HomeLatest NewsElizabeth Warren's 'Ultra-Millionaire Tax Act' Slammed as Disastrous for America

Elizabeth Warren’s ‘Ultra-Millionaire Tax Act’ Slammed as Disastrous for America

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You should follow the far-left Massachusetts Democrat senator Elizabeth Warren, even if it’s only for 24 hours. The humor is rife as Warren never fails to find a way to rant against “profiteering corporations”, “the rich” who don’t pay their “fair share”, and “free this” and “free that”.

Warren and Vermont Senator Bernie Sanders have been pushing for a wealth tax that would start with billionaires. Warren, unlike Sanders, believes that billionaires should not even exist.

Warren and leftist Democrat Reps. Pramila Jayapal (WA), and Brendan F. Boyle, (PA) have reintroduced The Ultra-Millionaire Tax. This would impose a captivity and wealth tax (also known as an “exit tax”) and allocate $100 billion to increase tax audits of the wealthy.

Jonathan Turley, law professor, author, and political commentator, called it an “Eat the Rich plan” in a column on Wednesday. Turley, as you can imagine, is not a fan of wealth taxes — and that’s only the beginning.

The wealth tax has returned. We’ve discussed in the past the constitutional and policy issues surrounding the push for Democrats such as Sen. Elizabeth Warren. Introduce a wealth tax that would begin with billionaires. This would likely not end there.

This law would apply the same Californian approach to wealthy families who flee the tax grab by imposing a large “exit fee” so there is no escape from the tax vortex.

The captivity tax highlights the wealth-redistribution mindset underlying Warren’s “experiment.” Warren thrilled audiences for years by telling the rich she was coming after “your Rembrandts, your stock portfolio, your diamonds and your yachts.”

She received applause in a Democratic debate when she rubbed her hands together and said that she would steal some of the money of a fellow candidate, John Delaney. He is a self-made millionaire with a net worth of $65 million. She has made good on her threat.

Warren’s scheme to grab cash would disincentivize both upper- and low-income workers. The more tax burdens placed on the wealthy the less likely they are to earn taxable income. In contrast, the more that the federal government “takes away from the rich” and gives it to the poor, the less likely people are to want to work if they become dependent on government assistance.

Consider this famous quote by Irish playwright George Bernard Shaw, an avowed socialist and avowed Democrat.

Paul will always support a government that steals from Peter to pay Paul.

Shaw was not stupid, and neither was the Democrat Party.

There are many more Pauls than Peters. Lower-income voters will vote more for politicians who support taxpayer-funded massive government assistance programs.

Turley explains the tax system in a very clear way.

The top half of taxpayers paid federal income tax at 97.7 percent. The bottom half of taxpayers paid only 2.3 percent.

In 2021, this disparity will be even more pronounced. The bottom half of the taxpayers in the United States earned 10.4 % of the total adjusted gross (AGI) income and paid only 2.3 % of the federal individual income tax, while the top one percent earned 26.3% of the total AGI, and paid 45.8% of the federal income tax.

Conclusion:

Here’s the question that comes to mind when Warren, Sanders, Biden, and other Democrats complain about the rich paying “their fair share.” How much is “fair” and who decides what is and isn’t fair? It’s a rhetorical question because we already know who Democrats believe should make the decision.

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