(TargetLiberty.org) – Fewer than six weeks into the Biden administration, the president’s grip on the Left of his party is already slipping. Now, a group of hardliners is pushing for a punitive tax on “ultra-millionaires.”
We need to address the growing power of billionaires, corporations, and their lobbyists as they rig the system and rules in their favor. It’s time for a #WealthTax to make ultra-millionaires pay their fair share. https://t.co/sDgDOKr07F
— Elizabeth Warren (@SenWarren) March 2, 2021
Senator Elizabeth Warren (D-MA), a veteran re-inventor who’s positioned herself firmly on the Democrat left, has proposed a new tax on personal wealth. All households and trusts “valued at” – Warren hasn’t said how, or by whom, the valuation would be done – over $50 million would be taxed 2% annually. A 3% tax would apply to net worth exceeding $1 billion.
This isn’t a tax on income; it’s a tax on a person’s wealth, money that’s already been taxed. And, until that person’s wealth is below some arbitrary threshold, next year, the IRS can come back and tax that wealth again.
With an evenly-balanced Senate, and many Democrats opposed to such an unfair tax, there’s little chance of Warren managing to push this through – yet. As long as Biden is president, you can bet she’ll keep trying.
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