Warren’s Tax Plan Would Hit Some With Rates Over 100%

Under the sweeping tax proposals introduced by Elizabeth Warren, some billionaires and multimillionaires could see their federal tax rate climb above 100 percent.

Tax rates higher than 100 percent could result from the combination of several tax hikes Warren has called for on the ultra-wealthy, as first reported by The Wall Street Journal. That includes increasing the top income-tax rate to 39.6 percent from 37 percent; imposing a new 14.8 percent on Social Security; slapping a 6 percent tax on individuals worth more than $1 billion and requiring investors to pay capital-gains taxes at the same rates as other incomes.

Trending: Report: Search Site DuckDuckGo Hands User Data Over to Google

Stealing over 100% of people’s earnings. Now let that sink in for a minute. They take everything they earned, and plus some more. Just the modern Democrat party for you.

take our poll - story continues below

Will You Be Voting In Person November 3rd?(10)

  • Will You Be Voting In Person November 3rd?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Godfather Politics updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

Democratic presidential candidate Sen. Elizabeth Warren (D-MA) has released her tax plan that an analysis has found would result in a tax rate of over 100% for some billionaires and millionaires.

The Wall Street Journal reports:

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.

Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.

Warren’s economic plan was recently harshly criticized by former Obama administration adviser Steven Rattner, who said, “I would say it’d be disastrous for the American economy.” More

This is meant to target the rich to pay for her nonsense; however, the rich will just move their assets out of the USA where they aren’t hated, leaving only the middle class to pay for it. Socialists just cannot comprehend the laws of economics.

Don't forget to Like Godfather Politics on Facebook and Twitter, and visit our friends at RepublicanLegion.com.

Become an insider!

Sign up for the free Godfather Politics email newsletter, and we'll make sure to keep you in the loop.

You Might Like
Previous Grade School Cancels Traditional 'First Thanksgiving Day' Play Over 'Sensitivity' Worries
Next 2008: Obama Fired All Of Bush’s Politically Appointed Ambassadors

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon to the right of the comment, and report it as spam. Thank you for partnering with us to maintain fruitful conversation. If you don't see a commenting section below, please disable your adblocker.