She should just set capital gains tax to ordinary income levels. I think wealth tax is too complicated and easy to cheat.
She should just set capital gains tax to ordinary income levels. I think wealth tax is too complicated and easy to cheat.
- Prior to this plan, Warren’s wealth tax was 2 percent on assets over $50 million and 3 percent on assets over $1 billion. Sorry, billionaires — now it’s 6 percent, which raises another $1 trillion. Warren also proposes taxing capital gains for the top 1 percent at the same rate as normal income, and doing so on an annual basis, rather than just when the sale is made. That raises $2 trillion.
Ultra-Millionaire Tax | Elizabeth Warren
A two-cent tax on the great fortunes of more than $50 million can bring in nearly $3 trillion to rebuild America’s middle class.elizabethwarren.com
A Calculator For The Billionaires | Elizabeth Warren
Some billionaires seem confused about how much they would pay under Elizabeth’s Ultra-Millionaire Tax. So we’ve created a calculator to do the math for them.elizabethwarren.com
Okay, so the proposal is 2% on wealth between 50 million and 1 billion. When you run the calculator on 1 billion in wealth it checks out at 19 million (obviously rounding a little.)
Then, it’s supposed to be 3% past 1 billion. Therefore, on another billion of wealth it should be 30 million additional. However, it calculates 79 million, which would be expected if they‘re collecting 2% on the first billion and 6% on the second billion.
If you run it on 100 billion just for a round number you’d expect 5.959 billion and you get... exactly that.
Hold on. Are you telling me you think someone who makes 100 billion a year can live off 94 Billion? Might as we’ll sign them up for welfare while filing taxes. poor bastards.
Tell me you're not serious in thinking that anyone makes 100 billion a year.
Tell me you're not serious in thinking that anyone makes 100 billion a year.
I understood his point, did you not?
I get a little concerned when someone can't distinguish wealth from income, just like debt and deficit.
There's obviously a point where capital will leave, I think in general we're not taxing it enough but to raise income taxes, capital gains taxes, and institute a 6% per year wealth tax is way too much, IMO.
I might be more supportive of a one time wealth tax over 1 billion or whatever as a corrective measure but even that will probably expose how much "wealth" is really just overvalued stocks and assets.
I find it funny when those who aren't wealthy feel the need to advocate for the wealthy.
If the wealthy are taxed too much, what do you think will happen? You think they'll stop investing? Because that makes zero sense since investments can usually be expensed. Do you think they'll up and leave the country and leave behind their income sources? Where are they going to go? Almost any place similar to the US will have even higher taxes.
I say take care of your average American first and if policies that affect the rich are so bad that they affect our economy and the average American then we can make changes later. It just seems odd to be concerned about something no economist is telling us is an issue.
I understood his point, did you not?
I find it funny when those who aren't wealthy feel the need to advocate for the wealthy.
If the wealthy are taxed too much, what do you think will happen? You think they'll stop investing? Because that makes zero sense since investments can usually be expensed. Do you think they'll up and leave the country and leave behind their income sources? Where are they going to go? Almost any place similar to the US will have even higher taxes.
I say take care of your average American first and if policies that affect the rich are so bad that they affect our economy and the average American then we can make changes later. It just seems odd to be concerned about something no economist is telling us is an issue.
I find it funny when those who aren't wealthy feel the need to advocate for the wealthy.
If the wealthy are taxed too much, what do you think will happen? You think they'll stop investing? Because that makes zero sense since investments can usually be expensed. Do you think they'll up and leave the country and leave behind their income sources? Where are they going to go? Almost any place similar to the US will have even higher taxes.
I say take care of your average American first and if policies that affect the rich are so bad that they affect our economy and the average American then we can make changes later. It just seems odd to be concerned about something no economist is telling us is an issue.
Ahh the good ol' "If you're not rich why are you defending the rich" sentement. This has only been portrayed hundreds of times as you attempt to make our hunter-gatherer species fall into the same fallacies.
YOU'RE in X group and therefore an enemy of me!
I understand that he has zero clue of what reported income is for a given taxable year, did you?
I’m not... if it’s possible to capture more tax income without massive capital flight I’m down.
Can you show us the last time we had massive capital flight?
The US hasn’t put any meaningful pressure on capital since it became more portable decades ago. It’s essentially theoretical but I’m sure you could imagine a high enough tax rate causing investors to move to more favourable jurisdictions.
No I can’t imagine it because if taxes were the only thing keeping them here then they would have already moved to more favorable jurisdictions.
Elizabeth Warren billionaire tax calculator broken?
OK! Swing for the fences then, a 94% tax on income over 3 million would be around a historic high. I’m sure no one will try to avoid that.
Of course it's fucking broken. When's the last time a politician said something would cost a certain amount and it didn't cost three times as much or more? I mean seriously can anyone give me an example in the last decade were this actually didn't happened?
When's the last time a government controlled agency actually came in on budget or god forbid UNDER budget. It ain't rocket science guys. She's full of shit.
The CBO's forecasts overstated both the costs and the benefits of the Democratic changes, as the measure appears likely to have a lower price tag than CBO anticipated but has also insured fewer people than proponents hoped, based on the agency's assessment.
Meanwhile, although conservative opponents of Obamacare have complained about premiums under the law, premiums have been less than the CBO originally forecast.
Since the government helps pay consumers' premiums under Obamacare, the combination of premiums and enrollment being lower than anticipated has reduced the overall cost of the bill.
I must have missed it, is someone proposing a 94% tax?
You're at MAGA levels of intentionally missing my point.
There is a tax rate that will result in capital flight. We need to find a rate below that.
You're at MAGA levels of intentionally missing my point.
There is a tax rate that will result in capital flight. We need to find a rate below that.