Sen. Elizabeth Warren (D-MA) on Tuesday reintroduced her ‘Ultra-Millionaire’ Tax Act, by which the government would confiscate 2% from households worth between $50 million and $1 billion, and 3% on households worth over $1 billion.
Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA) have introduced a companion bill in the House.
“As President Biden says, no one thinks it’s fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher,” Warren said in a statement. “All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in two cents, so everyone else can have a chance.”
While Warren insists that the bill would affect the wealthiest 100,000 households in the US – roughly 0.05% of the population, Democrats routinely lie to sell voters on their plans, and normalizing the confiscation of assets would obviously open the door to the consideration of confiscation among lower wealth brackets.
According to Fox News, Warren’s bill contains additional rules to go after wealth head in trusts as part of a tax minimization strategy, and would give the IRS and additional $100 billion to fund auditing and enforcement efforts. ‘Tax-and-spend’ at its finest.
Warren’s proposal also includes a 40% “exit tax” on people worth $50 million or more who attempt to renounce their US citizenship to avoid paying the tax (which would obviously happen the moment this bill had a chance in hell of passing).
According to the Whatron Budget Model at the University of Pennsylvania, Warren’s legislation would raise $2.7 trillion over a decade. The analysis also concluded that the wealth tax would reduce capital by 3.1%, slash average hourly wages by 1.2%, and reduce GDP by 1.2% in 2050.
“Smaller federal deficits translate into less crowding out and thus increased national saving and greater capital accumulation. However, wealthy households that face a tax on their savings choose to save less and thus accumulate less capital,” the economists explained in 2021. “The net effect is a decline in the total capital stock of 1.4 percent in 2031 and 3.1 percent in 2050. This decline in capital in turn makes workers less productive, which is reflected by a decline in wages of 0.7 percent in 2031 and 1.2 percent in 2050. Lower private capital leads GDP to decline by 0.6 percent in 2031 and 1.2 percent in 2050.”
God Bless You and Your Families!
Love,
Please think about donating below.