A hat tip and much respect to Rep. Thomas Suozzi (D-N.Y.) Meet the PATRIOT TAX.

[WarGamer]

https://thehill.com/policy/finance/558263-exclusive-democrat-exploring-patriot-tax-on-multimillionaires-wealth


** He must have been reading my DU posts, lol... (only disagree with his threshold of $50M+...I would add a 1% bracket from $10m-$50M))

Rep. Thomas Suozzi (D-N.Y.), a member of the tax-writing House Ways and Means Committee, said that he’s exploring the idea of a one-time tax on the wealth of the richest Americans as Democrats seek to increase taxes on the rich in order to pay for spending priorities.

In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.” This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Wealthy people would be able to pay the tax over five years.

“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.

He said that for wealthy people, the surcharge would be “a way to help your country to build back better.”

Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.

[BigmanPigman]

1. Great name...all the GQPatriots will think this

is a good thing for America (which it is). At least those who are deplorable "patriots" will.

[WarGamer]

2. Now watch Bezos, Zuckerberg, Cuban, Gates and Dorsey all cry...

And threaten to support GOP.

They just pretend to support progressives until their wallets are threatened.

[BigmanPigman]

4. The only thing they truly support is the increasing size of their fat wallets.

They have no loyalty or patriotism and everyone knows it.

[WarGamer]

5. absolutely right.

[choie]

3. That is brilliant!

Take that "death tax"!!!

[Salviati]

7. Heck with one time event...

... make it once every 10 years. The individual who pays the highest patriot tax is declared the Patriot of the decade and is awarded a statue in the new "Hall of Patriots" on the capital mall, and gets an invite to all the state dinners that decade.

These billionaires see their wealth as a way to "keep score"? Well, let's put the US in the position of declaring a winner, and see them fight for it.

[cynical_idealist]

14. nice idea

[dweller]

6. And let all those electric vehicle owners

go scot free ?!?

Susan Collins’ pearl necklace is at the breaking point !

✌🏻

[patphil]

8. I like Elizabeth Warren and Bernie Sanders' idea even better.

https://www.cnbc.com/2021/03/01/elizabeth-warren-bernie-sanders-propose-3percent-wealth-tax-on-billionaires.html

[burrowowl]

12. YES!

[bringthePaine]

9. BRAVISSIMO!

[smirkymonkey]

10. Hear, hear!

[Gaugamela]

11. As much as I support the idea, it might be unconstitutional.

The author is a retired law professor and an expert on tax policy:

There’s only one snag: There are strong arguments that a federal wealth tax is unconstitutional. Wealth taxes violate Article I, Section 2, Clause 3, of the U.S. Constitution, which forbids the federal government from laying “direct taxes” that aren’t apportioned equally among the states.

A direct tax is a tax on a thing, like property or income. An indirect tax is a tax on a transaction: for example, a sale or a gift.

The income tax is a direct tax and constitutional because of the 16th Amendment, which specifically allows income taxes without apportionment. As for property, you may notice that only states levy real estate taxes. In almost every case, the federal government cannot tax real estate or any other form of wealth absent a transaction.

Warren cites a small group of law professors who back her claim that a wealth tax passes constitutional muster. But the argument against constitutionality is strong enough that a lawsuit before the Supreme Court is sure to follow any attempt to enact a wealth tax.

I have a feeling I know how the SCOTUS will vote on this.


https://theconversation.com/senator-warrens-wealth-tax-might-prevent-billionaires-from-paying-nearly-nothing-in-taxes-but-its-probably-not-constitutional-147893

[rownesheck]

13. My idea:

Imprison anyone who has more than $100 million who refuse to give back half of their wealth to the government.

Yes, I hate rich people.