Good Day all. Once again, Lie-a-watha Warren is pushing her confiscation plans with regards to people’s “wealth.” She wants to institute a “Wealth Tax” on those she decides have to much money.
Her plan is to confiscate something like 2% of the property of those she deems “The Rich.” We aren’t talking about 2% of income, she wants 2% of everything they have, including their underwear. Here are the details from Fox Business:
Sen. Elizabeth Warren plans to unveil legislation on Monday that would tax the net worth of the wealthiest Americans, a proposal aimed at reducing income inequality in the U.S. The measure would impose a 2% annual tax on the net worth of U.S. households above $50 million and would add an additional 1% levy on households worth more than $1 billion. It’s nearly identical to the wealth tax that Warren introduced during her failed 2020 presidential campaign.
“A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations,” Warren, D-Mass., said in a statement. “As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate.”
Warren estimates the “Ultra-Millionaire Tax Act” would affect about 100,000 households in the U.S., or roughly 0.05% of the population, and would generate about $3 trillion in revenue over the next decade based on estimates from the University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman.
Actually, it won’t generate a dime. If they were to try and actually implement this, you would see trillions of dollars flowing out of the United States, following the people who have all that money. In fact, they would probably ditch their citizenship. Or course, Comrade Fauxahontas has thought of that.
In an effort to prevent wealthy Americans from dodging the tax, the bill would create a 40% tax on net worth above $50 million for people who renounce their U.S. citizenship in order to avoid paying the fee and a 30% minimum audit rate for households subject to the tax. It would also provide the IRS with an additional $100 billion to help with enforcement.
So the lying bitch wants to create a communist totalitarian police state? Good luck with that! There are any number of problems with this stupid idea. To begin with, there are serious constitutional issues with it. Seizing people’s property , and this is exactly what this “Wealth Tax” is, runs afoul of the 5th Amendment.
No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
I expect that Big Chief Sitting Bullshit will claim that her plan is covered under the 15th Amendment of the Constitution. Perhaps she might try actually reading it.
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
The key word here is “Incomes.” What Lie-a-Watha is planning is taking 2% of people’s property. This would be blown out of the sky by the courts. Of course, I fully expect this lying cow to pack the courts with people who will use the Constitution for toilet paper.
This would bring about the second problem. These people will fight back using extra legal means. In other words, they will buy themselves and army and also pay to have people like Warren flat out murdered. If they think that the average American is dangerous, she should consider what those with the resources can do if they put their minds to it.
The good news is that there is no chance this pile of manure will ever become law. What may happen is that Fauxahontas may find herself facing a primary opponent, not to mention a Republican in the general election in 2022. Her only hope will be all the fools, idiots, drunks and other students at UMass Amherst, Harvard, and the other political indoctrination centers pretending to be schools of higher learning. We shall see of course.
Thatisall
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