Switzerland has a 1% wealth tax. Warren wants double that amount
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We already have a wealth tax. It’s called property tax. Relax. It’s not the end of the world.
Her goal is to increase equality. Does property tax increase equality?
Here is another tax man !
Bernie Sanders Proposes Estate Tax of Up to 77% for Billionaires
Independent Senator Bernie Sanders is proposing to expand the estate tax on wealthy Americans, including a rate of as much as 77 percent on the value of estates above $1 billion.
Sanders of Vermont, who’s considering a second run for president, said in a statement that his plan would apply to the wealthiest 0.2 percent of Americans. It would set a 45 percent tax on the value of estates between $3.5 million and $10 million, increasing gradually to 77 percent for amounts more than $1 billion. The current estate tax kicks in when an estate is worth about $11 million.
The legislation would raise up to $2.2 trillion in taxes from the families of all 588 billionaires in the U.S. with a combined net worth of more than $3 trillion, according to a summary of the plan.
Sanders’s plan comes as potential Democratic challengers to President Donald Trump eye progressive tax ideas intended to reduce income inequality. Senator Elizabeth Warren of Massachusetts has proposed an annual 2 percent tax on households worth more than $50 million. Sanders, who ran in the Democratic primary against Hillary Clinton in 2016, hasn’t yet said whether he’ll run in 2020.
Addressing Inequality
The estate tax exemption was $3.5 million as recently as 2009. The 2017 GOP tax overhaul increased the exemption to $11 million through 2025, and some Senate Republicans are renewing an effort to repeal the tax entirely.
Ocasio-Cortez
Alexandria Ocasio-CortezPhotographer: Dania Maxwell/Bloomberg
While Sanders and Warren represent one approach to reducing income inequality –- breaking up concentrations of wealth among top earners –- other Democratic candidates are directing their efforts toward the lowest income brackets.
Tax Liability
Polls show that voters are becoming more receptive to the idea of increasing taxes on the wealthy. Freshman Democratic Representative Alexandria Ocasio-Cortez of New York floated a 70 percent top tax rate on incomes of $10 million or more, an idea that 59 percent of people supported in a Hill–HarrisX poll conducted Jan. 12-13.
The Sanders plan would nearly double the estate tax liability’s that some of the wealthiest Americans would owe under current law, according to calculations released by the senator along with details of the proposal. Amazon.com Inc. founder Jeff Bezos, the world’s richest man, would owe $101 billion based on his current net-worth, up from $53 billion. Facebook Inc. founder Mark Zuckerberg’s estate tax liability would jump to $41 billion from $22 billion.
The Sanders legislation would also end tax breaks for so-called dynasty trusts, estate planning tools that’ve gotten more popular under Trump’s tax law, which increased the exemption to about $22 million for a couple.
Break for Farmers
Dynasty trusts can be funded with cash, stock or other assets, and structured to pay each generation only some of the trust’s proceeds while the rest of the money grows free of estate and gift taxes. With the right planning, a trust funded up to the maximum $22.4 million tax exemption can wind up being worth far more than that.
In his plan, Sanders is including a special break for farmers, allowing them to reduce the value of their land by as much as $3 million to reduce or completely eliminate the amount of estate tax they owe. Critics of the estate tax have said land-rich, cash-poor family farmers are hurt by the tax because they don’t have the liquidity to pay the tax. However, the tax hits relatively few family-owned businesses and farms – about 80 in 2017 – according to the Urban-Brookings Tax Policy Center.
The estate tax exemption has been a favorite lever for Congress to adjust in recent tax legislation. The current roughly $11 million exemption for an individual has risen from $650,000 two decades ago. The winners can end up being estate tax advisers as they continually make adjustments to their client’s plans.
“The more you muck around with the exemption amount, the more you mobilize the estate planning industry and pull money into it,” said Kyle Pomerleau, an economist at the Tax Foundation, a Washington-based research group. “People will continue to shift their affairs around to game the exemption changes.”
There is a new GOP bill to repeal the estate tax, because billionaires need it. Good to know not all of them feel this way
Why dont they just take all the money from the billionares…One little problem…the $3trillion would only last a year…Then guess who they are coming after next?
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Those queen bee needs all worker bees. Only if billionaires exists, they can extract. 
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It is funny how liberals love to call the rich greedy…The real greed is the left trying to steal other peoples money…Bald faced theft…You earn it, they take it…Doesnt matter how much you make the progressives will take it all…And when its all gone…then what?
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Warren literally called billionaires free loaders. The democrats have gone fully insane. The programs they want to copy are in countries with 40% effective income tax rates on everyone. They don’t fund the programs by only taxing the rich.
While saying the rich don’t pay their fair share is a popular talking point with most voters, it’s not even close to factually true.
Who’s going to tell the middle class they have to pay 40% just in income taxes (bottom graph) when they are paying so much less?
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Cory Costanza Booker: I’m a Bad Boy!
Did Warren join the party of Democratic Socialists of America? Does Democratic Party have a right to expel her membership?
I’m wondering whether she will lose her senate seat after this. Massachusetts may not be able to stomach such a commie.
Democrats are going FAR left in response to Trump. They are so irrational it’s crazy. The VA governor tried to justify why it’s allowed by law to kill a baby that survives a failed abortion.
New York just celebrated allowing abortion up until actual birth. You can get an abortion after labor begins. Oh, and they opened the door to non-doctors performing them.
It’s pretty difficult to argue that an unborn baby that is capable of surviving outside the mother isn’t a person. The law says if someone kills the mother, then they committed 2 murders. Thus, the unborn baby is a person. Democrats have no issue killing unborn babies that could survive. However, a wall to prevent illegal immigrants from entering the US is a crime against humanity. I guess democrats love undocumented immigrants but hate undocumented babies that don’t have a birth certificate yet. They are going further and further in this direction which can only be described as insanity.
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It’s because they want to go as far left as possible to prove they are anti Trump. I’m curious if some will be challenged to the supreme court. I’m sure if Kavanaugh votes to strike down the law on a 5-4 decision, then the left will scream about Trump and Kavanaugh taken rights away from women.
What a terrible idea. They are heading closer to Japan’s employment for life agreement.
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Looks like these people are jealous over investors/company make money…
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Too much regulations. Can the president veto such laws if it has any chance to pass Congress?
We have too many regulations already. Reduce regulations, not increase
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Shocking! People love free stuff.
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Portland people are not givers, they are takers 
As a charity restaurant experiment, they even had to limit meals to homeless.
Why not experiment in Wall Street? Maybe 10 people forgot to pay but one person writes a $1M suddenly.
“ The Portland-based Panera Cares was reportedly only recouping between 60 and 70 percent of its total costs. The losses were attributed students who “mobbed” the restaurant and ate without paying, as well as homeless patrons who visited the restaurant for every meal of the week. The location eventually limited the homeless to “a few meals a week.””
Yup, economic security for those unwilling to work.
"Build on FDR’s second bill of rights by guaranteeing:
A job with a family-sustaining wage, family and medical
leave, vacations, and retirement security
High-quality education, including higher education and
trade schools
Clean air and water and access to nature
Healthy food
High-quality health care
Safe, affordable, adequate housing
Economic environment free of monopolies
Economic security for all who are unable or unwilling to
work
At the end it mentions, btw:
“The actual resolution that outlines the Green New Deal does not include the “unwilling to work” part”
What happened to reading past the headline?
https://apps.npr.org/documents/document.html?id=5731829-Ocasio-Cortez-Green-New-Deal-Resolution
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