Warren’s wealth tax won’t just hit the wealthy

Warren’s wealth tax won’t just hit the wealthy
Elizabeth Warren (Image via Twitter)

[Ed. – In contrast to the tax plan Donald Trump enacted in his first year.]

As one of her first acts after joining the Senate Finance Committee, Sen. Elizabeth Warren plans to introduce a $2.75 trillion wealth tax. This legislation would impose a tax on those who have assets above $50 million with a top rate of 6% per year.

This tax would be imposed annually on a taxpayer’s assets and would lead to double taxation since it would go on top of income taxes and is imposed on the same assets year after year. Wealth taxes have proven to be harmful and unworkable, which is why they’ve been abolished in many European countries, including Sweden, the Netherlands, Denmark, France, Italy, and many others.

This tax would be unconstitutional, harm the economy, give the IRS immense power, be difficult or impossible to calculate and enforce, and almost certainly grow in size to hit millions of taxpayers.

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