Here's an article on the coming 'wealth tax' (and don't tell me that this won't trickle down to the rest of us, over the years)...those evil 'rich' people:
Democrats draft plan for another raid on the rich with a 'patriot tax'
Democrats draft plan for another raid on the rich with a 'patriot tax'
The very richest Americans could be hit with bills for billions of dollars under plans being developed for a wealth tax by Democratic Rep. Tom Suozzi, it emerged on Monday, which would see Amazon founder Jeff Bezos face paying almost ten billion dollars on his enormous wealth.
Suozzi, who sits on the tax-writing House Ways and Means Committee, is drafting what he called a 'patriot tax.'
It would impose one-time tax of 2.5% on wealth above $50 million and a 5% surcharge above $100 million.
At that rate, Bezos, the country's wealthiest person, would face a payment of almost ten billion dollars on his wealth of about $195 billion.
That would force him to sell a chunk of his Amazon shares or other investments in order to generate the cash needed, although the proposal would allow him five years to pay off the bill.
The proposal comes amid growing pressure to develop new ways of ensuring billionaires pay their fare share after a report highlighted how clever accounting means they often pay federal income tax at lower rates than ordinary working families.
How America's 10 richest residents would have to pay BILLIONS in surcharges under the Democrat's raid-on-the rich 'patriot tax'
Plans developed by Rep. Tom Suozzi would mean a one-off payment of billions for the country's richest people:
1. Jeff Bezos, Amazon (total wealth $194.8 billion) - would pay
$9.74 billion
2. Elon Musk, Tesla (total wealth $153.7 billion) - would pay
$7.69 billion
3. Bill Gates, Microsoft (total wealth $126.8 billion) - would pay
$6.34 billion
4. Mark Zuckerberg, Facebook (total wealth $122.9 billion) -
$6.15 billion
5. Larry Page, Google (total wealth $106.9 billion) - would pay
$5.35 billion
6. Warren Buffet, Berkshire Hathaway (wealth $106.8 billion) -
$5.34 billion
7. Larry Ellison, software (total wealth $105.9 billion) - would pay
$5.30 billion
8. Sergey Brin, Google (total wealth $103.6 billion) - would pay
$5.18 billion
9. Steve Ballmer, Microsoft (total worth $76.5 billion) - would pay
$3.83 billion
10. Alice Walton, Walmart (total wealth $66.2 billion) - would pay
$3.31 billion
Source - Forbes