Everyone wants to gore CEO's, athletes and entertainers... but what about average lawyers and doctors and middle managers? And what about regional differences... say between Manhattan and Little Rock?
In the same manner that we pay local/county taxes on our wealth (i.e. our homes), Senator Warren plan is to federalize the same principle, but at a much lower % of wealth.
Who you callin’ a billionaire???
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- only 2% over $50m?
- only 3% over $1B?
I have a Washington secret to share with you. Make that two.
First, tax revenues have never been higher. Call me stupid, but maybe spending and long-term liabilities are more of a problem.
Second, politicians like to propose new types of taxes because it sparks a flood of lobbyist money to their campaign. Warren will milk this proposed plan for lobbyist $ just like every other politician would do.
Overall, it's tepid. Ocasio-Cortez and Harris will outflank Warren's plan. For instance, Ocasio-Cortez has already proposed a 70% tax on income. Warren's plan looks like warm milk compared to what they are doing.