Democrats Moving to Impose Wealth Tax – 5% of All Assets
Blog/The Hunt for Taxes
Posted Jun 15, 2021 by Martin Armstrong
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In Germany during December 1922, the last straw that broke the back of the German economy was a forced loan of 10% of all your assets. This destroyed the confidence that remained in the Weimar Republic and thereafter people withdrew the money from banks and started to convert to other currencies and to buy whatever tangible assets they could. The hyperinflation took off in 1923.
History repeats BECAUSE human nature remains the same. In an interview with The Hill, of course, it was a Democrat from New York Thomas Suozzi who said he’s in the early stages of looking at what he called a “patriot tax” which is really a WEALTH TAX that he is proposing to impose as a one-time surcharge of 2.5% wealth between $50 million and $100 million and a 5% on wealth above $100 million.
This is NOT income – this is on assets. It will require full disclosure of all assets held globally with penalties of imprisonment and confiscation of assets if you lie. Not this is how that introduced the income tax in 1913. They always put the initial level above the average person. In 1913, the average annual wage was about $1,500. Making the income tax starting at $3,000 was to ensure the people would not worry about the rich. They are doing this once again. True, I would not care if Bill Gates or Soros had to pay 5% of their net worth. Nut they throw that into their foundations which will not be taxed. My real concern is once they push this through, then it is one small step for the government to lower that to $1 million or $500,000.
Still, many people will say anyone with $1 million can afford to pay 5%. But that includes all assets – the value of your home or business. He says they will give them 5 years to pay it. Why? Because this is on all assets that they will then appraise. They can say your home is now worth $1 million so you have to pay 5% of that as well. We are talking about assets that not LIQUID meaning you then must sell things to pay the tax.
So you wanted to know how to destroy an economy as fast as possible? All you have to do is impose a wealth tax and watch what happens! You can gain in the stock market, they want 5% to the total value. They could easily tax you on the maximum value of Bitcoin holdings during a given period. Do not count on any federal judge ruling in your favor. That will NEVER happen!
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