MCViewPoint

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Posts Tagged ‘Wealth Tax’

The Problem with Elizabeth Warren’s Wealth Tax | Mises Wire

Posted by M. C. on February 12, 2019

But the reason for this is not that government isn’t doing enough so far. It is instead that the government is doing too much

https://mises.org/wire/problem-elizabeth-warrens-wealth-tax

A wealth tax is not a new idea, though it certainly has come out of fashion recently – in 1992 twelve OECD countries had one, now there are only four.

One of the central issues of a wealth tax is that it is difficult to actually implement and enforce. As Nicole Kaeding and Kyle Pomerleau from the Tax Foundation write, “the uber wealthy tend to have very hard-to-value assets,” such as ownership in real estate holdings, trusts, and most importantly, businesses.

Calculating the overall value of the wealth of a household would cost an immense amount of time and effort. Jeffrey Levine notes that wealthy households own “one of a kind works of art, ‘priceless’ jewelry, expensive cars … the list goes on and on. And now imagine the need to have all these assets valued each and every single year. It would be a total disaster show.” What effect such a measurement would have on a tax code which already comes in at 2.4 million words can already be presumed. The only ones profiting from such additional complications would be appraisers and lawyers, who will have the privilege to find out what the value of one’s wealth even is approximately… Read the rest of this entry »

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Rip-Off the Rich? – LewRockwell

Posted by M. C. on January 30, 2019

https://www.lewrockwell.com/2019/01/laurence-m-vance/tax-the-rich/

By 

According to the latest figures released by the Internal Revenue Service (IRS):

  • In 2016, the top 50 percent of all taxpayers paid 97 percent of all individual income taxes, while the bottom 50 percent paid the remaining 3 percent.
  • The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).
  • The top 1 percent of taxpayers paid a 26.9 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.7 percent).

“The rich” are also punished through the phase-out of tax exemptions, deductions, and credits as their income rises.Yet, according to Democratic politicians like Senator Elizabeth Warren, Representative Alexandria Ocasio-Cortez, Senator Bernie Sanders, and former Senator Hillary Clinton, “the rich” are still not paying enough in taxes.

Senator Warren has proposed a “wealth tax” on the richest Americans: Read the rest of this entry »

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EconomicPolicyJournal.com: Elizabeth Warren Goes Tax Crazy

Posted by M. C. on January 30, 2019

This is a remarkably aggressive tax proposal because of the annual nature of the tax and would severely reduce the wealth of those taxed in just a decade. It would destroy over 2.75 trillion dollars in capital investment in just 10 years, according to Warren’s own numbers. And would put those funds into the bureaucratic government machine that wastes money as all central planning money does.

http://www.economicpolicyjournal.com/2019/01/elizabeth-warren-goes-tax-crazy.html

RW 

Sen. Elizabeth Warren, D-Mass., has just proposed an annual “wealth tax” on the richest Americans.

Note well: This is not a tax on income. It is a tax on the wealth rich Americans have. This is big.

The new tax proposal from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would apply to Americans with more than $50 million in assets.

It would be a tax of 2% per year on the wealth of anyone who’s wealth falls between $50 million and $1 billion. For those with wealth over a $1 billion, the tax would be 3%.

This is a remarkably aggressive tax proposal because of the annual nature of the tax and would severely reduce the wealth of those taxed in just a decade. It would destroy over 2.75 trillion dollars in capital investment in just 10 years, according to Warren’s own numbers. And would put those funds into the bureaucratic government machine that wastes money as all central planning money does…

Be seeing you

Faux

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5 Ways a Wealth Tax Is At Least as Bad as an Income Tax | Mises Wire

Posted by M. C. on December 2, 2018

https://mises.org/wire/5-ways-wealth-tax-least-bad-income-tax

There has been an increasing push for wealth taxes as of late. Supporters for new and larger wealth taxes contend that as the population ages, there won’t be enough wage earners to fund the public purse. In other words, there will be less wage-based income to tax as time goes on. But there will still be plenty of pensioners to pay for. As The Guardian noted back in March, new revenue sources will be needed “as the number of people over 65 grows by almost a third, while the working age population is expected to only increase by about 2%.”

Thus, The Guardian concludes: “the time has come to make the case for greater wealth taxes, given our emerging economic realities, demographic shifts and growing levels of inequality.”

But taking a further look into the issue, and applying some common sense logic, it becomes clear a wealth tax brings with it a host of problems.  Many of these problems are reminiscent of the problems we already encounter with a wealth tax. But some are new:

One: The Audits

Read the rest of this entry »

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