Quincy News: Elizabeth Warren to propose new ‘wealth tax’ on very rich Americans

How big? This big!
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– News covered by Quincy Quarry News with commentary added.

Elizabeth Warren to propose new “wealth tax” on very rich Americans.

In a desperate bid to attempt to improve her ongoing also ran standing in 2020 presidential candidate polling as well as outdo rookie Representative Alexandra Ocasio-Cortez (D, NY), Massachusetts Senator Elizabeth Warren has announced she will be rolling out a proposal for a multi-faceted wealth tax to be imposed upon those with more than $50 million in assets.

Hey – you’re stealing my plan to rob the rich!
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Senator Warren’s plan also includes at least three new ways to (perhaps, ed.) head off tax evasion, said a person familiar with Warren’s proposal.

These three proposed items include more funding for the IRS; a mandate requiring some people who pay the wealth tax to be audited every year; and a one-time tax penalty for those who have more than $50 million and try to renounce their US citizenship.

The court for final appeals
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As yet unaddressed, however, are clear constitutional issues with imposing an assets-based tax in addition to income tax already levied upon income which arises from these assets as endeavoring to do so would surely be challenged in court as unconstitutional double taxation.

That and potential Fifth Amendment issues as regards forcing some individuals to undergo annual asset audits, if not also other constitutionally-based challenges.

Bon chance whacking the fat cats
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More importantly, Warren’s surely complex and likely expensive to implement plan would only perhaps raise $275 billion a year (e.g., roughly only a bit more than a third of the current federal budget deficit) before tax attorneys figure out tax loopholes.

Plus, the same amount of tax revenue could just as easily as well as far more simply raised by increasing the income tax rates on those with high incomes a bit, eliminating some tax deductions that favor moneyed special interests, tweaking capital gains tax rates by imposing some time held rates, but moderately upping federal estate tax tax rates on ginormous estates, and given some thoughtful revising of gift tax rates as well as estate planning rules and regulations.

Staged faux photo op
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Then again, doing the work necessary to accomplish a handful of such straightforward and relatively simple to implement suggested tweaks does not make for much of photo op opportunity.

On the other hand, any pop from a photo op this week ain’t happening as the arrest of Trump advisor Roger Stone on a variety of federal charges has sucked up just about the entire media bandwidth available for Washington political coverage.

Source: Elizabeth Warren to propose new ‘wealth tax’ on very rich Americans