U.S. Democrats Exploring The Introduction Of A One Time 'Patriot Tax' On The Wealth Of Multimillionaires
The Hill: Exclusive: Democrat exploring 'patriot tax' on multimillionaires' wealth
Rep. Thomas Suozzi (D-N.Y.), a member of the tax-writing House Ways and Means Committee, said that he’s exploring the idea of a one-time tax on the wealth of the richest Americans as Democrats seek to increase taxes on the rich in order to pay for spending priorities.
In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.”
This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million.
Wealthy people would be able to pay the tax over five years.
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WNU Editor: Here are the four golden rules of taxes.
(1) They are never temporary. Never. (2) They never stay at the top bracket.
(2) These taxes always trickle down to everyone else.
(3) At a certain point raising taxes will result in lower revenues. The U.S. is already at that point (check out Laffer Curve).
(4) Economic growth decreases.
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