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Warren’s Tax Plan: Eat the Rich! By Charles Taylor
Democrat presidential hopeful and dopeful, Elizabeth “false news Indian” Warren, plans to tax the rich out of existence. Now I know that at first blush that might sound good, but the way the system is set up, it is likely to lead to social disaster, since the rich are rich because they are totally ruthless, so they are going to fight back, and if necessary, bring down the temple. The thought had occurred to me that it is a pity that social credit was not being proposed here, but immediately I was in horror of such a thought, for these people would finish off the movement for all time if they ever embraced it. Better to keep it up our sleaves to rebuild after the collapse.
“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%. The rate would vary according to the investor’s circumstances, any state taxes, the profitability of his investments and as-yet-unspecified policy details, but tax rates of over 100% on investment income would be typical, especially for billionaires. Warren has promised free healthcare, childcare, housing, and education, amongst other things, and has promised to do so without raising taxes on the middle class. Her plan to pay for Medicare for All without raising taxes on the middle class can’t even be done, and that’s just one proposal. Warren’s plans to pay for all of her proposals are clearly more radical than she wants us to believe. “Under current law, investors without dividends can add their annual gains to their fortunes and pay little or no income tax,” Rubin explains. “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.”
People in Australia should realise just how radical Elizabeth Warren is, and she is probably one of the least radical out of the present crop of Democrats. It is possible that by some fluke she, or other monsters could get in. This will be the apocalypse spoken of by survivalists. If America goes down, the defence consequences, let alone economic ones, for Australia, will be immense. Consequently, Australians need to keep informed about the us situation, and what is happening on the war front here. We will do our best to cover this war, as war correspondents.