Tag: Wealth Tax

Fiscal Watchdog Warns Against Wealth Tax in Connecticut and Five other States

The Center Square

New York is being cautioned against raising taxes on its top earners as lawmakers consider plans to drum up more money from the state’s wealthiest. 

A group of progressive Democratic state lawmakers have proposed a raft of tax reforms targeting New York’s ultra-rich that includes adding new tax brackets for the highest earners, increasing corporate taxes for the top companies, and setting wealth taxes on capital gains and inheritances.

Backers of the Invest in New York proposal say the package of reforms would drum up another $40 million to $50 million for the state’s education, housing and transportation needs. 

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Commentary: Biden’s Wealth Tax Is a Bad Idea That Cannot Be Ignored

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Imagine a world where you were not taxed on how much you earned in a given year, but instead on how much your wealth appreciated.

To some this sounds like something straight out of John Lennon’s communist manifesto, also known as the song “Imagine.” Like the song, the music surrounding the words are enticing, but also like Lennon’s hit, the words themselves spell the death knell of freedom.

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Analysis: Senator Elizabeth Warren Appears to be Distorting Reality in Order to ‘Sell’ Her Wealth Tax Proposal

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Senator Elizabeth Warren (D-MA) recently revived her campaign proposal for a wealth tax on taxpayers with a net worth exceeding $50 million. Unfortunately, the plan retains the same defects as her previous proposals to tax wealth, along with the same distortions she used to defend it last time.

Warren’s proposal, introduced along with companion legislation in the House sponsored by Rep. Jayapal (D-WA) and Rep. Boyle (D-PA), would tax wealth above $50 million at a rate of 2 percent, and wealth above $1 billion at a rate of 3 percent.

Senator Warren has routinely presented her wealth tax proposal as a minor, moderate tax on the ultra-wealthy. Just as she did on the presidential campaign trail, Warren is describing her plan as a “two cent” tax. This dishonest framing allows Warren to pretend that the tax is small.

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Commentary: A Wealth Tax Is Practically and Morally Bankrupt

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Joe Biden hopes that his proposals to raise taxes significantly will propel him to victory on Election Day. Biden plans to increase the corporate tax rate by 33 percent, raise individual tax rates, and eliminate the cap on income subject to payroll tax. According to an analysis by the Tax Foundation, Biden’s tax plan will reduce national GDP and ordinary earners’ incomes. 

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