Senator Bernie Sanders and Ro Khanna, a representative, on Monday introduced legislation that would impose a 5% annual wealth tax on America’s billionaires.
It didn’t, doesn’t, work in California so let’s take is nationwide!
Of course, Saez and Zucman say it will be great. Which is all we need to know to show they’ve stopped being economists and are now activists only.
Presumably Musk will simply bulldoze this cash out of his pile of gold and send it to the Treasury?
Presumably that’s one reason Elon is so keen to get to Mars.
Getting there and claiming citizenship will be cheaper than staying anywhere with even a hint of danger of socialism.
https://www.finance-monthly.com/bernie-sanders-net-worth/
Would anyone else on here be happy to acquire the Sanders properties, investments and other assets for their stated value of just $2m.
I’d certainly be wiling to take the risk.
Strangely Americans seem unfamiliar with the expression Champagne Socialist.
I say “strangely” because the US seems to be awash with the bastards.)
We are indeed, but Champagne Socialists are largely white, aging boomers (well, I’m one of those too but not a CS). As the country’s population becomes more and more minority (especially Hispanic), the CS s can be reasonably confident that barring major multiyear illnesses, their kids will inherit well and be able to live comfortably, perhaps living at a lifestyle in their 50s that their parents achieved in their 30s. So, long as they can make it difficult for younger minorities, they’ll keep them out of leafy neighborhoods, other than for gardening or house cleaning, for another generation.
“ they’ve stopped being economists and are now activists only.”
And the difference is?
Also they might as well be reading Atlas Shrugged and using it as a template. Even the names are the same – the Fair Share Act.
Ro Khanna is also the one who said ditching Obama-era “net neutrality” roles would lead to cell plans where you could only access Youtube, just like in Portugal.
Utterly wrong, but nobody treats him like the pariah he should be.
One-time? Yeah, one-time, over and over.
This should get the billionaires out of California . . . if they haven’t gone already.
The revenue would be used for whatever the heck the government wants to. This declaration of good causes is a lie – it’s not how government works – to justify stealing from the rich. “Stealing is okay if you do good things with the money.”
BTW . . . The state has no way of knowing an individual’s net worth.
“The state has no way of knowing an individual’s net worth.”
Doubtless they’ll give themselves the right to use an ‘estimate’.
Anyhoo, would this bollocks be constitutional?
It’ll be boom times for appraisers.
Even if this wasn’t a stupid proposal in itself, using a one-off tax to fund recurring annual expenditure would make it so.
If you need your one-off tax to fund your recurring annual expenditure, how are you going to fund it next year?*
This makes it seem more likely that they’re lying; it won’t just be one-off.
*And if your taxpayers have sold off 5% of their assets, there’s less investment income next year, so less income tax. So your spending that you couldn’t afford on last year’s income tax is going to be even more adrift.
And that’s before anyone leaves the State in response to your “one-off” tax, since we know lefties don’t accept that will happen.
To pay this asset tax, the asset owners will have to sell some of their assets, reducing the pride of the assets, reducing the amount of asset tax due.
Hey! Where’s the money gone? Why aren’t we raising 6 squillion zarbles?!? Why has it only raised 3 squillion zarbles?!?!?? They are hiding their money!
And then next year there will be less assets to tax, because you’ve already taken some of the assets off them, so less asset tax raised.
Hey! We got 3 squillion last year, how come we’ve only got 1 squillion this year? The basterds are refusing to hand over their money!
Less income tax as well, if there’s fewer income-generating assets.
American states have a fair bit of autonomy in how they manage their financial affairs. Some tax their residents much less than others, even when all forms of taxation are included. Americans have the ability to shift residency when their state’s taxes and regulations become too onerous to tolerate. Those members of the left who are able to think two or three moves ahead realize this, hence their great desire to impose their wishes nationally so that there is no escape. If they don’t get that they’ll argue for a system of internal passports and requiring permission to move, just like the Russians, Chinese and other countries they so admire. Those differences between states that they so despise are disparaged as remnants from the days of slavery.
Understand the commie mindset:
This isn’t about raising revenue; it’s about HURTING the rich.