Wealth Tax: 7 States Looking Making Proposals
There are 7 states that are looking at implementing a wealth tax. This is designed to pull tax revenue out of unsold assets, such as stock, homes, and businesses. In some states, like CA, it includes trademarks.
In this video I discuss how the demise of these states is in full swing.
▶️ 3Speak
0
0
0.000
How ridiculous but these are the criminals trying to keep people in poverty so nothing is surprising. California Congress is dystopian to the max.
Posted Using LeoFinance Beta
Too many people will not be able to pay and it will spark off a bloody revolt if they're foolish enough to try.
Half of the WEF rsvp's didn't show up for fear of being associated politically. The tide is turning against them. Covid crimes are now coming out. Some even knew before the pLandemic started (see about 1/2 way down the page).
This didn't age well...
Nuremberg 2 (it will probably go by a different name as a form of planetary congress to root out the criminals) will start by summer 2025. Once it's known how this pLandemic was designed to steal from the poor and make everyone a slave, mass non compliance will result. An economic collapse will cause loss of confidence sooner and destroy incentives to continue down the CBDC path.
The wealth tax is dumb and that is why people are just fleeing. When they do, the cost for everyone else there goes up and it becomes a death spiral. They dug themselves a hole and they are lacking reasons to get more people to stay.
Posted Using LeoFinance Beta
Stupid but not surprising, giving who we are dealing with.
Summary:
In this video, the speaker discusses the concept of a wealth tax, using Elizabeth Warren's proposal as a starting point. He explains that a wealth tax is levied on a person's assets, and this form of taxation may soon be implemented in several states in the US. The speaker outlines potential implications of a wealth tax, including its initial impact on a certain segment of the population and the likelihood of it expanding over time to encompass more individuals. He provides hypothetical scenarios to illustrate how a wealth tax could affect individuals with different types of assets, such as stock portfolios or business ownership. The speaker also delves into the potential consequences of a wealth tax at the state level, citing examples of businesses and individuals relocating to avoid such taxation. Additionally, he touches on historical precedents and the broader economic implications of implementing a wealth tax.
Detailed Article:
The video opens with a discussion on the wealth tax, a concept that has been prominently championed by Elizabeth Warren. The speaker notes that multiple states in the US are contemplating the implementation of a wealth tax, emphasizing that this move could potentially materialize by 2023 or 2024, given the political dynamics within state legislatures.
Honing in on the crux of a wealth tax, the speaker explains that it constitutes a levy on an individual's assets. He draws parallels with the historical introduction of income tax, highlighting that while it initially affected only the top 3% of society, over time, income tax now encompasses a broader swathe of the population. This historical context sets the stage for the speaker's analysis of the potential evolution of a wealth tax.
To elucidate the impact of a wealth tax, the speaker crafts hypothetical scenarios. He posits a scenario where a person with assets totaling a million dollars may be taxed at 1%, translating to a $10,000 tax obligation. Through tangible examples such as property ownership and stock portfolio valuation, he illustrates how a wealth tax could entail liquidating assets to meet tax liabilities, particularly if asset values depreciate.
The speaker delves into the repercussions of a wealth tax, especially focusing on the challenge it poses to owners of non-liquid assets like businesses. He outlines a scenario where a business owner, forced to pay a sizeable tax on the value of their enterprise, may face liquidity issues in meeting tax demands. This liquidity crunch could, in turn, prompt businesses or individuals to relocate to states with more favorable tax regimes, undermining the tax base of states that implement wealth taxes.
Drawing from historical events, the speaker warns of potential repercussions of taxing affluent individuals and businesses excessively, hinting at the risk of capital flight and economic decline. He underscores the fragility of pension funds and the broader economic stability that could be jeopardized by misguided taxation policies.
In conclusion, the speaker forewarns viewers of the impending rollout of wealth taxes in certain US states and potentially on a global scale. He paints a nuanced picture of the complexities and consequences associated with wealth taxation, urging caution against the potential unintended fallout from such measures.