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.
Democrat Elizabeth Warren’s Tax Plan Would Hit Some With Rates Over 100% https://t.co/HnPBeGqVJn
— Ryan Saavedra (@RealSaavedra) November 16, 2019
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:
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
And what is Warren selling here? Punish the “rich”, as if the average voters will actually see any of it in their own pockets? No. It will go toward her socialist agenda killing babies, taking guns from law abiding citizens, open borders, climate hoax and lining her own pockets. pic.twitter.com/67cFRk2pEQ
— Kevin Townsend (@K_Town7) November 16, 2019
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.
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