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View Full Version : Dems hype wealth tax as Europeans abandon it



Peter1469
03-28-2019, 08:28 AM
Dems hype wealth tax as Europeans abandon it (https://news.yahoo.com/democrats-love-wealth-tax-europeans-080000303.html)

What to soak the rich? Vote Dem. But Europe has found the tax to be counterproductive.


Yet of the 15 European countries that tried a wealth tax in recent years, only four still employ it. Most of those governments ultimately were underwhelmed by the amount of revenue raised and overwhelmed by the difficulty in collecting an accurate tax.

Nevertheless, the idea is gaining steam among Democrats trying to unseat President Donald Trump in 2020. Senator Elizabeth Warren of Massachusetts was the first to come out with a detailed wealth tax proposal, and former Texas congressman Beto O’Rourke has expressed support for the concept.


Warren wants to impose a 2 percent annual tax on a family’s wealth over $50 million, with an additional surcharge of 1 percent on wealth above $1 billion. She says her plan would raise $2.75 trillion over 10 years.


“As long as there is a desire to tax, there’s a chance a wealth tax could happen here,” said Veronique de Rugy, a senior fellow at the conservative Mercatus Center. But “we can’t assume we can do things better than other countries who have tried.”


Democrats, seizing on the argument that the 2017 Republican tax overhaul favored the wealthy, are staking out positions that will require upper-income filers to pay more. In addition to wealth tax proposals, several contenders have floated ideas to increase the number of filers eligible for the estate tax.


Some 15 countries in the Organization for Economic Cooperation and Development, a group of economically advanced nations, had wealth taxes in 1995. Now, only four do: Switzerland, Belgium, Norway and Spain.

Read the rest at the link.

Sergeant Gleed
03-28-2019, 11:16 AM
The Rodents are discovering that massive state income taxes aren't effective either, now that Trump has eliminated the state tax deduction from the federal return.

Peter1469
03-28-2019, 05:20 PM
The Rodents are discovering that massive state income taxes aren't effective either, now that Trump has eliminated the state tax deduction from the federal return.
Or rather capped it at 10K. I agree with it, although I got caught up in it.

Tahuyaman
03-28-2019, 06:13 PM
Dems hype wealth tax as Europeans abandon it (https://news.yahoo.com/democrats-love-wealth-tax-europeans-080000303.html)

What to soak the rich? Vote Dem. But Europe has found the tax to be counterproductive.



Read the rest at the link.

Taxing the rich is always an easy sell in the US. That’s why liberals have worked so hard to engage in strategy of class envy.

Mini Me
03-28-2019, 10:19 PM
A much better tax would be to tax the HEDGE FUNDS. Even a low 1 0r 2 % tax would bring in huge amounts of revenue. And the average person would not be affected.

Peter1469
03-29-2019, 04:28 AM
A much better tax would be to tax the HEDGE FUNDS. Even a low 1 0r 2 % tax would bring in huge amounts of revenue. And the average person would not be affected.
People would avoid the tax. Money flows away from specific tax schemes. As the article says, the rich use to put their money into real estate to avoid wealth taxes. That takes a lot of money out of the equity markets.