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Thursday, January 19th, 2023

Billionaires in blue states face coordinated wealth-tax bills

Author:     Julie Weil
Source:     msn / The Washington Post
Publication Date:     17 January 2023
 Link: Billionaires in blue states face coordinated wealth-tax bills
Stephan:  

Congressional House Republicans at the federal level seek to serve the uber-rich, who rent them for political favors like whores for sex. They are trying to service their masters by gutting the IRS so their renters can get away with paying even less taxes. In the Blue states the exact opposite is going on, as this article describes. Like the previous article about the rise of abortion services in Blue states bordering Red states this move in Blue state legislatures to tax the rich fairly I see this as yet another waypoint on the transfer of real power from Congress to the state legislatures, and as a part of the Great Schism Trend.

A group of legislators in statehouses across the country has coordinated to introduce bills simultaneously in seven states later this week, with the same goal of raising taxes on the rich.

“The point here is to make sure we do at the state level what is not being done at the federal level,” said Gustavo Rivera (D), a New York state senator who is part of the seven-state group.

Some of the state bills resemble the “wealth tax” that Sen. Elizabeth Warren (D-Mass.) pitched during her 2020 presidential candidacy. It’s a form of taxation never before attempted in the United States, in which very wealthy people would have to pay taxes annually on assets that they own, rather than just their income that year. Other bills focus on raising money from more conventional forms of taxation, including capital gains taxes and estate taxes.

From 2019: Wealth tax splits Warren and Sanders from other Democrats

The state legislators say they would like to try such ideas as a test case for future national policy while acting collectively […]

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