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| P. Krugman |
The Saez-Zucman-Warren tax proposal is the Elizabeth Warren wealth tax proposal (SEE: Elizabeth Warren Goes Tax Crazy).I'm working on the Saez-Zucman-Warren tax proposal -- which is, by the way, a real proposal, much more so than the (not at all stupid) suggestion by @AOC of a 70% top rate. It's simultaneously radical and serious, and worth analyzing closely 1/ https://t.co/cZ0FWqg3uE— Paul Krugman (@paulkrugman) January 26, 2019
In many ways, Krugman is worse than Warren or AOC, he loves government taking money from the people. A wealth tax is bad on many different levels. But Krugman is having a tax orgasm over the thought:
It's a really big deal. It would raise around 1% of GDP, entirely from the top 0.1% of wealth owners; meanwhile, the top 0.1% of income earners (not quite the same people, but close) gets around 9% of total income, so this is a double-digit rise in their effective tax rate 2/— Paul Krugman (@paulkrugman) January 26, 2019
The political obstacles would of course be formidable (although the public overwhelmingly favors higher taxes on the rich.) But anyone dismissing this as a wild and crazy scheme is revealing more about themselves than about Warren and her advisers. 7/— Paul Krugman (@paulkrugman) January 26, 2019
-RW
Robert, there is a very good legal argument suggesting that this wealth tax is a direct tax, which is unconstitutional unless they apportion it among the states, which they do not want. Otherwise, like they did with the income tax, they’ll have to amend the constitution. Slim chance they can pass this in a way that passes constitutional muster. I know these people couldn’t care less about the constitution. Just trying to be optimistic.
ReplyDeleteIt's gonna be hard work coming up with a tax plan that doesn't impact the crony classes, but I'm sure Krugman is up to the job.
ReplyDeleteI get a laugh at the way this nut talks about his fellow empty nut, Horseio-Cortez. Previously, he has defended against people calling her a dim wit by basically saying there are people even dumber than her, so it's okay. Now, he chooses to put the "(not at all stupid)" disclaimer when he even talks about her plan. Nothing to see here. Oh no. Her plan isn't stupid.
ReplyDeleteJow exactly would they "take" i mean tax peoples' wealth.
ReplyDeleteI mean honestly what are they going to do? Send you a bill in the mail for having money in the stock market?