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WarGamer

(12,301 posts)
Mon Jun 14, 2021, 06:10 PM Jun 2021

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

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.
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A hat tip and much respect to Rep. Thomas Suozzi (D-N.Y.) Meet the PATRIOT TAX. (Original Post) WarGamer Jun 2021 OP
Great name...all the GQPatriots will think this BigmanPigman Jun 2021 #1
Now watch Bezos, Zuckerberg, Cuban, Gates and Dorsey all cry... WarGamer Jun 2021 #2
The only thing they truly support is the increasing size of their fat wallets. BigmanPigman Jun 2021 #4
absolutely right. WarGamer Jun 2021 #5
That is brilliant! choie Jun 2021 #3
Heck with one time event... Salviati Jun 2021 #7
nice idea cynical_idealist Jun 2021 #14
And let all those electric vehicle owners dweller Jun 2021 #6
I like Elizabeth Warren and Bernie Sanders' idea even better. patphil Jun 2021 #8
YES! burrowowl Jun 2021 #12
BRAVISSIMO! bringthePaine Jun 2021 #9
Hear, hear! smirkymonkey Jun 2021 #10
As much as I support the idea, it might be unconstitutional. Gaugamela Jun 2021 #11
My idea: rownesheck Jun 2021 #13

BigmanPigman

(51,552 posts)
1. Great name...all the GQPatriots will think this
Mon Jun 14, 2021, 06:18 PM
Jun 2021

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

WarGamer

(12,301 posts)
2. Now watch Bezos, Zuckerberg, Cuban, Gates and Dorsey all cry...
Mon Jun 14, 2021, 06:21 PM
Jun 2021

And threaten to support GOP.

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

BigmanPigman

(51,552 posts)
4. The only thing they truly support is the increasing size of their fat wallets.
Mon Jun 14, 2021, 06:26 PM
Jun 2021

They have no loyalty or patriotism and everyone knows it.

Salviati

(6,008 posts)
7. Heck with one time event...
Mon Jun 14, 2021, 06:40 PM
Jun 2021

... 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.

dweller

(23,603 posts)
6. And let all those electric vehicle owners
Mon Jun 14, 2021, 06:37 PM
Jun 2021

go scot free ?!?

Susan Collins’ pearl necklace is at the breaking point !

✌🏻

Gaugamela

(2,494 posts)
11. As much as I support the idea, it might be unconstitutional.
Mon Jun 14, 2021, 09:10 PM
Jun 2021

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

(2,343 posts)
13. My idea:
Mon Jun 14, 2021, 10:23 PM
Jun 2021

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.

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