Good day all. Since Comrade Bernie’s recent audition for “Weekend at Bernie’s III” last week, his relevance in the 2020 election has dropped considerably. Still, he has put out a number of ideas that the other CommuNazi candidates have embraced instead of burying with Bernie.
One of Comrade Bernie’s ideas is to create a list of wealthy people to be maintained by the Federal government. His idea is to use it to confiscate their money and property. Here are the details from Fox Business:
Independent Vermont Sen. Bernie Sanders, who is vying for the Democratic Party’s nomination in 2020, unveiled his plan to tax the assets of the nation’s wealthiest individuals – replete with calls for the creation of a “national wealth registry.” According to Sanders, the registry – in combination with “significant additional third party reporting requirements” – would help ensure the country’s rich are not able to evade the tax.
As opposed to taxes levied on income and payrolls, a wealth tax would target the value of accumulated assets owned by rich Americans – or their net worth. The problem? It would require the determination of the value of things like art, jewelry, real estate holdings, business ownership stakes, etc., on a continual basis.
“The premise of this wealth tax would presumably work much like our current estate tax where the decedent’s estate tax is calculated as a percentage of the total value of the estate’s assets (cash, investments, real estate and more) minus a variety of deductions, including charitable contributions,” Geoffrey Weinstein, special counsel in the Tax, Trusts & Estates Department of Cole Schotz, told FOX Business. “But this type of tax would be implemented on a year to year basis.”
Yeah, how about no? What Comrade Bernie and those who support him want to do is called Communism. The plan will be to confiscate the assets of the rich and claim they are “Redistributing” the assets to the poor. What will happen instead, assuming they actually did this, would be to redistribute the assets into their own off shore bank accounts.
While the details of Sanders’ registry have not yet been specified, Weinstein said it would likely be generated through cross-reporting of various IRS forms – like W-2s, 1099s – and filings with the Securities Exchange Commission (like 10K and 8K reports, as well as proxy statements). Enforcement, he said, would presumably be delegated to the U.S. Treasury Department.
What this is, is nothing less than the creation of a totalitarian state. But then, Comrade Bernie is a communist and loves the idea of rule by the elite few, namely himself. However, pulling this off is a lot harder then it sounds.
Chris Edwards, director of tax policy studies at the Cato Institute and editor of www.DownsizingGovernment.org:
“There would be huge problems in assigning values to people’s global wealth including such items as private business assets and collectibles which don’t have ready market values,” Edwards said. “And the IRS would not find the vast piles of assets that Americans would hide abroad if such a tax were imposed. Huge amounts of wealth would not be ‘registered’ under Sanders’ plan because of evasion.”
There would be another issue that fathead Sanders has also failed to consider. Flat out armed resistance on a national scale. While Comrade Bernie claims this is a plan to soak the ultra rich, it would also devastate smaller family businesses and especially farms.
Sanders’ wealth tax would be imposed on married couples with a net worth of $32 million or more – and individuals with at least $16 million. Rates, beginning at 1 percent, would reach as high as 8 percent for married couples with $10 billion or more worth of assets (individuals with $5 billion).
Does Comrade Bernie have any idea how badly this would go? People who could move would leave the country. Those who couldn’t leave would refuse to comply. In very short order, Comrade Bernie’s secret police, and yes, it would require a whole new level of federal agents, would start going after people’s assets. Those people, along with their families, friends and neighbors would actively resist. In very short order you would have a full blown armed rebellion.
Of course, Comrade Bernie and the other Socialist Totalitarian Progressives running for the Democrat presidential nomination don’t see this as a possibility. Actually, yes they do, which is why they are also announcing their plans to flat out confiscate people’s guns. Of course, not that Comrade Bernie, who is in his 70’s and looks like he’s in his 90’s, has a bad ticker, his chances this time have dropped to zero. That still leaves the other CommuNazi Totalitarian Progressives. Remember in November 2020.
Thatisall
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