Warren's Money Grab: A Tax on Net Worth

Democratic presidential candidate Senator Elizabeth Warren is trying to get your vote by promising to confiscate money from an exceedingly small group of Americans and then give their money to other Americans. Warren’s money grab is an asset tax levied against one’s net worth. But because it would hit only the top 0.1 percent of us, it is a wealth tax. Warren unveiled her bright idea on January 24 and she calls it the “Ultra-Millionaire Tax.” The response was immediate, and the big question is whether Warren’s new tax is constitutional. On Jan. 25, the Tax Foundation ran “Unclear if Warren’s Wealth Tax Proposal is Constitutional” by Joseph Bishop-Henchman (link added): So the question is, what is and is not a direct tax? …However, those taxes in some way involve a transaction, while the Warren wealth tax does not… Based on that and the precedents, my inclination is that Warren’s proposal would be...(Read Full Article)
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