Elizabeth Warren's proposed 'ultra-millionaire tax' would be the rape of the Constitution

Elizabeth Warren has unleashed her bold new presidential campaign promise, which she cleverly calls "The Ultra-Millionaire Tax."  After all, none of us is an "ultra-millionaire," so why should we care?  This new tax won't hurt you; it would just impose a 2% annual tax on all household net worth over $50M, with an additional 1% surtax kicking in for assets held over $1B.  In her plan, wealth is defined as "all household assets ... including residences, closely held businesses, assets held in trusts, retirement assets, assets held by minor children and personal property with a value of $50,000 or more." "I'm in," she says, "on the notion that we have to rewrite the tax code."  And a policy like the one she proposes, say two UC Berkeley economists, "would shrink the wealth of the superrich by $2.75 trillion over a 10-year period, while only affecting around 75,000 U.S....(Read Full Post)
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