve Bank is pumping a fire hose of fiat cash into these markets in various forms. This also causes distortions in the valuations of raw materials and no longer fairly represents their true market value, causing all kinds of problems up and down the supply chain.

The reason everyone feels like they are getting fucked is because they are, just not in the way they think. They are constantly robbing buying power out of your wallet while simultaneously taxing you more (IRS is the collection arm of The Federal Reserve Bank) as your dollar amount of pay goes up to keep up with inflation. You are now "making more" even though the buying power of each dollar is less.

So while the people playing the casino game have a tap into the easy money, the remainder not drawn in by the cash are left to run society at rates that are not in proportion to what they should be buying power wise. There is a giant boot on the neck of the US and the world economy and it is called The Federal Reserve Bank. It is holding us down while it slowly bleeds us dry until the point we can not resist any more. Then it will clean our bones, then crush them up for fertilizer. They have done it before, and they are doing it again if we don't stop them.

Funny because the main thing leading to societal collapse is wealth inequality.  lets keep letting ownership steal the value that laborers create.  Profit is the unpaid value that the workers created.

I don't think the Federal Reserve is the cause of this - unless you mean Federal Reserve is opposed to Gold.  I think the philosophical viewpoint that an government is the primary tool to solve social ills is the central issue that needs to be combated.

''Funny because the main thing leading to societal collapse is wealth inequality'' Prove it

It's often argued that we had 70% taxes in the 1920s and thereafter, so why not do it again?

The difference is that. back then there were a large variety of loopholes written into the tax law. The resulting average rates were around 22-24%. Nobody actually paid 70%.

Back then, we had a system that politicians could say fleeced the rich, while in reality they grew fat and rich on it.

Taxes are apportioned as equally as possible. This means that if the wealthy are taxed, they will all be taxed somewhat equally. Where do they get their money to pay their taxes? They pass it on to us little people by increasing the price of their products and services they sell to us.

Elizabeth Warren knows this. She is simply trying to make herself look popular in the eyes of the simple minded Dems who DON'T know this, so that she might get elected to something next time around.

8)

They don't have to increase the price of anything to make money, though, their services will always cost money.

If anyone is considered a leech on society it should be the wealthy.  They make money off renting houses, dividend paying stocks, etc.  They make money off OTHER peoples work.  No one is self made, without society their inventions would have never been successful.  We should all be a team working for a greater goal, not fighting against each other.

https://i.imgflip.com/2swiuv.jpg (https://imgflip.com/i/2swiuv)

You contradict yourself in your own statement. Again this is a classic case of "anyone who has more than me is bad". How about instead of focusing on them, you focus on the system that allowed them to do this? Such as the system I described above in detail that pumps the money to that class while the working class save burning currency and stay on a financial treadmill. The people who are our real enemies aren't even on that chart and no one here has ever heard their names. The people you are blaming are not our enemies, and to a certain extent we still need quite desperately.

she sells the entire billionaire club, for the presidency.

Nobody is required to use their products and services. There are places in the Appalachian Mountains where they make almost all their own goods. And look at the Amish, for example. But that wasn't the point.

The point was that Warren is trying to make herself look good by talking taxing the rich... who will just pass any taxes on to the poor who buy their products and services.

8)

Yeah no shit, without society nothing would ever exist, what's your point? It's like saying, ''your restaurant would have no customers without society'' Yeah no shit.

When you look at the average IQ of the various nations, you will find that the U.S. average is about 98 - https://www.worlddata.info/iq-by-country.php. Southeast Asian IQ is about 10 points higher than the USA.

The things that the chart doesn't show are the top IQs and how many geniuses there are in each country. Western Europeans and Americans have a reasonable number of geniuses, while SE Asians fall far below those numbers.

If you have geniuses making money, in order for them to do so, they will have to automatically spread the prosperity. When lower IQ Dems try to take wealth by force of government, the higher IQ geniuses will simply find ways around it.

The whole Elizabeth Warren thing is being used to conquer America by attempting to disrupt a great, genius-promoted economy.

A great website to find all kinds of behind the scenes info and statistics (although some of it is only available through books they promote or sell) is American Renaissance - https://www.amren.com/ (https://www.amren.com/).

8)

That is funny because the most intelligent people were socialists (Einstein, Hawking(

It is just greed, plain and simple.  Some people get joy from watching others suffer.  A lot of life comes down to luck but narcissists believe they did something extraordinary when it was just a roll of the dice.

Communists and Socialists love taking credit for everything under the sun, as long as it is positive that is. You don't have any backing for those assertions. Also, it is funny you bring up narcissism since Communism/Socialism is composed of a school of ideological thought labeled "Critical Theory" which is meant to give Marxism an air of authority. It is essentially a form of viral collectivized narcissism.

They are going to be really disappointed when they find out IQ doesn't measure intelligence. 

No, this kind of statement is nonsensical.

But if you think you can, go ahead and attempt to prove it.

Of course it's greed. The genius is to let people think they are free, and that they are benefiting themselves by their labor. Then the people will work hard and willingly, for themselves - 'cause they are greedy, too - while you pick up a little bit of profit off each of a big bunch of them.

In the Revolutionary war, the rich geniuses who figure out the Constitution needed help to fight King George. What they did was give the people real freedom so that the people would back them. And that almost wasn't enough.

Today, government consolidation is pulling the freedom away. It isn't the geniuses in government doing it. It is the Elizabeth Warrens. And the people are falling for it, 'cause they aren't intelligent enough to see what is really happening.

But it will ultimately backfire on her. People don't work well under socialistic slavery.

8)

Never understood when people attack greed for being wrong. Greed isn't wrong, it's what started this country and what is going to continue to define it. I see little to no purpose in life if you're not continuously longing for some sort of end goal -- which is you, being greedy, and chasing a goal.

Punishing those that are job creators isn't going to work, and its seen in countries such as Venezuela the horrid atrocities that can come out of that mentality.

LULZ in this thread the sky is falling, USA will become Venezuela, no one will create a business ever, no one will ever own anything, the government will control who makes my jeans and there will be bread lines 100 miles long because of a 2% tax on  ~.1% of the US population.

Ironically ~70% of Americans support higher taxes for the top tier of wealth holders.

If a person is taxed at 2% of their wealth how long would it take the government to take all of that persons money?  Answer: Never...

Never, because they will all flea the country to live in a place with lower taxes.

It's a standard socialist trick.

What I never understood about it is the simple fact that the greed of a person, like you or I, could never even begin to approach the greed of a country to steal from its citizens.

Greed is one of the primary destructive forces in people. Greed can cause people to focus on what they want so extremely fiercely that they forget to maintain their own life properly.

If we got rid of government regulations, and let people know it, people would automatically become their own job creators.

8)

No one here has said that all government regulations are bad, as I think there are certain functions of government which are pretty vital. Some examples would be monitoring pollution -- as companies have no financial incentive to not pollute the earth, or to monitor the financial sector and ensure that people aren't taken advantage of.

Though there is burdensome regulation that may be well-intentioned but are in the way of progress and isn't really doing anything to support the country. Because there are certain issues that bureaucrats in Washington are only touching in order to ensure job security, and not to actually regulate for reason.

Forget Warren (who I wrote in for prez in my younger and more foolish days when she seemed to be anti-bankster) and her lukewarm two-party-theater garbage.  Here's what we do:

• Define all debt since the creation of the Federal Reserve as 'Odios Debt.'
  
  
• Implement a legal framework for claw-back of all wealth obtained by facilitating said debt.
  
  
• Double or triple the wages of government workers...but impose extreme transparency on ALL personnel who make a living off the taxpayer's dime.  This would include those who win government contracts.  Selling out for personal wealth or dual-national loyalty reasons, would be punishable all the way up to the capital offense level.
  
  Those who don't want the heat are _free_ to stay out of the kitchen, and those who (wisely) choose to go that route can have privacy and enjoy the trappings of their efforts.
  
  
• Operate a national and TRANSPARENT debt-based fiat monetary system with the interest/inflation operating the government instead of going onto the secret balance sheets multi-national private investors.
  
  

Under such a system, we peeps would probably never pay another dime in 'taxes' as they are currently implemented.  And we would have a 'scared straight' government which functions better.

IRS taxes go to the Federal Reserve Bank, and are used as an indicator regarding how much more money government can borrow from them.

Government could shut down the Fed and start its own money system up again. Of course, anyone doing it would be executed like Kennedy was.

8)

I guess we all think that until we actually achieve that kind of power, not saying all people would steal too but power certainly seems to change people.

I think people often mistakenly attribute the tendency for those types of individuals to seek power, with power changing people. Though I am sure it is very often the case, the most extreme examples people recognize are usually a case of that type of person seeking a position of power.