NYT: Warren's wealth tax would curb the fortunes of America's richest families.

[crazytown]

Warren Would Take Billionaires Down a Few Billion Pegs
Elizabeth Warren’s tax proposals would significantly curb the gigantic fortunes of America’s richest families over time
https://www.nytimes.com/2019/11/10/business/economy/warren-billionaires-wealth-tax.html


If a 6% Wealth Tax had been instituted in 1982

“Yes, billionaires will have to pay a little more,” Senator Elizabeth Warren said of the revised tax package she introduced recently, “six cents on each dollar.”

This modest-sounding proposal, though, would have a far-reaching impact on the wealthiest Americans when combined with her other tax plans — shrinking colossal fortunes over time and making it much more difficult to hand down multibillion-dollar legacies.

The tax bite for any individual would not equal the $100 billion that Bill Gates jokingly cited, but over time it would still sting, according to estimates by two economists who advised Ms. Warren. If her wealth tax had been in effect since 1982, for example, Mr. Gates, who had made his first billion dollars by 1987, would have had $13.9 billion in 2018 instead of $97 billion.

Jeff Bezos, the world’s richest person, would have had $48.8 billion last year instead of $160 billion. And Michael Bloomberg, who is considering running for president himself, would have had $12.3 billion instead of $51.8 billion.

[CrispyQ]

1. And guess what? They will STILL be America's riches families.

[crazytown]

4. Walton would still be the 'poorest'

My heart bleeds.

[The Velveteen Ocelot]

2. Congress is controlled by rich people, so it will never happen.

[CrispyQ]

11. If people want to see change in this country we need two things:

Publicly funded elections
Paper ballots

There's a bunch of other stuff we could do, but these two would go a long, long way to righting this corrupt system.

[The Velveteen Ocelot]

17. How are those things going to happen when rich people control Congress?

That's the problem. The whole system is awash in money, and because of the money it will perpetuate itself the way it is.

[CrispyQ]

18. It's a catch-22 that's for sure.

We are FUBAR. We should be fighting climate change, not fascism.

[redqueen]

19. Well...

Lots of election boards are switching to BMDs with a readable paper ballot. That's what I just used in my state election. Every one of the most populous cities in Texas (besides Houston) will have these in place before 2020.

Also, lots of states are moving toward Risk-Limiting Audits - and even more than paper ballots, it is LRAs that will ensure election security. (Side note - these are mandated in the SAFE Act which of course Mitch - a true Russian asset - is blocking.)

So on that matter we are making progress with or without the parasites in DC.

And on the corporate cash front, Ro Khanna has put forward a bill that would make the Democracy Dollars type plan used in Seattle a national program. As Yang has so often pointed out, with this kind of program the money from citizens would drown out lobbyist cash.

So there is actually reason for hope. It's been slow but there is progress.

[Blue_true]

21. People simply need to get off their asses and vote in every election.

Around 40% of Americans that were eligible to vote did not vote in the 2016 general election. Nothing has changed since 2016 in terms of voting machines and funding of elections, but democrats made big gains in Virginia in 2017 and took over fully in 2019, Florida has more democrats in the State Legistlature and more in the US Congressional delegation, a democrat was elected to the US Senate in Arizona and Alabama, school boards, judgeships, councils across the country has more democrats. We have suffered some losses since 2016, but out gains have tended numerically to be larger. The key difference in 2017, 2018 and recently in 2019 so far is more democrats took the time to vote. The issue is about voting, when we vote we win.

[Turbineguy]

3. Those poor, starving billionaires....

[crazytown]

5. They should employ panhandlers

to work the streets of NYC and San Fran, pleading their needs,

[Turbineguy]

6. Like they do in Florida?

[crazytown]

7. !

[TDale313]

8. Ya know, billionaires should be happy

All we’re talking about is taxing them at a reasonable rate. Historically, when there’s been this level of greed and wealth inequality, solutions have not been so polite. Just sayin’...

[Hoyt]

9. So, how is Warren going to pay for all her promises if the taxable wealth is steadily declining?

Answer -- Tax everyone else.

Warren's promises depend upon more and more people in the upper incomes. Kind of ironic, don't you think?

Not opposed to a wealth tax, substantially increased capital gains tax, estate tax, etc., -- mainly because it won't affect me -- but we've got lot of things to pay for including past excesses. She's gone from a 2 to 3% wealth tax in a month to a 6% wealth tax. What is next?

And she hasn't even started on climate change, bolstering Social Security, jobs, education, deficit and debt reductions from past excesses, etc. Nor has she discussed how a wealth tax might affect charities.

Time for her to level with middle and upper-lower income people that she can't pay for all the worthy programs she bandies about.

[catrose]

10. I keep asking, "What will billionaires be doing without if they pay higher taxes?"

For the rest of us, it's easy to answer: Food, clothing, medical care, shelter. And just forget the pleasures of life.

So I'm not crying for them. If they don't like paying 6 cents on the dollar in taxes, maybe they should try 20-25 cents on the dollar for all their working lives--and paying taxes on social security, unemployment, and other government payments that, yes, you are ENTITLED to.

[onecaliberal]

12. Good.

[sagesnow]

13. How on earth could you live on only $1 Billion?

So sad for them.

[BlueMTexpat]

16. Ah yes, my heart

literally bleeds.

[INdemo]

14. Yes but at 2% ...that would add up to

what they tip the bell boys,waitresses,and room service at Vegas

[crazytown]

15. Not to mention exotic companions

and prospective third wives.

[NCjack]

20. Their money was stolen from American paychecks. We must take it back. nt