Good day all. The Democrats currently running for office have gone for the full communist model of government, with Comrade Bernie Sanders and Princess Little big Liar Warren leading the way. The problem for them, especially Warren, is people are actually reviewing her plans and calling her out on them.
To begin with, Warren wants to confiscate some 6% of people’s assets with this thing she calls a “Wealth Tax.” Basically, if you have a certain assets worth a certain level, she is going to confiscate 6% of it. Along with all her other nutty ideas, tax rates for some will go over 100% in short order. Here are the details from Investors Hub:
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?
Oh I think I might be able to answer some of these. Who would pay these rates? Eventually, everyone who wasn’t part of Lie-a-watha’s ruling cabal. How would investment and economic growth suffer? Easy. There won’t be any. Warren’s economic plans will trigger a full blown depression that would probably go global. How would they change their behavior? Well that depends. Some will skip the country, others will probably start organizing a rather bloody rebellion.
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.
That sound you just heard was thousands of businesses closing their doors and laying off millions of people.
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%.
Congratulations Warren! All those billionaires and millionaires who put their money back into the economy are going to pull it out instead and hide it, probably offshore. In fact, they’ll probably join their money as well.
Ms. Warren’s tax plans, aimed at paying to expand health care, child care, housing and education programs, are the clearest expression of progressive Democrats’ fiscal philosophy. They lean heavily on taxes at the top of the income and wealth scale to finance these expanded programs.
There is a problem with the Communists plans to “Soak the rich!” First, many will just leave the country with their money. Second, confiscation of all that money won’t even fund the current government for a year, never mind all the garbage she wants to add on. This means pushing the top level down into the middle class. Already, they will be looking at 70%+ in new taxes from the Warren plan.
Such moves would bring the U.S. closer to other industrialized nations in the level of taxation, but without the high taxes on retail sales that most use to finance social spending.
Those countries aren’t doing all that well. The Democrats favorite European Country, Sweden, is actually pulling back rapidly form all the socialist drivel. Why? It was bankrupting them.
Under current law, investors without dividends can add their annual gains to their fortunes and pay little or no income tax. After Ms. Warren’s one-two punch, some billionaires who generate pretax returns could pay annual taxes that would leave them with less money than they started with. That isn’t an unintended consequence. For progressive-tax advocates, breaking up concentrated wealth is a goal.
This is Communism. Add this to Lie-a-watha’s other plan to basically nationalize every major business in the United States. According to Investor’s Business Daily:
If Elizabeth Warren had her way, hundreds of the largest U.S. companies would have to get permission from the federal government to operate. Warren calls it the “Accountable Capitalism Act.” A better label would be the “Capitalism Destruction Act,” which is why even some liberals are balking at her radical plan.
Warren’s bill would require every U.S. company with more than $1 billion in revenue to obtain a federal charter to operate. To get that charter, the companies would have to comply with Warren’s vision for how businesses should be organized and run.
Even Warren’s backers admit that the “Accountable Capitalism Act” is a radical plan that would vaporize massive amounts of shareholder wealth, while supposedly redistributing that money to the middle class.
“It seems likely that literally trillions of paper stock market wealth could be eliminated by weakening shareholder hegemony in this way,” writes Matt Yglesias in the left-wing “explanatory” news site Vox.com.
If Warren were to win, and have a congress that backed her idiotic plans, you will have destroyed everyone’s IRA’s and 401K retirement accounts. You would have company’s closing their doors, either permanently or moving overseas and laying off all their employees. You could see Amazon shut down overnight.
If this were to happen, the unemployment rate would very quickly jump to 30+ percent and continue climbing to 50+ percent in short order. There would be no food being delivered to stores, not that anyone could afford to buy it. This is the perfect conditions for a flat out civil war.
This is something these Moonbats just aren’t capable of considering. They honestly think they’re right and everyone else is not just wrong, but stupid and evil to boot. They assume, under the worst case scenario, that all they would need to do is order the army out to crush the rebels. Since those rebels will also be the soldiers own families, what’s more likely to happen is they take a right turn and march into Washington and remove what they perceive as “Domestic enemies.” (Their oath includes all enemies, foreign and domestic)
While it isn’t impossible that Warren might win the nomination, (The Democrat Base is made up of moonbats, morons and idiots, but I’m repeating myself), she will be crushed in the general. All President Trump has to do is ask people, “Are you better off now then 4 years ago?” and then point out that Warren plans to do to American what Chaves and Maduro have done to Venezuela.
This is the problem for the Democrats. People vote their wallets, and they will quickly see that Warren’s plans include not only taking everything in their wallets, but the wallets as well. That means 4 more glorious years of Trump and potentially a catastrophic defeat of the Democrats that will take a generation to recover from.
Thatisall
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