Finance and Economics > Economic News, the Global Economy and all Things Monetary

Wealth Tax?

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David in MN:
I don't know if you've heard but there's this Elizabeth Warren person proposing a wealth tax. She claims it will only effect "billionaires" but you're going to have to prove you don't have a billion in assets. So it will effect everyone.

The federal government will have to assess your savings, investments, house, cars, boat, artwork, powertools, lawn mower, grill, light bulbs, literally everything you own. And if you're dumb enough to own a business the value of that business must be assessed. Every year.

I don't know how we'd even begin to accomplish this. And if we exempt light bulbs why wouldn't "billionaires" just buy warehouses full of light bulbs? This is beyond stupid. The IRS would have to assign an asset value for my cherry tree.

I guess Harvard can't teach financial logic.

LvsChant:
Scary that someone that stupid has attained her position... I'm sure she isn't the only one who would qualify for this description, but with her lying about being a native American most of her adult life, her wild socialist ideas, etc., I'm surprised she doesn't get laughed away whenever she opens her mouth. Does this idea of hers have any support by other senators?

David in MN:
I don't know how any serious person could believe this. Do we really believe the IRS will evaluate and assess your clothing and wedding ring? If that sounds insane bear in mind Victoria's Secret will sell you a million dollar bra. The IRS would be in charge of my wife's lingerie. If that makes Warren blush and say she won't count that asset guess what the new currency will be?

And if that's not nuts enough we need to calculate "wealth". Let's assign a value to my being bilingual. Or my ability to do calculus. Or my ability to walk.

Only the dumbest people on planet earth would believe they could even calculate wealth. They already don't know how much silver I own. Do they know our household assets in the form of cookware, designer purses, firearms, or socket sets?

I call BS.

iam4liberty:
It is BS.  This is Warren trying to shake down Zuckerberg and other tech titans.  Deplatform Trump, the LP, and the GP and you'll get a nice carve out and lucrative government contracts.  Dont and she will find some way to seize all their assets if elected.   

Morning Sunshine:

--- Quote from: David in MN on November 19, 2019, 11:07:13 AM ---Only the dumbest people on planet earth would believe they could even calculate wealth. They already don't know how much silver I own. Do they know our household assets in the form of cookware, designer purses, firearms, or socket sets?

--- End quote ---

as I recall, in the middle ages, taxes were assessed on wealth - the type and style of clothes, the number of doors/windows in a house, jewelry worn in public, etc.  A savvy person could hide wealth by acting poor.  BUT the culture was such that you wanted to show your wealth, as power went to the wealthy, and powerful people attracted more wealth.

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