My Opinion

I’m entitled to half of your wealth

Below is what Sen Sanders wealth tax proposal says. Sanders says there should be no such thing as a billionaire.

Why not no such thing as a millionaire or maybe a $500,000 aire is too much. Remember the proposal to limit 401k account balances?

It’s not the money involved that is of concern, but the very concept that government has a responsibility to limit wealth honestly earned, wealth that is often the result new ideas, innovation, hard work and risk taking, wealth that creates thousands of jobs around the world and yes, wealth trickled down to many of the employees of companies. Microsoft is credited with creating 12,000 millionaires among it employees via stock options.

It is incredibly naive to believe that confiscated wealth can be better, more efficiently used through the federal bureaucracy than through the foundations and direct donations to charities, research, hospitals, colleges, etc. frequently made by the super wealthy. Over $600,000,000,000 will go to charity from those who signed the Gates Giving Pledge. Recently Cal­i­for­nia In­sti­tute of Tech­nol­ogy announced its largest ever gift, a $750 mil­lion pledge from the fam­ily that owns Wonder­ful Co.

Sander’s last paragraph below says it all. The goal is not for the people, but merely to break up wealth … the power Sanders is concerned about comes from the despicable behavior of politician’s … a greater concern in my opinion. The wealthy are not the enemy of the people as Sanders implies.

And if government reduced Gates to $30 billion what would change? If Buffett was required to cash in shares to pay the tax what would be the result on the stock markets?

Wealth would be cut in half in fifteen years? Really, who is able to predict the direction of the stock market so accurately? Wealth would not continue to grow? And is cutting wealth in half something to be proud of?

Who are the naive buffoons who write this stuff, or more scary, who think this way?

Who are the Americans who now despise their fellow citizens who made this Country possible and who today have changed the way we buy things, communicate, live and indeed have changed the world?

I guess there are always those among us who believe they are entitled to half of what the other guy has earned.

The revenue raised under this plan would be used to fund Bernie’s affordable housing plan, universal childcare and would help fund Medicare for All.

How the Tax on Extreme Wealth Would Work

This tax on extreme wealth would have a progressive rate structure that would only apply to the wealthiest 180,000 households in America who are in the top 0.1 percent.

It would start with a 1 percent tax on net worth above $32 million for a married couple. That means a married couple with $32.5 million would pay a wealth tax of just $5,000.

The tax rate would increase to 2 percent on net worth from $50 to $250 million, 3 percent from $250 to $500 million, 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. These brackets are halved for singles.

Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class.

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5 replies »

  1. My son recently sent me an opinion piece written by a 26-year-old who realized that her generation has been blinded by prosperity. She has lived in a time that she knows no other way of life in the USA. Her and her fellow millennials know nothing of the sacrifices made from either world wars, Korea, Vietnam, nor either Gulf Wars No military draft, no gas lines, no bread lines during Great Depression, the Cold War or even polio or other pandemics. When Pocahontas and Bernie speak, they have no real life experiences to evaluate what they hear. The US schools keep preaching equality instead of equal opportunity. At least now I understand why some of this BS gains traction. How do you wake these people up?

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  2. We all know how this is going to work out.
    Fortunate Son –
    Song by Creedence Clearwater Revival

    Lyrics
    Some folks are born made to wave the flag
    Ooh, they’re red, white and blue
    And when the band plays “Hail to the chief”
    Ooh, they point the cannon at you, Lord
    It ain’t me, it ain’t me, I ain’t no senator’s son, son
    It ain’t me, it ain’t me, I ain’t no fortunate one, no
    Some folks are born silver spoon in hand
    Lord, don’t they help themselves, oh
    But when the taxman comes to the door
    Lord, the house looks like a rummage sale, yes
    It ain’t me, it ain’t me, I ain’t no millionaire’s son, no
    It ain’t me, it ain’t me, I ain’t no fortunate one, no
    Some folks inherit star spangled eyes
    Ooh, they send you down to war, Lord
    And when you ask them, “How much should we give?”
    Ooh, they only answer “More! More! More!” yoh
    It ain’t me, it ain’t me, I ain’t no military son, son
    It ain’t me, it ain’t me, I ain’t no fortunate one, one
    It ain’t me, it ain’t me, I ain’t no fortunate one, no no no
    It ain’t me, it ain’t me, I ain’t no fortunate son, no no no

    Assets will be hidden and the tax will have to apply to the top 20% to generate the required revenue. When that is not enough good ol Bernie will make sure it hits everyone with a 401K, all the while protecting his assets with loopholes you can drive a simi through.

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