Common
02-01-2019, 03:31 PM
Let them keep on talking, and americans will see how impossible this all is and all these democrat candidates are going to talk themselves right out of ever being in the whitehouse. Let them talk and talk and talk.
Lets see Ocasio wants a 70% federal tax on the rich not counting city, state and sales taxs. Then after paying all that when they die Bernie Sanders wants to tax whats left another 77%.
Sen. Elizabeth Warren, D-Mass., is proposing a one-time tax on the wealth of the rich (https://www.washingtonexaminer.com/opinion/elizabeth-warren-endorses-wealth-tax-just-in-time-for-presidential-run), at a rate as high as 3 percent. Sen. Bernie Sanders, I-Vt., is going much further, proposing a 77 percent death or inheritance tax (https://www.washingtonexaminer.com/policy/economy/bernie-sanders-proposes-77-percent-estate-tax-for-billionaires).
The ideas of these two presidential aspirants are basically the same, merely imposed at different rates and at different times of life.
They're also both impractical and immoral ideas. Sanders is far worse on both counts. Both measures neglect what so many of today's self-styled revolutionaries fail to grasp: The Constitution enshrines the rights of everyone, and that even includes the wealthy.
Sanders' and Warren's ideas are both extreme proposals that would unfairly double-tax income. Having already earned the money and paid a high progressive marginal tax rate on it — in some cases higher than 50 percent when state and local taxes (and corporate taxes, in the case of stock and dividend income) are included — Americans who earned more would be called upon to pay yet another tax on whatever they should have left over. Such double-taxation is imposed on literally no one else.
Both Sanders' and Warren's taxes would punish those who save wisely, and it creates an effective deduction for those who spent their fortunes in foolish pursuits. Those who invested and created jobs in profitable businesses would suffer the most. All money spent on indulging whims would effectively be free from these taxes, whereas anything spent building a profitable (read: beneficial to society) business would compound double-tax liability.
Worst of all, both Sanders' and Warren's taxes would be levied against wealth that is not necessarily liquid and which might not be liquidated. Already, the existing inheritance tax forces profitable and socially useful enterprises that employ thousands of people to be liquidated in order to pay the tax — just ask the former family owners of the Buffalo News, who were forced to sell on the cheap to pay the tax. A wealth tax or a super-high inheritance tax would simply exacerbate this problem, devouring the jobs and livelihoods of many people who are not even thousandaires, let alone billionaires. And as usual, inheritance taxes merely force more and more property out of the hands of people and into corporate structures.
https://www.washingtonexaminer.com/opinion/editorials/sanders-death-tax-indulges-the-politics-of-envy-and-hatred
Lets see Ocasio wants a 70% federal tax on the rich not counting city, state and sales taxs. Then after paying all that when they die Bernie Sanders wants to tax whats left another 77%.
Sen. Elizabeth Warren, D-Mass., is proposing a one-time tax on the wealth of the rich (https://www.washingtonexaminer.com/opinion/elizabeth-warren-endorses-wealth-tax-just-in-time-for-presidential-run), at a rate as high as 3 percent. Sen. Bernie Sanders, I-Vt., is going much further, proposing a 77 percent death or inheritance tax (https://www.washingtonexaminer.com/policy/economy/bernie-sanders-proposes-77-percent-estate-tax-for-billionaires).
The ideas of these two presidential aspirants are basically the same, merely imposed at different rates and at different times of life.
They're also both impractical and immoral ideas. Sanders is far worse on both counts. Both measures neglect what so many of today's self-styled revolutionaries fail to grasp: The Constitution enshrines the rights of everyone, and that even includes the wealthy.
Sanders' and Warren's ideas are both extreme proposals that would unfairly double-tax income. Having already earned the money and paid a high progressive marginal tax rate on it — in some cases higher than 50 percent when state and local taxes (and corporate taxes, in the case of stock and dividend income) are included — Americans who earned more would be called upon to pay yet another tax on whatever they should have left over. Such double-taxation is imposed on literally no one else.
Both Sanders' and Warren's taxes would punish those who save wisely, and it creates an effective deduction for those who spent their fortunes in foolish pursuits. Those who invested and created jobs in profitable businesses would suffer the most. All money spent on indulging whims would effectively be free from these taxes, whereas anything spent building a profitable (read: beneficial to society) business would compound double-tax liability.
Worst of all, both Sanders' and Warren's taxes would be levied against wealth that is not necessarily liquid and which might not be liquidated. Already, the existing inheritance tax forces profitable and socially useful enterprises that employ thousands of people to be liquidated in order to pay the tax — just ask the former family owners of the Buffalo News, who were forced to sell on the cheap to pay the tax. A wealth tax or a super-high inheritance tax would simply exacerbate this problem, devouring the jobs and livelihoods of many people who are not even thousandaires, let alone billionaires. And as usual, inheritance taxes merely force more and more property out of the hands of people and into corporate structures.
https://www.washingtonexaminer.com/opinion/editorials/sanders-death-tax-indulges-the-politics-of-envy-and-hatred