Government Watch / Politics

The Socialists Have a “Wealth Tax,” The Globalists Have a “Global Minimum Tax,” and Democrats Want to Impose Both on the American People

AMAC Exclusive

Tax

The socialist, globalist left’s ongoing effort to target and confiscate private wealth has crossed two major thresholds this year, bringing closer a future in which no person or business is safe from the prying hands of the world’s governments.

In one historic milestone, last week at the G7 in England, world leaders—including President Biden—endorsed the creation of a new worldwide tax regime, starting with a 15 percent global minimum tax on all companies. In a second key development, Congressional Democrats here in the United States are picking up steam for their proposals to impose a so-called “wealth tax” on American citizens, a tax based not on income, but on taking away a share of an individuals’ total net worth.

Taken together, these two measures represent a significant escalation in the progressive crusade to dramatically increase taxes and even to confiscate private property while ensuring there is nowhere else businesses or individuals can go.

The G7’s proposed global minimum tax would require all participating countries to impose a 15 percent levy on businesses. While this initial rate is significantly lower than the current business tax rates in many developed countries, the idea is to eliminate the competitive dynamics that force those countries to keep their tax rates relatively low. For example, Ireland’s 12.5 percent corporate tax was specifically established to attract overseas businesses, providing a significant boost to the Irish economy. This is the phenomenon the governments of the world are seeking to kill—presumably so they can eventually raise tax rates to a much higher level than the current system of competitive global commerce will sustain.

Indeed, the Biden administration is already seeking to raise business tax rates in the United States from 21 percent to 28 percent, and in so doing they face criticism that higher taxes will only succeed in driving businesses to lower-tax countries overseas.

Moreover, once a global tax regime is established, it will almost certainly grow beyond merely a minimum tax for businesses. It would only be a matter of time until the same global bureaucracies seek to globalize other kinds of taxes, from income taxes, to sales taxes, to potentially new forms of revenue collection that do not currently exist in the United States.

Exactly such concerns point us to the second major milestone the socialist, globalist left has achieved this year—mainstreaming the idea of a “wealth tax.” Last week, House Ways and Means Committee member Rep. Thomas Suozzi (D-N.Y.), revealed that he and members of his party are “exploring” a one-time tax on wealthy Americans to pay for the new spending priorities of the Biden Administration. The so-called “Patriot Tax” would confiscate 2.5 percent of the wealth of an individual whose net worth ranges between $50 million and $100 million and impose a 5 percent tax on wealth above $100 million. Rep. Suozzi insists this would be a one-time measure to help rebuild post-pandemic America, although rarely in history are entirely new categories of taxes ever phased out after being introduced.

While the concept of a one-time payment is new, progressive calls for a wealth tax have been percolating on the left for nearly a decade, since left-wing French economist Thomas Piketty released his work Capital in the Twenty-First Century in 2014Piketty asserted that, without government intervention, wealth would inevitably concentrate with the wealthiest individuals. Interestingly considering the news out of the G7, Piketty’s solution was a Global Wealth Tax of 2 percent on all existing wealth, in addition to a progressive income tax that would reach 80 percent. One Washington Post columnist celebrated the work for “picking up” where Karl Marx left off.

Despite numerous issues raised over the accuracy and assumptions of Piketty’s scholarship, and the fact that the author himself believed that a global tax would be “politically impossible,” based on the current state of the Democrat Party in 2021, the notion of a global wealth tax seems much less far-fetched than it did in 2014.

Earlier this year, Senator Elizabeth Warren, alongside Senator Bernie Sanders, introduced the Ultra-Millionaire Tax Act which would impose an annual 2 percent tax on wealth over $50 million. While neither Warren’s bill nor Souzzi’s proposal is currently regarded as likely to pass, their existence shows that the idea has ascended to the realm of mainstream support within an increasingly leftist Democratic Party.

A recent analysis by the Tax Foundation concluded that a wealth tax would reduce the “long-term” GDP of America by .37 percent and could more than double the trade deficit. While the analysis is hypothetical, there are real-world examples that highlight other shortcomings of a wealth tax.

As of 1990, twelve European countries had imposed wealth taxes on their citizenry. As of 2021, only three remain. Among the most significant practical challenges is that many, if not most, people have a majority of their wealth in assets that are not easily convertible to cash in order to pay the tax. For example, farmers may own millions of dollars’ worth of equipment, but have little cash on hand. To cover the wealth taxes they would owe on such assets, they can be forced to liquidate the very assets their families or businesses rely on. Facing such choices in Europe, the best option for many was simply to move to another country. Should the G7 leaders see their “global minimum tax” realized, however, there will be a clear precedent for overcoming that problem, paving the way for the global wealth confiscation campaign Piketty dreamed of, but thought impossible.

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N.Brenon
2 months ago

I’m reminded constantly by Democrats that Envy is one of the 7 deadly sins. The end game, in my opinion, is to have everyone work for the Government, and they’ll “award” you a small amount of money for a few “pleasurable” expenses. They will dictate how & where you live, what you can eat with a voucher system- (this will all be determined by experts like Michelle Obama mistress of the terrible school lunch)- you won’t be able to worship anywhere/anything other than government- are you getting the idea?

Corporate taxes never harm the corporation, they just pass the tax onto consumers. I have a few suggestions for you to become wealthy. 1st, get a JOB. If you’re not a brilliant scholar go to a trade school, because that brilliang scholar doesn’t do his own plumbing, HVAC, construction or roofing for the most part, and all these trades will pay well. If medicines your thing, go to a trade school and become an LPN. If your good at it, enroll in a weekend colllegs and get your RN, then progress to NP and your’e making good $$. You get the idea, I hope.

2nd- quoting Dave Ramsey- “Stop buying things you don’t need with money you don’t have to impress folks you don’t like.” Stated another way, stop trying to keep up with the Joneses. You don’t need the latest Iphone on the best cell carrier. We found a VOIP carrier 10 years ago and saved $120/month, saving $14,400, which we put into a Roth IRA to partially pay for our childrens college. Shop with coupons, buy everything on sale, don’t buy books, go to the library. Take you lunch to work, don’t order out constantly, you’re paying way to much for substandard food. If you have a JOB, & your employer has a matching donation to a retirement fund, put all you can into it.

Kill your debt- We have a mortgage, but carry no other debt. We pay off our credit cards in full monthly, pay cahs for our clunker cars, take advantage of free admission nights to local college baseball games, outdoor movie nights in our community, concerts in the park and other free forms of entertainment. We volunteer in our community, support our local food bank and youth based programs.

We’re not rich by US standards, but comfortable with where we are. And I look at folks who are leasing new cars every 2 years for payments of $400/month or more and wonder does that car bring them that much joy? I’m reminded of the Rolling Stones- You can’t alwasy get what you want, but you just might find you get what you need…. Happy Friday to all

Henry Crum
2 months ago

It comes down to who do you trust to invest money better. Private people or businesses or government. Who do you trust to spend aid money better, United way or the government. Personally I think the fraud and waste in Government spending is far greater than that in private hands. The wealth of the super rich is not sitting in gold deposits, it is invested in businesses, jobs, buildings, etc. Personally I think Private funds are far more effective both in charity and in investment into the economy.

Winston Bela
2 months ago

Fortunately, the US Constitution forbids a wealth tax at the federal level. Unfortunately, Congress tends to ignore the US Constitution.

Ed J
2 months ago

All of these sham efforts and draconian ideas for extracting more and more money from the people fall under the umbrella of “Grand Theft Tax!” Yep, that about says it all! One need go no further in order to fully understand the real issue. All that would remain is to enumerate all the negative consequences that will (not “would,” but actually “will”) result from these dystopian libtard musings if they come to pass.
 
Stop the Presses! News Flash! For all you misguided and fundamentally greedy politicians out there, if there is a particular project you embrace and would like funded, then get YOUR CHECKBOOK out and write YOUR PERSONAL CHECK to fund it! But keep your grubby hands out of MY wallet!
 
P.S. I earned my money the hard way, and that wasn’t feeding at the public trough!
 

Hominid
2 months ago
Reply to  Ed J

These are marxists you’re talking to. They want all money to either pass through their hands or be under their control. That way they have total control over you. They’ve been getting closer each passing decade and are almost at their goal. They control all the government bureaucracies, including the enforcers, they control the media, they control sports, TV, and Hollywood, they control the health care industry, and they control education from primary through professional. Now, they are finalizing the last piece – control of the military. Face it – Americanism died long ago – Marx was prescient.

Henry Crum
2 months ago
Reply to  Hominid

There are no human rights without property rights, rights to wealth you are earned or given. The other rights are pretty worthless if you are starving.

Gray
2 months ago

Biden passed another executive order for local sheriffs to be able to take your guns for Any reason or no reason, Where are the Republicans in this? This is unconstitutional and clearly an infringement on the 2 nd Amendment. This nut has to be stopped, he’s only a senile puppet doing the devil’s bidding.

Luke
2 months ago
Reply to  Gray

Republicans are useless as tits on a boar hog.

james michalicek
2 months ago
Reply to  Luke

We sure are easy to push around.

Henry Crum
2 months ago
Reply to  Gray

There are several GOP legal suits challenging the order. The order is new enough they have not gotten together to form a unified suit.

D.P.
2 months ago

This is the “camels nose” coming into the tent…..wait awhile and the whole beast with be tramping in.
Walking all over individual freedoms, self-reliance, business enterprise, and competition. Leveling the playing field so flat, no one can operate with a profit…..killing active economies and driving the world into a state of constant ruin. Get out the vasaline, the shaft is coming!!!

Hominid
2 months ago
Reply to  D.P.

The camel’s nose was in over a century ago. He’s all the way in by now and shi-itin’ all over the rugs.

Rachel Orstad
2 months ago

One reason not to vote for Democrats. They will tax everything that moves except themselves. Please DO NOT VOTE FOR DEMOCRATS.

Deb
2 months ago
Reply to  Rachel Orstad

. “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
Ronald Reagan

Hominid
2 months ago
Reply to  Rachel Orstad

The various loony, fearful losers outnumber and outvote the decent, responsible, sane folks.

The Dems pander to and bestow material benefits on the losers to buy their votes.

Behold democracy.

Brenda
2 months ago

Are these people who want this tax included in the taxation? They are all very wealthy people. Are they willing to give that much of ALL their wealth to government agencies? Or are they exempting themselves as politicians have exempted themselves from so many other laws?

Jeanne
2 months ago
Reply to  Brenda

Most likely exempting themselves. What else could possibly be expected of these evil doers?

Deb
2 months ago
Reply to  Brenda

No because they hide their money off shore.

Ed J
2 months ago
Reply to  Deb

Hiding assets offshore is really not that difficult. In fact, most anyone can do it if they are willing to put in the minimal necessary effort required to research and acquire the knowledge regarding ways to do it. It’s not rocket science.
 
Out of curiosity, I attended an off-shore “financial conference” in Nassau in 1980. I was amazed at the many ways assets can be sequestered in different parts of the world, and how many “organizations” there are out there just waiting and ready to “help” you (for a fee, naturally). And, of course, every method outlined was perfectly and completely legal under U.S law. I said “legal,” not necessarily “ethical!”
 
Even if you do not want to go off-shore, there are many ways within the USA that one can use to make assets fall below the radar and fade away from the prying eyes of the U.S. Government. It’s gotten more difficult since 1980 to do so, but it can still be done.

Lanny Camden
2 months ago

Should we expect anything less. Biblical prophecies predict a day in which the world will come under a one world government found in Daniel 12 and Daniel 2 then Revelation 13. Since 1980s we have seen a staggering increase in technology, civil unrest, global inflation, military capabilities so in man’s carnal godless wisdom a new tower of Babylon is the answer.But remember. A one world government requires a one person leader and history shows us what happens when unrighteous leaders rule.Even now we are being conditioned as we buy and sell everything electronically but experienced hackers can invade those securities. Only option left is allegiance to that man as Nebuchadnezzar required and a mark in the body before you can buy or sell using high tech scannersIt is coming and even now being considered as well as framed. The trade off is freedom to worship God or man. In china today as I write this churches are being destroyed and Christians told that allegence to government only is allowed.

Dennis
2 months ago

Remove the “please comment” so I can read the article.

Dave
2 months ago
Reply to  Dennis

That damn floating banner is very annoying. I don’t know why webmasters put that stupid crap on sites. SMH

PaulE
2 months ago

This is the only relevant comment to any of this: At what point do the American people stop cowering in fear or waiting for “someone else” to save them from themselves and decide to put a stop to all of this in this country?

If the answer is never, then it is just a matter of time until everyone in this country gets to experience first hand what people in Venezuela, Zimbabwe, Cuba and every other “socialist paradise” get to endure every single day of their lives. There is no coming back from that, if we allow the United States to descend to that level. Which is exactly where the socialists in Washington are taking us.

Hominid
2 months ago
Reply to  PaulE

Sadly, the answer – obvious by now – IS “never.”

PaulE
2 months ago
Reply to  Hominid

Which based on the totally apathetic response that our side gave to not one but two stolen elections (the Presidential election in 2020 and the Georgia run-off elections using the exact same methodology in January of this year) and all the subsequent actions of the so-called Biden administration since then, I have come to the same conclusion.

When a people become unwilling and indifferent, as our side clearly has become, to standing up to protecting their rights and freedoms from those that are actively moving to take them all away, it is only a short matter of time until the people end up with neither. Our side seems incapable of any response beyond whining, wringing their hands and praying that someone needs to save them from themselves. That is NOT how socialism has ever been successfully defeated in the past and it certainly isn’t a recipe for success now.

Stephen Russell
2 months ago

Tax Leftists too OK make= & fair. Tax Hollywood CA, Bev Hills, DC, VA, NYC elites

Jocie Taylor
2 months ago

I would like to tell Biden where he can stick his taxes

Ed J
2 months ago
Reply to  Jocie Taylor

Yes, and Biden can put his head in there too. We can then Crowd Fund to buy lots of pipe. Why? Because someone will have to eventually pipe sunlight to Biden, but I don’t think we will be able to afford enough pipe to reach his head, since all our money will have been taxed away already!

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