Elizabeth Warren has a plan to help the middle-class through taxing the "wealth" of people who have $50M or more in net worth. The wealth they have is after it has already been taxed by the Federal and State governments so now she's saying they want more out of them.
So many problems with this. First of all, her coming up with this plan, should disqualify her from becoming President because she's too much of an idiot to be able to perform the job, but what scares me is that so many people will agree with her. Why doesn't she just authorize people to go into the homes of wealthy people and take what they want? It's the same thing. It's stealing. But for some reason it doesn't sound as dirty when the federal government does the stealing on behalf of other U.S. citizens. If we had down this immoral path, our country will be in significant danger.
Then there's the fact that the IRS would need to become HUGE to go over everyone's records to figure out what their wealth is. You see the first step is figuring out who actually has this much net worth. Not all wealthy people are wealthy. There's an awesome book called: "The Millionaire Next Door," which covers this topic. It's easy to collect income taxes but to go into someone's personal finances and figure out exactly what their assets and liabilities are, that's a whole other story.
Every audit would take a significant amount of time. The Federal government would have to perform over 75,000 lengthy audits and they'd have to do them over and over again on the same people; and any new ones that became "rich." I'm using the 75,000 number because that's what Warren is saying but the truth is, the IRS doesn't know about peoples' wealth, they know about their annual income. They know about corporate wealth but not personal wealth, because it would be an infringement on personal freedoms. Where she came up with that number I don't have a clue. Well, actually I do, but I want to keep this post G-Rated.
The reason they'd have to perform these audits year after year on the same people, is because net worth goes up and down. If one year the IRS decides that a person's home is worth $800,000, then the fair market value of the home could go up or down the next year; it's a moving target. The $50,000 someone may of had in the bank would get the entire "Wealth Tax," one year but if they bought a car with it, the IRS would have to calculate what the car's worth in trade-in. It's an absolute nightmare. I don't even know if we'd bring in enough additional tax revenues to pay for a massive expansion of the IRS.
Just my opinion, but I believe Warren knows there's not a chance in hell that her plan would pass Congress; most Democrats wouldn't sabotage their careers over this move because the Democrat Party is now the Party of the rich (i.e. actors, athletes, entertainers, network executives, tech-moguls, etc.). Since she knows it won't pass but is pushing it on the campaign trail anyway, she's a liar. She's acting like she's looking out for the lower classes when she's not because she's selling a non-viable solution. It has become so easy for politicians to lie these days as they don't seem to have any form of conscience; they're shameless. The bottom line is what Warren is proposing to do isn't doable but more importantly, stealing someone's wealth, is immoral.
The mentality of this new breed of Democrat/Socialist politician; by the way some flat out say they're socialists, is going to destroy our country. If you listen to what they're selling it goes completely against capitalism, the very ideology that has made us one of the greatest civilizations in all of history. These new candidates are constantly talking about wealth inequality not being fair, when it is; it's our economic system. It's why the system has been so successful at lifting everyone up. People who are poor in the U.S. have extravagant lifestyles compared to other countries. They have televisions. They have phones. They have video games. They have shelter. They have food. They have close access to medical care. Capitalism raised their standard of living, it didn't make it worse or hold them down.
The fact is, wealth equality wouldn't be fair. Equality of outcome without equality of effort isn't fair. Matt Barkley and Tom Brady are both NFL quarterbacks. Doesn't the fact alone that you don't know who Barkley is, signify that Brady makes much more money? Should all the quarterbacks in the NFL take the total amount of money paid to all quarterbacks and divide it up? Socialist would say that's fair, because there would be income equality but then what incentivizes any of the quarterbacks to give their all? There's no reward for playing. They might as well sit on the bench and not risk injury because they'd be bringing in the same amount of money.
wrote this before, and I'll write it again to demonstrate wealth inequality and how absurd it is to punish people for making money. Of course I'm keeping the numbers down for ease of calculating. Let's say we give 100 college students $1,000 a piece and then one of those students has an awesome idea for a new phone and 49 of those students purchased it from her for $500 a piece. Wealth check. 50 students would still have $1,000 in the bank. Forty-nine students would have $500 and a new phone that is a luxury depreciating in value. Then the female student with the great idea would have $25,500 in the bank so she'd be 51 times wealthier than the students with $500 and a new phone.
With the new socialists mentality, this female student would be demonized because she's ultra rich. It wouldn't matter to them that this person didn't force the other students to buy her phone. It doesn't matter to them that she might have tremendous character and helps people in need with her money; she's evil by her association with money. Talk about judging.
The fact is, she did nothing wrong. Spreading the wealth by taxing her net worth , like Warren and others are proposing, isn't fair. It's not moral, it's stealing. Contrary to what they're preaching, Income equality isn't fair. Equality of outcome with inequality of effort, isn't fair. This new breed of socialists will take our country down quickly. Don't believe me. Venezuela was one of the wealthiest countries in the world, just 15 years ago. Socialism took hold and now millions are fleeing the country. We've got to stop them now!
So many problems with this. First of all, her coming up with this plan, should disqualify her from becoming President because she's too much of an idiot to be able to perform the job, but what scares me is that so many people will agree with her. Why doesn't she just authorize people to go into the homes of wealthy people and take what they want? It's the same thing. It's stealing. But for some reason it doesn't sound as dirty when the federal government does the stealing on behalf of other U.S. citizens. If we had down this immoral path, our country will be in significant danger.
Then there's the fact that the IRS would need to become HUGE to go over everyone's records to figure out what their wealth is. You see the first step is figuring out who actually has this much net worth. Not all wealthy people are wealthy. There's an awesome book called: "The Millionaire Next Door," which covers this topic. It's easy to collect income taxes but to go into someone's personal finances and figure out exactly what their assets and liabilities are, that's a whole other story.
Every audit would take a significant amount of time. The Federal government would have to perform over 75,000 lengthy audits and they'd have to do them over and over again on the same people; and any new ones that became "rich." I'm using the 75,000 number because that's what Warren is saying but the truth is, the IRS doesn't know about peoples' wealth, they know about their annual income. They know about corporate wealth but not personal wealth, because it would be an infringement on personal freedoms. Where she came up with that number I don't have a clue. Well, actually I do, but I want to keep this post G-Rated.
The reason they'd have to perform these audits year after year on the same people, is because net worth goes up and down. If one year the IRS decides that a person's home is worth $800,000, then the fair market value of the home could go up or down the next year; it's a moving target. The $50,000 someone may of had in the bank would get the entire "Wealth Tax," one year but if they bought a car with it, the IRS would have to calculate what the car's worth in trade-in. It's an absolute nightmare. I don't even know if we'd bring in enough additional tax revenues to pay for a massive expansion of the IRS.
Just my opinion, but I believe Warren knows there's not a chance in hell that her plan would pass Congress; most Democrats wouldn't sabotage their careers over this move because the Democrat Party is now the Party of the rich (i.e. actors, athletes, entertainers, network executives, tech-moguls, etc.). Since she knows it won't pass but is pushing it on the campaign trail anyway, she's a liar. She's acting like she's looking out for the lower classes when she's not because she's selling a non-viable solution. It has become so easy for politicians to lie these days as they don't seem to have any form of conscience; they're shameless. The bottom line is what Warren is proposing to do isn't doable but more importantly, stealing someone's wealth, is immoral.
The mentality of this new breed of Democrat/Socialist politician; by the way some flat out say they're socialists, is going to destroy our country. If you listen to what they're selling it goes completely against capitalism, the very ideology that has made us one of the greatest civilizations in all of history. These new candidates are constantly talking about wealth inequality not being fair, when it is; it's our economic system. It's why the system has been so successful at lifting everyone up. People who are poor in the U.S. have extravagant lifestyles compared to other countries. They have televisions. They have phones. They have video games. They have shelter. They have food. They have close access to medical care. Capitalism raised their standard of living, it didn't make it worse or hold them down.
The fact is, wealth equality wouldn't be fair. Equality of outcome without equality of effort isn't fair. Matt Barkley and Tom Brady are both NFL quarterbacks. Doesn't the fact alone that you don't know who Barkley is, signify that Brady makes much more money? Should all the quarterbacks in the NFL take the total amount of money paid to all quarterbacks and divide it up? Socialist would say that's fair, because there would be income equality but then what incentivizes any of the quarterbacks to give their all? There's no reward for playing. They might as well sit on the bench and not risk injury because they'd be bringing in the same amount of money.
wrote this before, and I'll write it again to demonstrate wealth inequality and how absurd it is to punish people for making money. Of course I'm keeping the numbers down for ease of calculating. Let's say we give 100 college students $1,000 a piece and then one of those students has an awesome idea for a new phone and 49 of those students purchased it from her for $500 a piece. Wealth check. 50 students would still have $1,000 in the bank. Forty-nine students would have $500 and a new phone that is a luxury depreciating in value. Then the female student with the great idea would have $25,500 in the bank so she'd be 51 times wealthier than the students with $500 and a new phone.
With the new socialists mentality, this female student would be demonized because she's ultra rich. It wouldn't matter to them that this person didn't force the other students to buy her phone. It doesn't matter to them that she might have tremendous character and helps people in need with her money; she's evil by her association with money. Talk about judging.
The fact is, she did nothing wrong. Spreading the wealth by taxing her net worth , like Warren and others are proposing, isn't fair. It's not moral, it's stealing. Contrary to what they're preaching, Income equality isn't fair. Equality of outcome with inequality of effort, isn't fair. This new breed of socialists will take our country down quickly. Don't believe me. Venezuela was one of the wealthiest countries in the world, just 15 years ago. Socialism took hold and now millions are fleeing the country. We've got to stop them now!
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