Elizabeth Warren Introduces Ultra-Millionaires Tax

I endorse this as a mild step in the right direction. It needs to be higher though. We need a wealth cap that just gets rid of billionaires like Huey Long proposed in the Depression.

Newsweek:

“Senator Elizabeth Warren introduced legislation that would tax the wealthy on Monday, and her proposal is mounting support from voters on both sides of the aisle.

The Ultra-Millionaire Tax Act would tax the net worth of America’s richest people by applying a 2 percent tax to those with a net worth above $50 million and a 3 percent tax to those worth above $1 billion. Net worth includes value of stocks, real estate, cars and anything else a person owns, minus their debts.

Polls show that Warren’s proposal becoming increasingly popular, with more than three in five Americans saying they support a wealth tax, including a majority of Republican voters, which she’s hoping congressional Republicans will recognize. …

According to the latest report from the Institute on Policy Studies, U.S. billionaires have grown $1.3 trillion wealthier over the course of the coronavirus pandemic. The analysis indicated that 664 of the nation’s billionaires were collectively worth $4.3 trillion at market close on February 19—a figure 44 percent higher than 11 months ago. …”

This is just an absurd number.

Billionaires are 44% wealthier … than a year ago?

For some inexplicable reason, Republican politicians will continue catering to billionaires who despise and censor Republican voters. They coddle people who are their open enemies.

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8 Comments

  1. “a mild step in the right direction. It needs to be higher though”:

    More income tax corruption. How much simpler and better life would be for everyone if all corporations, private property, the profit motive and all forms of Usury were done away with.

    • Yeah, it’d be better….if you want to return to an age of deprivation, chaos, and blood. There’s a happy medium somewhere before what you are proposing. You can’t abolish private property in a multi-racial shithole like America. You can’t abolish profit if you want to live in a reasonably comfortable society.

  2. Warren is part of the problem, not part of the solution. She like all the others will never address the elephant in the room.

  3. The U.S. is a democracy. Democracy is based upon factions, bribery and extortion, sort of like the Mafia only legal for the political class. It makes sense that the political class would protect the billionaires, the billionaires bought and paid for the politicians.

    Pocahontas knows damn well that this bill will go exactly nowhere, it’s political theatre for her left wing supporters. The U.S. system of government is not sustainable and is irreformable, it can only break down. After it breaks down, probably when the money goes bad because of hyperinflation much worse than the 1970’s something new with the appearance of continuity will replace it.

    • “The U.S. is a democracy”:

      Not by my definition! From top to bottom it is plutocracy, the greatest (and worst) plutocratic empire in world history. Even on the local level of choosing minor local offficials such as public school board members the will of the people is thwarted or conditioned by rules and limits imposed by those higher up. There is not a trace of real, direct democracy in the U.S.! But even if democracy (and socialism) were allowed, it might be impossible in such a “diverse,” multicultural, ethnically-mixed “society”!

  4. Making the United States a one-party state would move this system closer toward the public’s priorities. Americans are united on most issues, despite the vomit we see from the corporate media. Citizens would then vote *for* their representative and not against “the other side.” Multiparty democracy is a sham, as we can see with nationalist parties being criminalized in France, Greece, Germany, and other countries.

    Democrat officials would not get away with absolute BS if they couldn’t scare catladies with “but the Repubilcans!”

    Bury the GOP, just put a “D” next to everyone’s name, and sweep away this farce.

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