GR, Elizabeth Warren wants wealth tax

[Mick]

So she says…

Warren Revives Wealth Tax, Citing Pandemic Inequalities

[Beeg_Dawg]

“A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations,” Ms. Warren said.

What a load of unfiltered BS.  The reason voters on both sides like it is the tax -as proposed – will not affect them.  Liz wants that money to forgive student debt.

The money she is talking about won’t even cover the interest payment on our national debt, but she has other places to spend it!

 

[Genuine Realist]

Rare post for me, but my notion is the REPLACEMENT of the income tax with a wealth-based annual tax. A wealth surtax simply won’t work. There’s no middle and lower class tax break, there’s no real shift to the ultra-progressivism of a wealth tax, and – above all – there is no simplification of our overly complex reporting and enforcement system.

Still, I am glad to see a dialog begin. Even if it’s a dumb one.

I wouldn't give you two cents for all your fancy rules if, behind them, they didn't have a little bit of plain, ordinary, everyday kindness - yeah, and a little looking out for the other fella, too.

[Cornfed]

I have not seen much in the way of analysis of the economic impact of a wealth tax, but there are those who question if it is constitutional.  An income tax is specifically indicated, as are other types of levys, but there is no mention of a wealth tax.  I would imagine, though, that a constitutional scholar such as Elizabeth Warren has thought that through and just needs to hammer out some details.

It also strikes me that it would be a method of taxation burdened by process and red tape.  Capital gains calculations and estate taxes already provide examples of taxing methods that necessitate burdensome documentation, evaluation and subjectivity.  A wealth tax would be much more difficult and arbitrary.  Would this be an annual process?  What an enormous pain.  The cost of preparation of taxes would increase and enforcement costs would also go much higher.

And one can presume that this would be just the camel’s nose under the tent.  I think it is laughable to say that this tax might replace the income tax.  Instead, I would expect that, once the imposition is in place, it will be periodically raised in the normal “take and take” (instead of “give and take”, get it?) of legislators.

 

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