QUORUMCALL//GPT:
PLANS FOR WEALTH REDISTRIBUTION
Liz Warren and several other progressive Senators are pushing for the “Ultra-Millionaire Tax Act”, which aims to impose a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion, and a 3% annual tax on households and trusts over $1 billion.
THE IMPLICATIONS
– The act is expected to raise around $3 trillion over the next decade, which could be used for progressive priorities such as infrastructure, universal childcare, and climate change.
– Critics, however, argue that the tax is unprecedented in the US, and could have significant economic and constitutional implications.
TOPICS COVERED
#WealthTax #UltraMillionaireTaxAct
NOTE
Zero Hedge, the source of this article, is known for its libertarian-leaning and often controversial views on economic and political issues. The language in this article clearly opposes the proposed tax, framing it as an attempt to “normalize confiscation of assets.”
