Democrats are poised to orient the country’s tax system in a whole new direction.
The move, under consideration as part of the reconciliation package, would bring a previously untouched class of wealth under federal taxation.
From the article:
["But now, after a meeting on Sunday, key vote Sen. Joe Manchin (D-WV) reportedly supports the measure.
Speaker of the House Nancy Pelosi (D-CA) talked it up on CNN the same day: ‘We will probably have a wealth tax,’ she said."]
Tax the churches too.
That should have been done years ago, but let’s wait for a less precarious time when Dems aren’t just barely in control of Congress. Might also have to wait for the demographic slide in church attendance to continue for a while longer too, to get enough public support for it.
The cartoon figure looks like Mitch in a Top Hat.
IF this ever passes there will be loopholes big enough to drive a fleet of Amazon trucks through.
This is even more lame brained than the original wealth tax (on assets). So if their wealth goes up 25% one year and down 50% the next, HTF do you work that out? The degree of complexity will completely overwhelm the IRS, who will be completely outclassed by the professional advisors on the taxpayers side… Eliminate the step up at death and ignore the disingenuous bleating about the “small” farmers.
Good on the article writer for picking up on mark to market for traders, though - but as that’s a very specific treatment for active professional investors in publicly traded equities, is not 100% analagous.
I’m not opposed. But it would have been so much easier just to remove all the loopholes added for rich people.
Let’s just hope they - the bazillionaires who keep blocking tax reform - are hoist on their own petard.
Retroactively for income tax, property tax, altar boy settlements, etc. etc.
Simply establish the wealth of an individual, and give a year for them to prove adjustment is necessary. Do this each year and tax the changes.
I see the churches as enmeshed with the right wing because they don’t pay taxes. That’s attracted grifters and conmen like Jim Bakker and Jimmy Swaggart who made enormous sums of money because they didn’t pay taxes. I follow Christian Nightmares on twitter and I’m amazed how many ministers now basically preach politics.
It’s beyond time they were reigned in.
Depending how they do this, they will be taxing the very same middle class people they promised to leave alone…those who bought into the 401Ks, IRAS and retirement accounts. This will end up as well as the last time they screwed with Capital Gains …
or rained on!
(sorry … had you erred in apostrophizing “It’s”, you would have heard worse from Tom.)
Maybe this will give Sinema’s handlers a reason to let her approve an increase in income tax rather than be subjected to a wealth tax.
The reported proposals have bottom-end thresholds that mean, unless you’re one of those thousand people using 8-digit-or-bigger accounts, you’ll never have to even do the math, let alone send a check.
What about a property tax style levy on assets over a certain level and type?
The thing with the wealthy and their assets including unrealized capital gains is they can leverage those assets differently. Taking a loan is an entirely different affair if secured by investments that are not immediately critical to your life. But the average Joe can end up mortgaging their primary home and other assets, risking losing it all.
Probably because it is Mitch in a top hat.
I don’t see how anyone in the middle class…or even the low end of the upper class (and of course, below) could have a problem with this.
It’s just so stupid to fight clawing back some of the money with has been showered on the 1/2% in the past 20 or 30 years.
What’s the estimated revenue from this? I’m guessing way less than the income taxes.