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News & Current Events Discuss Elizabeth Warren’s ‘wealth tax’ faces constitutional questions at the General Forum; Pocahontas' tax on the successful, aka tax on the rich, may not even be constitutional because it taxes wealth instead ...

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Old 02-07-2019, 07:13 PM
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Default Elizabeth Warren’s ‘wealth tax’ faces constitutional questions

Pocahontas' tax on the successful, aka tax on the rich, may not even be constitutional because it taxes wealth instead of income.

Basically it's a penalty on those that succeed.

Elizabeth Warren’s ‘wealth tax’ faces constitutional questions

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Sen. Elizabeth Warren is aggressively pushing a new wealth tax – which she’s dubbed the “UltraMillionaireTax” – ahead of this weekend’s formal presidential campaign launch, but keeps running into the same question from critics: Is it even constitutional?

If the Massachusetts Democrat’s proposal were to become law, it would almost certainly face a court challenge – thanks to the fact that it’s a tax on wealth, as opposed to a tax on income.
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Old 02-07-2019, 07:27 PM
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Default Re: Elizabeth Warren’s ‘wealth tax’ faces constitutional questions

It's actually worse than just that...

A person has $50M in assets...Gets hit with Warren's tax and they now have $40M...

The next year, that person makes $15M...That already gets hit with the income tax, so they get a net of $8M...

That puts there total assets at $48M...That SAME $40M from last year gets taxed AGAIN by Warren (along with the new $8M)...Now they have $39M....

And so on...and so on...

A majority of the wealth is getting not only double-taxed, but REPEATEDLY taxed...Just for existing...

Even if some Leftwing judge takes a hit of crack and calls this "constitutional", you'd have 3 billionaires left in this country after the first year...
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Old 02-07-2019, 10:09 PM
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Default Re: Elizabeth Warren’s ‘wealth tax’ faces constitutional questions

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Originally Posted by Hairy Jello View Post
Pocahontas' tax on the successful, aka tax on the rich, may not even be constitutional because it taxes wealth instead of income.

Basically it's a penalty on those that succeed.

Elizabeth Warren’s ‘wealth tax’ faces constitutional questions
yes I can see that.
A city once tried to add a tax to a trailer train business (touristy transportation) when the counsel saw that it made money for the first time ever. The dad had died and the son made a success of the business.
City already had a transportation tax for cabs and horse buggies (did I say tourist destination? ), The courts eventually ruled for the tailor train guy.
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