Dems Look to Raise Taxes
Article from Fox News by Andrew O’Reilly.
Newly empowered Democrats in Washington and statehouses across the country are flexing their legislative muscle with a host of tax proposals that would affect billionaires and blue collar alike.
From D.C. to Sacramento, the controversial levies include everything from a “wealth tax” to new charges on ammunition and groceries. Some of these are meant as a deterrent against certain kinds of purchases — like guns and ammo — while others are intended to help pay for ambitious new programs.
Massachusetts Sen. Elizabeth Warren, who is about to formally launch her Democratic presidential campaign, has proposed a 2 percent tax on net worth above $50 million and a 3 percent tax on net worth above $1 billion. The proposal is unique in that it targets assets and not income, and has already faced some constitutional questions.
While critics also note it would be difficult to enforce since it would require the government to value assets, the proposal would be estimated to affect about 75,000 households.
Read the entire article at Fox News.