Photo by Tim Pierce, Creative Commons license 2.0

Elizabeth Warren is about to call for an itty bitty extra tax on the super-wealthy that would only apply to those with over $50 million in assets, according to one of the economists advising her. The "wealth tax" -- which really needs a flashier name, like the "eat the rich tax" -- would impose a two percent tax on wealth over the $50 million threshold, and and a three percent tax on those with assets over a billion dollars. Get ready for Trump supporters whose net worth is less than what Mark Zuckerberg spends on home-slaughtered goats to vow they'll NEVER let Warren come and take their F-150 pickups away, goddamn her socialist hide.

Unlike an income tax, which only affects the money you make in a year, a wealth tax would require rich fuckers to declare their total worth each year (all assets vs liabilities) and then pay a teeny-tiny sliver of that in taxes. The slogan could be "Two Percent From the One Percent," although really it would only be the .1 Percent.

UC Berkeley economists Emmanuel Saez and Gabriel Zucman have been helping Warren develop the plan in their spare time, when they're not out causing apoplexy among Republicans just by being "economists" from "Berkeley." Saez estimated the Spit-Roast The Rich Fuckwads tax would affect less than a tenth of a percent of households (about 75,000 nationwide), but would raise $2.75 trillion over a decade. "And it would all go to blacks to get abortions!" Saez very pointedly did not say to the Washington Post, although Republicans were already thinking it. As of yet, the Warren campaign hasn't commented on the plan, since her staff are all busy drawing up lists of patriots whose guns will be seized.

"The Warren wealth tax is pretty big. We think it could have a significant effect on wealth concentration in the long run," Saez said in an interview. "This is a very interesting development with deep root causes: the fact inequality has been increasing so much, particularly in wealth, and the feeling our current tax system doesn't do a very good job taxing the very richest people."

In addition to the tax, Warren would also seek to prevent tax avoidance by the very rich through increasing funding of the IRS, mandating that a certain portion of those required to pay the Fuck You, Rich Fuckers tax be audited each year, and -- to prevent bejillionaires going all Exile on Main Street -- a one-time tax penalty on anyone with over $50 million who tries to avoid taxes by renouncing their citizenship or hiring the Hell's Angels to provide concert security.

Saez and Zucman played around a bit with various versions of a plan for Warren, including one that would kick in with a lower rate (one percent) and hit more rich fuckers (annual income over $10 million), according to a letter to the candidate WaPo obtained. Does the story offer any insight as to why the two percent on wealth over $50 million was chosen instead? It does not. We are left wondering.

The story also notes that while "taxation of wealth has fallen out of favor in the world's richest countries," it's really a fairly recent (read "post-Reagan/Thatcher" and the rise of fucking western oligarchs writing the goddamn laws) development.

In 1990, 12 member countries of the Organization for Economic Co-Operation and Development imposed some form of wealth tax.

By 2017, that number had fallen to just four: France, Norway, Spain and Switzerland. That decline has been mirrored by a decline in the taxation of high incomes, as well as a rise in inequality, according to the OECD.

Of course, wealth inequality isn't really a problem, say rich bastards and their pet political party.

The piece also dutifully notes that different think tanks have different projections of how much taxing the very wealthiest can raise:

The Institute on Taxation and Economic Policy, a left-leaning think tank, published a report on Wednesday finding that a 1 percent wealth tax on the wealthiest 0.1 percent of Americans would raise $1.3 trillion over a decade. That would affect U.S. households with wealth above $32.2 million.

By contrast, the righty Tax Foundation warns that Alexandra Ocasio-Cortez's plan to reimpose a 70 percent top marginal rate on those earning over $10 million would so shatter the economy that it would raise less than $200 billion a year or actually cause the federal government to lose $63.5 billion. That's because no one would ever innovate or work again, and then you'd come crying back to Wall Street to save you, but the disgusted billionaires would say "NO" and move to Galt's Gulch, where they'd all die after no one checked their food for salmonella.

Heavens, just look at the bleak outlook for someone with a fortune of $100 million if they somehow had to slave away under Warren's total confiscation of two percent of their riches a year!

Facing $19 million less in earnings over a decade, the super-rich would almost certainly give up on America and just spend their days writing sad poetry to the money that never came to be, and then they'd fly their Gulfstream jet into the ocean in grief. Or they would, if they weren't suddenly POOR now. If the obscenely rich have to settle for being merely disgustingly rich, how will they even know who won?

Still those crazy Berkeley radicals seem to think this is a good time to talk about taxing the rich, what with "inequality," as if that were even a thing that matters:

The wealthiest 1 percent of families currently face a total tax burden, including state and local taxes, of about 3.2 percent relative to wealth, Saez and Zucman write in [their letter.

The bottom 99 percent of families currently has a tax burden of 7.2 percent relative to their wealth, the economists say.

"One of the key motivations for introducing a progressive wealth tax is to curb the growing concentration of wealth," Saez and Zucman wrote to Warren in their Jan. 14 letter. "The top 1 percent wealth share has increased dramatically from about 22 percent in the late 1970s to around 40 percent in recent years. Conversely, the wealth share of the bottom 95 percent of families has declined from about 50 percent in the late 1970s to about 40 percent today."

Yes, that may be true, but these are new times and thinking like this is clearly false and wrong, according to WaPo's fact checker, whom we have provoked enough already today.

[WaPo / Photo: Tim Price, Creative Commons License 2.0]

And have we mentioned Elizabeth Warren 2020 lately? No? Well, we just did.

And now this is your OPEN THREAD!

Yr Wonkette is supported by reader donations. Please send us money, and when we finally mulch the rich, we will invite you to the harvest.

How often would you like to donate?

Select an amount (USD)

Doktor Zoom

Doktor Zoom's real name is Marty Kelley, and he lives in the wilds of Boise, Idaho. He is not a medical doctor, but does have a real PhD in Rhetoric. You should definitely donate some money to this little mommyblog where he has finally found acceptance and cat pictures. He is on maternity leave until 2033. Here is his Twitter, also. His quest to avoid prolixity is not going so great.

Donate with CC

Once upon a time... about ten years ago, a group of entirely ridiculous men burst onto the scene wearing stupid hats and telling men that wearing stupid hats and telling men that walking up to women in bars and insulting ("negging") them would get them laid. This did not last long, as women also had televisions and computers and were completely aware of these tricks as well, so when some ass came up to us in a bar and said "Hey, nice nails, are they real?" we would laugh and laugh and loudly announce "Oh my god, this guy just tried to neg me! Can you believe that shit? HEY EVERYONE, THIS GUY JUST TRIED TO NEG ME!" and then refer to him as "Mystery" the whole night.

Most of the men who tried that shit only did so a few times before realizing that it wasn't going to work, and thus moved on to other things. Perhaps things that did not involve furry hats and coming off as a huge creep. We may never know, because I would assume that those who tried it are now extremely embarrassed and would never, ever admit to this to us.

Still, there were a few men willing to eat that shit up, as well as some grifters willing to take advantage of that. Said grifters tended to be extremely misogynistic and seemed more like they were teaching men how to be as despised by women as they were than teaching them how to actually be liked by women.

Some of them, like Roosh V, a creepy weirdo who actually does live in his mom's basement, actively encouraged men to rape women who were intoxicated to the point of being obviously unable to consent.

However, even that branch of the PUA tree is wilting away. Many "self-help" style PUA forums like Nextasf and RSDnation are shutting down or have already shut down. In March, Chateau Heartiste, a batshit crazy PUA turned White Nationalist/Alt-Right blog was shut down by Wordpress. This week, rape advocate Roosh V (whom you may recall once called yours truly a "Wonkette typist/clown face, would not bang") announced that he was renouncing his PUA ways and devoting himself to Jesus. He explained to the forum he manages that he would no longer be allowing anyone to discuss premarital "fornication."

Keep reading... Show less
Donate with CC

'Baby Geniuses' star Jon Voight took to Twitter early this morning to proclaim his undying love for Donald Trump, probably because there is no one left in his life who will listen to him talk about this, or anything else, in person. In this video rant, Voight encouraged members of the Republican Party, whom he apparently thinks are the only real citizens of the United States, to stand by Donald Trump and "acknowledge the truth" that he is the best President since Abraham Lincoln.

Part ONE:

People of the Republican Party, I know you will agree with me when I say our president has our utmost respect and our love. This job is not easy. For he's battling the left and their absurd words of destruction. I've said this once and I'll say this again. That our nation has been built on the solid ground from our forefathers, and there is a moral code of duty that has been passed on from President Lincoln. I'm here today to acknowledge the truth, and I'm here today to tell you my fellow Americans that our country…

Oh no, not our absurd words of destruction!

Part DEUX:

is stronger, safer, and with more jobs because our President has made his every move correct. Don't be fooled by the political left, because we are the people of this nation that is witnessing triumph. So let us stand with our president. Let us stand up for this truth, that President Trump is the greatest president since President Lincoln.

Does Jon Voight not know there have been... other presidents? Can he name them? Because really, it does not sound like it. Does he also not know that a very big chunk of the Republican Party actually does not care very much for Abraham Lincoln? Namely those defenders of Confederate statues that Trump called "very fine people?" Also, did he intentionally diss their beloved Ronald Reagan?

Who can know? Who can even tell what he is trying to say or why he is trying to say it. He doesn't appear to have tweeted much since 2016, so I'm guessing whoever's job it was to keep him from tanking his career quit. Either that... or after filming the seventh season of Ray Donovan, he found out it's going to be canceled or his character is getting killed off or something and he is now free to be a jackass? I don't know, I haven't watched the show, although my parents are very into it and mad that I haven't watched it. Literally all I know about it is that it has something to do with Boston, because they keep mentioning that to me like it's a selling point.

It seems useless at this point to note that the people who scream their faces off about how bad it is for Hollywood celebs to support liberal causes, and how they should keep their politics to themselves, etc. etc. make a way bigger deal than normal people do whenever a Big Time Hollywood Celebrity like Jon Voight or, uh, Scott Baio, supports their cause. Mostly because they're the only ones who have elected a reality TV star and the star of Bedtime for Bonzo (who by the way, also once practically ruined a perfectly good Bette Davis movie with his bad acting. Which is not to say that Dark Victory is not fantastic and probably the best thing to watch if you want to sob your face off, but he was very bad in it.) to run the country.

But we might as well do that anyway, because it actually never stops being funny.

[Jon Voight Twitter]

Donate with CC

How often would you like to donate?

Select an amount (USD)


©2018 by Commie Girl Industries, Inc