By Mike Miller
Sen. Elizabeth Warren (D-MA), along with Reps. Pramila Jayapal (D-WA) and Brendan Boyle (D-PA), revealed her long-promised wealth-tax plan on Monday. Dubbed the “Ultra-Millionaire Tax Act of 2021,” the plan would impose a two-percent tax on the net value of assets of the “wealthiest” Americans. “It’s time for a wealth tax in America,” she declared.
“A wealth tax is critical for raising revenue, and that revenue is critical for raising opportunity. We build a future for all of our kids by investing in opportunity. This is one way we can make this government work for everyone – not just the rich and powerful.”
By “investing,” Democrats of course mean taking money from Americans who most likely earned it through hard work and giving it to people who did not. A wealth tax is the most direct form of wealth redistribution the Democrats have —as of yet — introduced.
The latest iteration of an asset-based tax Warren has long touted would impose an annual two percent tax on the net value of all taxable assets over $50 million after qualifying debts are subtracted. The tax increases to three percent for net assets above $1 billion.
As noted by Breitbart, qualifying assets are defined as “the value of all property of the taxpayer (other than property excluded under subsection (b)), real or personal, tangible or intangible, wherever situated, reduced by any debts (including any debts secured by property excluded under subsection (b)) owed by the taxpayer.”
In a continuation of her ongoing attack on billionaires, attack of billionaires, Warren trotted out the canard first made popular by Barack Obama.
“Billionaire wealth is 40% higher now than when the COVID crisis began — but our tax system is still tilted toward the ultra-rich. Today @RepJayapla, @CongBoyle and I are introducing our #WealthTax bill to make the wealthiest Americans pay their fair share.”
They already do, and then some, which is another article at another time, not to mention “fair share” as defined by Democrats, who believe it is their moral obligation to take as much money away from “the rich” as they can get away with and redistribute as they see fit.
But, hey — the timing is interesting. Probably purely coincidental — right on the heels of Nancy Pelosi’s Democrat Caucus unilaterally passing the $1.9 trillion disingenuously-name coronavirus relief proposal last week in the dead of the night — with zero Republican support and only two Democrats voting against it. “Unity,” Democrat-style.
And after that monster spending bill presumably, becomes law? As reported by Insider, Biden is reportedly talking with congressional lawmakers about his plans to “invest” in the nation’s infrastructure.
And after that? I’ll go out on a safe limb and bet income tax “reform” is next on the Democrat docket. See how it works? Of course, you do. So do they — all too well.
Incidentally, as noted by Breitbart, Warren is has a net worth of over $12 million and has received donations from at least 30 billionaires during her career.
Author: Mike Miller