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.