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Elizabeth Warren's tax guru explains how he will tax wealth, not income (f#cking scary)
Posted on 10/21/19 at 3:15 pm
Posted on 10/21/19 at 3:15 pm
New Yorker
The scariest part is where they talk non-stop about "wealth inequality" as if it is a factual, agreed upon problem.
Even the below headline mentions it as a factual problem to be solved, not as a something SOME people think is a problem.
Their solution is to tax assets and wealth. The below illustration shows that they would tax Warren Buffet based on the $3 billion his wealth increased this year (regardless of whether it is liquid, or even real and not just market fluctuations. Rather than on the $10 million of actual income he produced by selling some stocks.
They would likely tax his overall wealth as well.
I know that Warren Buffet is not a sympathetic character, but this is the entrance they are looking for to tax retirement funds and home equity.
The scariest part is where they talk non-stop about "wealth inequality" as if it is a factual, agreed upon problem.
Even the below headline mentions it as a factual problem to be solved, not as a something SOME people think is a problem.
quote:
Gabriel Zucman and his colleagues are advocating a progressive wealth tax as a solution to global inequality, one that rethinks both evasion and the goals of taxation.
Their solution is to tax assets and wealth. The below illustration shows that they would tax Warren Buffet based on the $3 billion his wealth increased this year (regardless of whether it is liquid, or even real and not just market fluctuations. Rather than on the $10 million of actual income he produced by selling some stocks.
They would likely tax his overall wealth as well.
I know that Warren Buffet is not a sympathetic character, but this is the entrance they are looking for to tax retirement funds and home equity.
quote:
To explain how this could be, Zucman likes to use the example of Warren Buffett. Forbes had estimated Buffett’s wealth to be sixty billion dollars, which suggested that his wealth was growing by about three billion dollars per year. But Buffett reported to the I.R.S. capital gains of about ten million—based on his sales of some shares in his own company, Berkshire Hathaway. For many years, Buffett has been pointing out that his tax rate is too low—the line has often been that he pays a lower effective rate than his secretary—and urging politicians to turn the screws a bit tighter on the ultra-wealthy. In response, Barack Obama proposed the Buffett Rule, a principle adopted by Hillary Clinton, in which people making more than a million dollars a year would have a minimum federal tax rate of thirty per cent. As of a couple of years ago, this was the frontier of mainstream Democratic tax policy, but, to Zucman, it was outlandishly inadequate. Raising the rate on the ten million dollars that was accessible to the I.R.S. made no statistical difference at all. The issue was the $59,990,000,000 that they could not touch. Apply the Buffett Rule, don’t apply the Buffett Rule; it didn’t much matter. “Functionally, his tax rate is zero per cent,” Zucman said.
This post was edited on 10/21/19 at 3:20 pm
23
Posted on 10/21/19 at 3:20 pm to Bjorn Cyborg
Progressives are jealous of wealth and want to punish the wealthy through tax.
Posted on 10/21/19 at 3:21 pm to Bjorn Cyborg
quote:
“Functionally, his tax rate is zero per cent,”
Dude pays more in taxes every year than most families, with the same rights and opportunities as WB, in a generation. Yeah, we need more from him.
Do people not see how ridiculous that sounds?
Posted on 10/21/19 at 3:23 pm to Bjorn Cyborg
quote:
Elizabeth Warren's tax guru explains how he will tax wealth, not income (f#cking scary)
So, assets that have already been taxed once? Pocahontas should join Bernie and come out of the closet as a full-blown Communist.
Posted on 10/21/19 at 3:24 pm to Bjorn Cyborg
So the plan is to slowly steal people's wealth through taxation
Posted on 10/21/19 at 3:25 pm to Bjorn Cyborg
RIP to property investors. (And all investors really)
“Oh, all your investments are tied up in land? Looks like you’ll have to sell 30% of it to pay for lesbian dance theory to be offered for free at the local community college.”
“Oh, all your investments are tied up in land? Looks like you’ll have to sell 30% of it to pay for lesbian dance theory to be offered for free at the local community college.”
Posted on 10/21/19 at 3:27 pm to Bjorn Cyborg
quote:
Gabriel Zucman
Zucman
Every. Damn. Time.
Posted on 10/21/19 at 3:31 pm to Eli Goldfinger
Wrong. There are social progressives that are fiscally ignorant and believe as you suggest. Liberal elites know if theY control your wealth and your speech, they control you. This is end-game communist type stuff here.
This post was edited on 10/21/19 at 3:32 pm
Posted on 10/21/19 at 3:36 pm to Bjorn Cyborg
quote:
Gabriel Zucman
Posted on 10/21/19 at 3:36 pm to Bjorn Cyborg
I don't understand how this could ever work. Say some guy owns a private company that employs 100 people. The company is worth 25 million but he only pays himself 250k per year and reinvests the rest into the business. How can they tax what his business might be potentially worth? It's not a liquid asset.
Most of the super rich have their assets in shares of stock.
Most of the super rich have their assets in shares of stock.
This post was edited on 10/21/19 at 3:39 pm
Posted on 10/21/19 at 3:40 pm to Bjorn Cyborg
This moron going to give a tax break on unrealized losses too?
Posted on 10/21/19 at 3:45 pm to fallguy_1978
I will be getting a CPA if something like this ever gets implemented. Actually, I'd probably stop working who am I kidding.
Posted on 10/21/19 at 3:45 pm to Bjorn Cyborg
quote:
Elizabeth Warren's tax guru explains how he will tax wealth, not income (f#cking scary)
You know how insidious this is. You turn to the masses and say elect me and I will get money from them. The masses being jealous by nature say fine/great. Go get it from them and give some to me. Class warfare is effective and I'd say a new and upcoming political strategy in our country. Fundamental Transformation.
Posted on 10/21/19 at 3:46 pm to Smoke7024
quote:
tax break
This is not a term that is within the overton window for leftists lol
Posted on 10/21/19 at 3:46 pm to Smoke7024
quote:
This moron going to give a tax break on unrealized losses too?
Was just scrolling down to ask this question.......
Posted on 10/21/19 at 3:47 pm to fallguy_1978
(no message)
This post was edited on 1/18/21 at 5:19 pm
Posted on 10/21/19 at 3:48 pm to Screaming Viking
You're going to have to put together a full financial statement to file a tax return. 
Posted on 10/21/19 at 3:48 pm to EvrybodysAllAmerican
quote:
So the plan is to slowly steal people's wealth through taxation
That’s always been the plan. They’re just being more open about it of late.
Posted on 10/21/19 at 3:53 pm to Bjorn Cyborg
quote:
The below illustration shows that they would tax Warren Buffet based on the $3 billion his wealth increased this year (regardless of whether it is liquid, or even real and not just market fluctuations.
If they ever get power in government, these democrats will fricking destroy everything that grows our economy.
They will take massive amounts of money that would be going into the economy for investment and growth and divert it to the government till whereupon most of it would be wasted and used to line politicians’ pockets.
Posted on 10/21/19 at 3:55 pm to Eli Goldfinger
quote:
Progressives are jealous of wealth and want to punish the wealthy through tax.
It's worse than that.
Progressives think that nobody is better suited to control resources than they are, so nobody else should have any.
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