‘We Are Part of the Problem’: Billionaires and Heirs Demand Wealth Tax

  • https://www.bloomberg.com/news…heirs-call-for-wealth-tax



    ‘We Are Part of the Problem’: Billionaires and Heirs Demand Wealth Tax

    By Tom Metcalf
    and Suzanne Woolley
    June 24, 2019, 5:04 AM PDT Updated on June 24, 2019, 11:08 AM PDT

    They’re an eclectic bunch -- some of the nation’s most privileged heirs alongside entrepreneurs who have made spectacular fortunes in real estate, finance and Silicon Valley. But collectively they’re united on the need to tax more of the richest Americans’ assets.

    George Soros, heiresses to the Pritzker fortune, Abigail Disney and Facebook Inc. co-founder Chris Hughes are among those calling for a wealth tax to help address income inequality and provide funding for climate change and public health initiatives.

    Liesel Pritzker

    Liesel Pritzker Simmons Photographer: Vaughn Ridley/Sportsfile

    “We are writing to call on all candidates for President, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1% of Americans -- on us,” according to a letter signed by 19 individuals -- one anonymously -- and posted online Monday. “The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.”

    One of the youngest signers, 35-year-old Liesel Pritzker Simmons, whose extended family is worth more than $33 billion, framed the situation simply: “We are part of the problem, so tax us.”

    Why Taxing the Rich Is Popular But Isn’t Always Easy: QuickTake

    The signers “thought it was important for people who would be affected by a wealth tax to come out publicly and say we want this, this is OK, this leads toward the America we want to see,” she said in a phone interview.

    relates to ‘We Are Part of the Problem’: Billionaires and Heirs Demand Wealth Tax

    The first page of the letter

    In the short term, the group hopes the letter “sparks a debate with the 2020 candidates" and that a wealth tax, or alternatives to one, are discussed during the upcoming Presidential debates, said Pritzker Simmons, who supports Elizabeth Warren for the Democratic nomination. “These are conversations that have been had in the past, but now the time is right,” she said.

    Warren, a senator from Massachusetts, as well as fellow Democratic presidential hopefuls Pete Buttigieg and Beto O’Rourke support the idea, according to the letter. Warren has proposed a 2% tax on assets of $50 million or more, and a further 1% on assets over $1 billion. It is estimated to generate nearly $3 trillion in tax revenue over 10 years.

    Read more: Sanders to propose taxing Wall Street to pay off student debts

    Key Speakers At The 2019 Milken Conference

    Abigail Disney Photographer: Patrick T. Fallon/Bloomberg

    The wealth tax isn’t embraced by all Democrats, though, with some arguing it would be difficult to objectively assess the value of wealth like artwork and jewels or illiquid assets. There are also concerns that such a tax is unconstitutional because the federal government is prohibited from taxing property, only income.

    “If your main argument is that it’s going to be hard, that’s a lazy argument,” Pritzker Simmons said. “We can figure it out.”

    European countries have experienced mixed results with a wealth tax. Of 15 nations in the Organization for Economic Cooperation and Development that had them in 1995, only four -- Switzerland, Belgium, Norway and Spain -- still do. France, Sweden and Germany are among those that backed away from the levy because of the difficulties implementing them.

    Some of those signing the letter have already expressed concerns about rising inequality. Hughes has evangelized for higher taxes on the rich in his book “Fair Shot.” Disney, whose grandfather and great-uncle founded Walt Disney Co., recently called Chief Executive Officer Bob Iger’s $65.6 million compensation package “insane.”

    The New York Times reported on the letter earlier Monday.

    Day Three Of The World Economic Forum (WEF) 2018

    George Soros Photographer: Simon Dawson/Bloomberg

    Read more: Meet the Facebook Co-Founder Who Wants to Tax the Rich

    Another signatory, entrepreneur Nick Hanauer, first warned his “fellow zillionaires” about the country’s growing wealth divide in 2014, writing that “there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out.”

    Such inequality has only deepened. Last week, Bernard Arnault joined Jeff Bezos and Bill Gates as the third person with a fortune of at least $100 billion on the Bloomberg Billionaires Index, whose 500 members have a total net worth of $5.5 trillion, up from $4.9 trillion two years ago.

    “If we don’t do something like this, what are we doing, just hoarding this wealth in a country that’s falling apart at the seams?” Pritzker Simmons said. “That’s not the America we want to live in.”

  • nothing and I mean nothing keeps them from writing a check on their own

    Governments rest on the consent of the governed, and that it is the right of the people to alter or abolish them at will whenever they become destructive of the ends for which they were established. - President Jefferson Davis

  • Smoke and mirrors. These people say these things and then never expect to actually be held to the standards they claim to support.


    Case in point, the article mentions a Prizker . . .


    https://chicago.suntimes.com/n…be-of-property-tax-appeal


    Cliff notes, the Prizkers purchased a rather expensive property next door to theirs, then had a company "renovate" it by removing all the toilets. They they had an assessor declare it "uninhabitable," which meant they didn't have to pay about $330,000 in property taxes. Yet Gov. Prizker is raising taxes on everyone else because they aren't paying their fair share.

    Brauno in a previous life, followed by LTARget. E25280 on the Forum.

    SWtarget in last AH in game incarnation.

    "Proudly drawing fire so my brothers may pass unharmed."

    Brauno in World of Tanks.

    "What is, is. What was, will be. What will be, was, but will be again." - Horseshack from Welcome Back Kotter

  • Yep.... for every dollar we send the feds they spend three so the best thing is to defund the fed.


    And... as was pointed out....... anyone can pay way more every year simply by checking a box and adding a few million extra on their tax return.


    lazs

    "Don't let it end like this. Tell them I said something."



    Pancho Villa, last words (1877 - 1923)

  • Ok so considering what a rube scrote is, let me break it down:


    Let's say you are a super-billionaire. It's a very small club, and few people have made it. Think Zuckerberg, Soros, Jeff Bezos, Bloomberg, Ellison, Koch Brothers and the Walton family. What are all these people known for ? Ruthless monopolies.


    Now think for a second (yes, I know it hurts). These people have monopolies for a reason and that reason is no accident.


    It follows that they would like to keep and grow their monopolies at the expense of anyone else, and what's the best possible way they could accomplish this ? Government of course. In this case, a wealth tax.


    A wealth tax wouldn't hurt them as they've already earned their money. What it does is prevents others from earning the same kind of money they already have.


    In short, it consolidates power for the small group of people who are already there and keeps others out.


    It creates an unbreakable Oligarchy is what it does.



  • You need to geaux back to your country, slam. I don't know why you came here with your shit bacon, steal our women with your accent, and take jobs from our dotheads. Then you want others to see your success as an individual and emulate it. On top of that, you enjoy gun culture and promote it. You cloak it as a respect for self defense. You prolly didn't vote for Beto last time around.


    You're the reason that woke people, like myself, can't stand legal immigration.


    If we could get 1,000 illegals for everyone of you legal turds, we could nudge you out and get real change. We are almost there.

  • Pretty smart for a canuck.

    Of all tyrannies a tyranny sincerely exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies, The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience. — C.S. Lewis

    :this

  • More than likely 100% correct.

    MNN on 6/18/19

    "chump will assuredly lose 2020 barring an event that cancels the election - he just cant keep his scummy yankee mouth shut"


    MNN on 6/24/19

    Chump is going to tote an ass kicking nov 2020


    MNN on 11/14/19

    fact is it is within a year of the election, the Senate will not allow him to appoint her successor. Nov 2020 he will lose.

  • You need to geaux back to your country, slam. I don't know why you came here with your shit bacon, steal our women with your accent, and take jobs from our dotheads. Then you want others to see your success as an individual and emulate it. On top of that, you enjoy gun culture and promote it. You cloak it as a respect for self defense. You prolly didn't vote for Beto last time around.


    You're the reason that woke people, like myself, can't stand legal immigration.


    If we could get 1,000 illegals for everyone of you legal turds, we could nudge you out and get real change. We are almost there.

    haha thought of you last weekend was at a party and they had the Texas/LSU game on - watched a poor Texas fan (grown man) literally sobbing in the bleachers like a little girl who's balloon popped, then that big white kid LSU player waving to the Texas crowd like all friendly lolololol

  • Geej... Please tell slammo to stop acting like a little bitch.

    Of all tyrannies a tyranny sincerely exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies, The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience. — C.S. Lewis

    :this