As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by FreeBeacon:
Democratic presidential hopeful Elizabeth Warren’s wide-ranging progressive platform is dependent in part on an “Ultra-Millionaire” wealth tax on the richest people in the United States, but questions about its efficacy and constitutionality make it a risky wager on which to stake her political future.
The Washington Free Beacon analyzed Warren’s wealth tax by speaking with experts about the difficulties of implementing such a plan in the United States, including whether it would pass constitutional muster. Even if passed by Congress, its implementation could all hinge on which assets Warren’s government would target for those households under the tax’s umbrella.
The article goes on to state the following:
A wealth tax is a direct tax on a person’s assets. This is distinct from an income tax, which is levied on the amount of income a person makes in a year; a sales tax, a tax on the value of a transaction; and a capital gains tax, a tax on the profit of the sale of certain assets. Each of these taxes is applied when money changes hands. A wealth tax, however, is levied on the amount of wealth a person has, or at least the amount they report to a taxing authority.
Under Warren’s proposal, all assets in excess of $50 million would be taxed at two percent annually, while assets in excess of $1 billion would be taxed at three percent annually. This means that in the first year of Warren’s tax plan, Jeff Bezos—net worth $148.5 billion—would pay about $4 billion in taxes on his wealth.
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