Under the sweeping tax proposals introduced by Elizabeth Warren, some billionaires and multimillionaires could see their federal tax rate climb above 100 percent. Warren’s tax plan. Warren’s tax plan.

Tax rates higher than 100 percent could result from the combination of several tax hikes Warren has called for on the ultra-wealthy, as first reported by The Wall Street Journal. That includes increasing the top income-tax rate to 39.6 percent from 37 percent, imposing a new 14.8 percent on Social Security, slapping a 6 percent tax on individuals worth more than $1 billion, and requiring investors to pay capital-gains taxes at the same rates as other incomes.

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Stealing over 100% of people’s earnings. Now let that sink in for a minute. They take everything they earned, and plus some more. Just the modern Democrat party for you.

Per the Wall Street Journal

Democratic presidential candidate Elizabeth Warren has unveiled sweeping tax proposals that would push federal tax rates on some billionaires and multimillionaires above 100%.

That prospect raises questions for taxpayers and the broader economy that experts are starting to ponder: Under which circumstances would taxpayers have to pay those rates? How might that change their behavior? And would investment and economic growth suffer?

Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t sell their assets.

Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.

 

If (God-forbid) this plan is ever implemented all the American money and jobs that President Trump has enticed to return to this country wi,, leave again.

Much of this post was first seen at Godfather Politics

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