Free . . .
collage?
Well, gosh, there's some telling indication in your post that you could have benefited from free
college.
There is. There absolutely is. And it would pay for tuition free college and much, much more:
The specific and comprehensive details of her plan:
The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that
this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period.
Rates and Revenue
- Zero additional tax on any household with a net worth of less than $50 million (99.9% of American households)
- 2% annual tax on household net worth between $50 million and $1 billion
- 1% annual Billionaire Surtax (3% tax overall) on household net worth above $1 billion
- 10-Year revenue total of $2.75 trillion (estimate by Saez and Zucman)
ADDITIONAL DETAILS
- All assets are included in the net worth calculation, which will produce more revenue and reduce opportunities for avoidance and evasion: All household assets held anywhere in the world will be included in the net worth measurement, including residences, closely held businesses, assets held in trust, retirement assets, assets held by minor children, and personal property with a value of $50,000 or more.
- Taxpayers will be permitted to defer payment of the tax with interest for up to five years: For the rare taxpayer with an extremely high net worth but liquidity constraints that make it difficult to pay this additional tax, there will be an option to defer payment of the tax for up to five years, with interest. The IRS will also be instructed to create rules for cases where deferment is required in truly exceptional circumstances to prevent unintended negative impacts on an ongoing enterprise or a taxpayer facing unusual circumstances that would advise for delay.
- Valuing assets for the purposes of the Ultra-Millionaire Tax will provide an opportunity to tighten and expand upon existing valuation rules for the estate tax: The IRS already has rules to assess the value of many assets for estate tax purposes. The Ultra-Millionaire Tax is a chance for the IRS to tighten these existing rules to close loopholes and to develop new valuation rules as needed. For example, the IRS would be authorized to use cutting-edge retrospective and prospective formulaic valuation methods for certain harder-to-value assets like closely held business and non-owner-occupied real estate.
- The proposal also includes strong anti-evasion measures, including but not limited to:
- a significant increase in the IRS enforcement budget;
- a minimum audit rate for taxpayers subject to the Ultra-Millionaire Tax;
- a 40% “exit tax” on the net worth above $50 million of any U.S. citizen who renounces their citizenship; and
systematic third-party reporting that builds on existing tax information exchange agreements adopted after the Foreign Account Tax Compliance Act.
- Leading constitutional law scholars believe the Ultra-Millionaire Tax is constitutional: Legal experts have submitted two separate letters in support of the constitutionality of this proposal.
EXAMPLES
Married couple with household net worth of $100,000—the median level in the United States
- Pays zero tax because they are below the $50 million threshold
Married couple with a primary and vacation residence and substantial retirement savings for a household net worth of $20 million
- Pays zero tax because they are below the $50 million threshold
Extremely successful small business owner of a $30 million business as well as additional assets for a household net worth of $40 million
- Pays zero tax because they are below the $50 million threshold
Hedge fund manager with a net worth of $500 million
- Pays a 2% tax on the $450 million in net worth above the $50 million threshold, producing a total annual liability of $9 million
Heir with a net worth of $20 billion
- Pays a 2% tax on the $950 million between $50 million and $1 billion, and a 3% tax on the remaining $19 billion, for a total annual liability of $589 million.
No, no, no, that's Trump's tax CUT for the wealthy that you're thinking of. Stop gazing longingly at that men's swimwear
collage of Trump and Karl Rove and Rupert Murdoch and smarten up. You've been a suck-up chump for the ultra rich for far too long.
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