There’s nothing patriotic about fleecing a few to enrich the state
As Democrats roll out a series of proposals to hike taxes on this, that, and almost everything, one idea stands out for its brashness.
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…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.
Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.
While that amount isn’t nearly enough to pay for everything on Mr. Biden’s $6 trillion wish list, Rep. Suozzi deserves credit for his honesty:
“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.
He said that for wealthy people, the surcharge would be “a way to help your country to build back better.”
Like a good bank robber, he wants to go where the money is. And to be fair, his proposed expropriation of wealth is a one-time deal. Massachusetts Sen. Elizabeth Warren, among others, wants to make the tax on “ultra-millionaires” an annual thing.
Because forcibly fleecing a few to enrich the state – all in the name of “fairness” – is what a portion of the political class is all about.