Warren’s Tax Plan Would Hit Some With Tax Rates Over 100%

Warren’s Tax Plan Would Hit Some With Tax Rates Over 100%

advertisement - story continues below

Under the sweeping tax proposals introduced by presidential hopeful Elizabeth Warren, some billionaires and multimillionaires could see their federal tax rate climb above 100% percent.

Tax rates higher than 100 percent could result from the combination of several tax hikes Warren has called for on the ultra-wealthy, as first reported by The Wall Street Journal. That includes increasing the top income-tax rate to 39.6 percent from 37 percent; imposing a new 14.8 percent on Social Security; slapping a 6 percent tax on individuals worth more than $1 billion and requiring investors to pay capital-gains taxes at the same rates as other incomes.

advertisement - story continues below

Stealing over 100% of people’s earnings. Now let that sink in for a minute. They take everything they earned, and plus some more. Just the modern Democrat party for you.

TDW:
take our poll - story continues below

Which Democrat will drop out of the race next?

  • Which Democrat will drop out of the race next?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Truth Uncensored updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

Democratic presidential candidate Sen. Elizabeth Warren (D-MA) has released her tax plan that an analysis has found would result in a tax rate of over 100% for some billionaires and millionaires.

The Wall Street Journal reports:

Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t sell their assets.

Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.

Warren’s economic plan was recently harshly criticized by former Obama administration adviser Steven Rattner, who said, “I would say it’d be disastrous for the American economy.” More

advertisement - story continues below

This is meant to target the rich to pay for her nonsense; however, the rich will just move their assets out of the USA where they aren’t hated, leaving only the middle class to pay for it. Socialists just cannot comprehend the laws of economics.

advertisement - story continues below