The title of a FiveThirtyEight feature:
“Sixty-three percent of Americans believe ‘upper income people’ pay too little in taxes, according to a new survey from Morning Consult. The poll also found that 61 percent of Americans either “strongly” or “somewhat” favor 2020 Democratic presidential candidate Elizabeth Warren’s tax plan, which would levy a new tax on households with a net worth of $50 million or more.”
Fund those Roth IRAs friends, like the ocean surface, taxes are going to rise.
“Warren’s tax plan has been described as an “ultramillionare tax” that aims to make the rich pay taxes on accumulated wealth. It would place a 2 percent tax on households whose net worth exceeds $50 million and then an additional 1 percent (so 3 percent total) on those worth more than $1 billion. The plan has faced some criticism, including claims that it’s unconstitutional. Interestingly, however, the support for the plan appears to be somewhat bipartisan, according to the Morning Consult poll: 74 percent of Democrats and 50 percent of Republicans said they strongly or somewhat favor the proposal.”
However, as Paul Sullivan explains here, Warren’s proposal will be very difficult to implement. Just to be safe though, I’m going to do everything in my power to keep my net worth under $50m.
Semi-related. As those who know me even a little can attest, I’ve done a lot of stupid things in my 56 years, but I’ve never threatened the world’s richest person with legal action. That’s next-level stupid.