Democrats sit around looking for ways to tax people. And the more you achieve, the more the government believes it should regulate your money.
The philanthropy of the wealthy in America has no rival. And the waste of taxpayer funds by the U.S. government has no rival. Still, the Fed believes it should manage our finances.
Are there wealthy people who don’t give enough? Certainly. But that’s their prerogative, particularly when you consider all the devious ways the government still manages to get their piece.
Nevertheless, leave it to the “take and spend” Democrats like Sen. Elizabeth “Fake Indian” Warren to create more ways to get their pound of flesh from those who’ve earned it.
The Washington Post, reports that economists working with Warren — who recently formed an exploratory committee to look into running for president in next year’s election — are working on the plan with her.
Economists Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley are advising Warren on the idea. Both are Leftists, so with that backdrop, it’s easy to understand the direction of this plan.
Under the plan, Americans whose assets are above $50 million would be hit with a 2 percent wealth tax. for those doing the math, these people pay $400,000 for the dirty deed of amassing wealth. So what they’ve paid taxes throughout their lives, as they acquired wealth.
But the tax grows as your wealth grows. Thus, people with more than $1 billion in assets will see a 3 percent wealth tax on their assets. So these people will pay $30,000,000 on their assets.
“The Warren wealth tax is pretty big,” Saez told the Post. “We think it could have a significant affect on wealth concentration in the long run. This is a very interesting development with deep root causes: the fact inequality has been increasing so much, particularly in wealth, and the feeling our current tax system doesn’t do a very good job taxing the very richest people.”
If you want to give wealthy people incentive to become conniving thieves, this tax certainly provides that incentive.
Because, if you must create $30 million a year just for maintenance of your fortune, you get creative.
The wealthy already spend an inordinate amount of money in maintenance. They normally have multiple homes, multiple vehicles, and so on. While these items are indeed luxuries, it takes ordinary people to maintain them.
You can bet Warren makes no consideration for the chauffeurs, pilots, captains, chefs, lawn maintenance, nannies, and so on that it takes to manage the lives of the super wealthy. For a person with assets of $1 billion, you can bet they spend $20 to $50 million already keeping their lives in order.
Recently I met with a billionaire friend in Naples. He happened to be about 20 minutes away by jet, which he happened to own. Our meeting was important, and we set up an ancillary meeting for him with a Congressman to discuss a problem plaguing Florida beaches.
To accommodate the meeting, we brought lunch into the fixed-base operator, aka FBO.
A local airport grants an FBO the right to operate at the airport. FBOs provide aeronautical services such as fueling, hangaring, tie-down and parking, aircraft rental, aircraft maintenance, flight instruction, and similar services. These locations are mostly used by people with private jets.
At this particular FBO worked four employees that I met personally. They catered the lunch, and made sure we had an adequate meeting area.
While we waited at the FBO, we got a call from my friend’s assistant. He informed us that they were fueling the jet with thousands of pounds of jet fuel, but would be on their way shortly.
My friend arrived a few minutes later. He had two employees with him, not including the pilot. We had our meeting, and he said he had more business to do back at his home location and took off back to his Florida home.
I’ve never been to my friend’s home in Florida, and can only imagine the staff necessary to keep that place up.
I assure you his annual spend is enormous. And while he lives a luxurious life–one that he earned–his wealth is distributed to many who service his life.
I won’t say the name or former occupation of this gentleman. But he earned his money honestly, and he earned a lot of it. And now he enjoys it, but it comes with a hefty cost.
All this, and he’s still interested in environmental concerns and donated to help my group, Seeking Educational Excellence.
I assure you, the Fed has no interest in helping my group take social media nonsense out of education. In fact, quite the opposite.
Further, the Fed has no interest in employing the pilot, the crew who works on the aircraft my friend owns, the people at the FBO, etc. All government did was tax this man’s work, taking billions in taxes. And now they want to tax him further.
For Democrats, there is only one solution to solving problems: take from the rich.
What incentive do these clowns give to people to strive for more. And for those who settle, there are always the rich to employ you, as has always been the case. What Warren tries to do is grow government. Yet another bureaucratic boondoggle that punishes achievers, and redirects stolen monies to many who have no intention of contributing to society.