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Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t sell their assets.
Ms. Warren’s tax plans, aimed at paying to expand health care, child care, housing and education programs, are the clearest expression of progressive Democrats’ fiscal philosophy. They lean heavily on taxes at the top of the income and wealth scale to finance these expanded programs.
There are 45 million borrowers who collectively owe more than $1.5 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans.
All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside. No state shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any state deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.
Ms. Warren has talked most about her plan, announced in January, to impose a 2% annual tax on wealth above $50 millionand 3% above $1 billion, which she doubled to 6% this month to pay for Medicare for All
originally posted by: JAY1980
The Warren tax calculator(here) intentionally conflates net worth and income. These leftist will tax us all to death within the first year.
The fact Warren thinks she knows more about taxation than billionaires is laughable.
You’d pay $6.379 billion next year under Elizabeth’s wealth tax. This amount,which you likely won’t even feel, will help us invest in education from birth through college and help finance health care for everyone.
originally posted by: Ohanka
Im sure this will go down well with the DNCs wall street financiers...