Reply to Taxes & the Oligarchs

Forum Index » Political Discussion

Reply to "Taxes & the Oligarchs "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]There should not be billionaires. It’s not good for society. The billionaires should be taxed until they’re multimillionaires. Billionaires should become extinct.

Change my mind.[/quote]

You want to tax wealth and not income? How would that work?[/quote]

We could use Elizabeth Warren’s plan:

The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more-roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period. The Ultra-Millionaire Tax would impose:

Zero additional tax on any household with a net worth of less than $50 million (99.9% of American households)
2% annual tax on household net worth between $50 million and $1 billion
1% annual Billionaire Surtax (3% tax overall) on household net worth above $1 billion
 The Ultra-Millionaire Tax also includes strong anti-evasion measures, including but not limited to:

a significant increase in the IRS enforcement budget; 
a minimum audit rate for taxpayers subject to the Ultra-Millionaire Tax; 
a 40% "exit tax" on the net worth above $50 million of any U.S. citizen who renounces their citizenship; and
systematic third-party reporting that builds on existing tax information exchange agreements adopted after the Foreign Account Tax Compliance Act.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics