Going full Hugo Chavez in America?

The New York Times advocates turning America into a banana republic style tin-pot dictatorship. They dress it up nicely, but they are advocating seizing the assets of Americans.

American household wealth totaled more than $58 trillion in 2010. A flat wealth tax of just 1.5 percent on financial assets and other wealth like housing, cars and business ownership would have been more than enough to replace all the revenue of the income, estate and gift taxes, which amounted to about $833 billion after refunds. Brackets of, say, zero percent up to $500,000 in wealth, 1 percent for wealth between $500,000 and $1 million, and 2 percent for wealth above $1 million would probably have done the trick as well.

These tax rates would garner a small portion of the extra wealth America’s richest families could expect to accrue simply by investing what they already had. The rates would also be enough to slow — if not reverse — the increase in inequality.

See that? They just want to seize the “extra” property of wealthy Americans. That you were already taxed on it doesn’t matter. That it is your property doesn’t matter. Under the NYT plan, the state would take one to two percent of your savings every year. It is extra and, after all, they are just trying to lessen income inequality.

Interesting that, in the Communist Manifesto, Marx only called for the taxation of income.

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6 Responses to Going full Hugo Chavez in America?

  1. R.D. Walker says:

    There is only one way to reduce inequality: reward bad decisions and slothful behavior while punishing good decisions and diligent behavior. This is, increasingly, American social policy.

  2. R.D. Walker says:

    Twin brothers, Mike and Mark…

    Mike lives below his means. He saves and delays gratification. He drives old vehicles, has a modest house and works hard. He accumulates wealth.

    Mark drinks 18 year old Scotch, travels the world, stays at five star resorts, buys luxury cars every year, gambles and whore mongers.

    Naturally the state has a strong interest in taxing Mike at a much higher rate than Mark, right?

    That is what they are proposing.

  3. notamobster says:

    It’s good to see everyone coming completely out of the closet these days. Don’t even try to hide your crush on Karl Marx.

    Fuck the world.

    They’re gonna burn this bitch to the ground whether we agree with them or not.

  4. Roy Ryder says:

    This option is already available to people like the NYT’s Sulzbergers. All they have to do is liquidate their excess wealth and provide it to the government. The fact that they haven’t done this already tells us that they’re really more interested in seizing the assets of others. Fuck’em.

  5. Slaphappypap says:

    It seems Paul Krugman think that 91% taxation on the wealthy will solve our problem as well. His arguement is that it is the same taxation as the 1950’s during Eisenhower. Although, with rampant regulations nobody will make anything here let alone money.


  6. rj says:

    Betcha a buck they are already wondering how to seize 401k’s, private, municipal and state retirement funds that are fully funded, prudently invested and well managed.