Elizabeth Warren Cheers Wealth Tax Prospects Following Supreme Court Decision
6 months, 2 weeks ago

Elizabeth Warren Cheers Wealth Tax Prospects Following Supreme Court Decision

Huff Post  

WASHINGTON ― The Democratic dream of new taxes on accumulated wealth is still alive thanks to a semi-friendly Supreme Court decision. Big-money groups that backed a legal challenge to part of a 2017 tax law had hoped the high court would take the opportunity to ban wealth taxes as proposed by Democrats like Sen. Elizabeth Warren. “But they certainly backed up from cutting off a wealth tax before it could ever get started.” The Supreme Court issued a ruling June 20 that keeps alive Sen. Elizabeth Warren's hopes for her "Ultra-Millionaire Tax Act." Warren’s “Ultra-Millionaire Tax Act” would impose a 2% levy on households and trusts worth more than $50 million and a 3% tax on households worth more than $1 billion. The Moores’ attorneys said in the Wall Street Journal that they hoped the case would “slam shut the door on a federal wealth tax like the one Sen. Elizabeth Warren wants to enact,” because, they argued, the tax on the Moores’ “unrealized” capital gains was similar to what Warren and others have in mind for billionaires’ assets.

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History of this topic

Sam Alito and Brett Kavanaugh left door open to tax super rich in latest ruling: expert
6 months, 2 weeks ago

Sam Alito and Brett Kavanaugh left door open to tax super rich in latest ruling: expert

Raw Story  

Supreme Court Justice Brett Kavanaugh preserved the U.S. tax code and averted a potential government-wide catastrophe by shooting down a pre-emptive challenge by right-wing attorneys to try to permanently prohibit the U.S. from ever adopting a wealth tax — and there are several reasons why he wasn't willing to go that far, wrote court analyst Mark Joseph Stern for Slate. …

Supreme Court Rejects Attack On Wealth Tax
6 months, 2 weeks ago

Supreme Court Rejects Attack On Wealth Tax

Huff Post  

LOADING ERROR LOADING The Supreme Court issued a narrow 7-2 ruling on June 20 rejecting a sweeping constitutional argument that a wealthy Washington state couple brought before them that was viewed as a stalking horse aimed at preemptively striking down a future tax on wealth. The court’s decision, written by Justice Brett Kavanaugh, upheld the MRT, but did so without …

Supreme Court upholds a tax on corporate wealth held overseas
6 months, 3 weeks ago

Supreme Court upholds a tax on corporate wealth held overseas

LA Times  

Some had called for Justice Samuel A. Alito Jr. to recuse himself after a lawyer involved in the corporate wealth case interviewed him for articles published in the Wall Street Journal. In a 7-2 decision, the justices said Congress has the power to tax corporate shareholders based on the company’s “undistributed income.” “This court has long upheld taxes of that …

Supreme Court weighs limits on Congress’ power to tax corporate wealth
1 year, 1 month ago

Supreme Court weighs limits on Congress’ power to tax corporate wealth

LA Times  

Most of the Supreme Court justices said Tuesday that they wanted to resolve a tax dispute narrowly without making major changes in the law. The Supreme Court on Tuesday heard a conservative challenge to Congress’ broad power to tax corporate wealth — a case that could shield wealthy Americans who invest their money overseas. The 16th Amendment in 1913 said …

Column: How the Supreme Court could kill a wealth tax before it’s been tried
1 year, 2 months ago

Column: How the Supreme Court could kill a wealth tax before it’s been tried

LA Times  

Sen. Elizabeth Warren has campaigned for a wealth tax on billionaires. “As efforts to design new federal tax systems with potentially troubling constitutional infirmities continue to pick up steam,” the conservative Manhattan Institute warned in one of two friend-of-the-court briefs it has filed to support the Moores, it’s up to the court to “clarify the limits of Congress’s taxing power …

The Supreme Court’s Next Big Tax Case Demands Clarence Thomas’ Recusal
55 years ago

The Supreme Court’s Next Big Tax Case Demands Clarence Thomas’ Recusal

Slate  

This coming term, the Supreme Court will hear United States v. Moore, a case that could determine the constitutionality of a hypothetical wealth tax. As ProPublica has extensively documented, a small group of billionaires including Harlan Crow, David Sokol, the late Wayne Huizenga, and Paul “Tony” Novelly have provided extraordinary benefits to Thomas, including at least 38 destination vacations, 26 …

Supreme Court will decide whether Congress can tax wealth
1 year, 6 months ago

Supreme Court will decide whether Congress can tax wealth

LA Times  

The Supreme Court announced Monday it will weigh in on the constitutionality of wealth taxes by deciding whether Congress may require taxpayers to pay their share of earnings from a foreign company, even if they received no dividends or income. These are referred to as “unrealized gains.” But last year, the 9th Circuit Court upheld part of the 2017 tax …

Tax the rich? Liberals renew push for state wealth taxes
1 year, 11 months ago

Tax the rich? Liberals renew push for state wealth taxes

Associated Press  

Supporters of taxes on the very rich contend that people are emerging from the COVID-19 pandemic with a bigger appetite for what they’re calling “tax justice.” Bills announced Thursday in California, New York, Illinois, Hawaii, Maryland, Minnesota, Washington and Connecticut vary in their approaches to hiking taxes, but all revolve around the idea that the richest Americans need to pay …

Tax the rich? Liberals renew push for state wealth taxes
1 year, 11 months ago

Tax the rich? Liberals renew push for state wealth taxes

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Supporters of taxes on the very rich contend that people …

Washington Supreme Court to decide capital gains tax case
2 years, 5 months ago

Washington Supreme Court to decide capital gains tax case

Associated Press  

OLYMPIA, Wash. — The Washington Supreme Court has agreed to review a decision by a lower court that overturned a new capital gains tax on high profit stocks, bonds and other assets. In his written decision issued in March, Douglas County Superior Court Judge Brian Huber agreed with opponents of the new tax who had argued it was a tax …

Taxing extreme wealth could lift 2.3 billion people out of poverty
2 years, 11 months ago

Taxing extreme wealth could lift 2.3 billion people out of poverty

CNN  

Editor’s Note: Chuck Collins directs the Program on Inequality and co-edits Inequality.org at the Institute for Policy Studies. As inequalities in income, wealth and access to health care have accelerated, the world’s most economically precarious people have suffered far more than their fair share of death and economic loss. According to a new report published by Fight Inequality Alliance, the …

EXPLAINER: What’s a ‘wealth tax’ and how would it work?
3 years, 2 months ago

EXPLAINER: What’s a ‘wealth tax’ and how would it work?

Associated Press  

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren, D-Mass., made a 2% wealth tax a trademark policy in the 2020 presidential primaries, and fellow …

What is a wealth tax, and how would it work?
3 years, 2 months ago

What is a wealth tax, and how would it work?

LA Times  

To help pay for his big economic and social agenda, President Biden is looking to go where the big money is: billionaires. The idea gained steam after the publication of French economist Thomas Piketty’s book “Capital in the Twenty-First Century.” Sen. Elizabeth Warren made a 2% wealth tax a trademark policy of her 2020 presidential campaign, and fellow candidate Bernie …

Elizabeth Warren to propose minimum tax on ‘real corporate profits’
3 years, 5 months ago

Elizabeth Warren to propose minimum tax on ‘real corporate profits’

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Elizabeth Warren is expected …

Elizabeth Warren renews push for wealth tax after joining Senate finance panel
3 years, 10 months ago

Elizabeth Warren renews push for wealth tax after joining Senate finance panel

Raw Story  

Originally published by The 19th Sen. Elizabeth Warren on Monday renewed her push for an “ultra-millionaire" tax, reviving the proposed wealth tax that defined her own White House campaign to make the case that President Joe Biden could use it to finance his broad economic agenda. As the Senate takes up the $1.9 trillion coronavirus relief bill passed by the …

Janet Yellen and Elizabeth Warren, powerful economic voices in America, disagree on a tax for the uber-rich
3 years, 10 months ago

Janet Yellen and Elizabeth Warren, powerful economic voices in America, disagree on a tax for the uber-rich

CNN  

New York CNN Business — Democratic Senator Elizabeth Warren faces an uphill battle persuading Washington to back her tax on ultra-millionaires — starting with convincing her own party’s Treasury Secretary. Janet Yellen, whom Warren praised last year as an “outstanding choice” to lead the Treasury Department, fears a wealth tax would be too messy to implement. “We designed this wealth …

Wealth tax: Elizabeth Warren proposes hike on ‘ultra-millionaires’
3 years, 10 months ago

Wealth tax: Elizabeth Warren proposes hike on ‘ultra-millionaires’

CNN  

CNN — Now that Democrats control the White House and Congress, President Joe Biden and other party leaders are pushing to spend big to revive the economy and address income inequality. Massachusetts Sen. Elizabeth Warren, Washington Rep. Pramila Jayapal and Pennsylvania Rep. Brendan Boyle want the ultra-wealthy to pay for it. The controversial proposal, which is co- “As Congress develops …

Elizabeth Warren Has Changed The Democratic Party
4 years, 10 months ago

Elizabeth Warren Has Changed The Democratic Party

Huff Post  

The two most influential scholars of economic inequality in the past 50 years are a French economist named Thomas Piketty and a former Harvard law professor named Elizabeth Warren. Piketty’s work revolutionized the way we think about capitalism; Warren’s research transformed the way we think about the economic pressures facing middle-class families. Chuck Schumer was stunned to read Warren’s work …

Elizabeth Warren trolls Republican donor with ad in his paper telling him how much tax she'll make him pay
4 years, 10 months ago

Elizabeth Warren trolls Republican donor with ad in his paper telling him how much tax she'll make him pay

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Elizabeth Warren has bought …

Elizabeth Warren is calling out billionaires on their turf
5 years, 1 month ago

Elizabeth Warren is calling out billionaires on their turf

CNN  

New York CNN Business — Elizabeth Warren is taking her clash with billionaires to their home turf. The commercial, which aired on CNBC’s “Squawk on the Street” Thursday morning, highlighted billionaire Leon Cooperman’s insider trading troubles, Peter Thiel’s role in bankrolling President Donald Trump’s 2016 campaign and the lofty compensation former Goldman Sachs CEO Lloyd Blankfein received during the financial …

For Elizabeth Warren, The Wealth Tax Is About More Than Money
5 years, 2 months ago

For Elizabeth Warren, The Wealth Tax Is About More Than Money

Huff Post  

Sen. Elizabeth Warren addresses a crowd in South Carolina in October. For most of the past year, Summers has been the antagonist-in-chief against one of Warren’s signature Big Ideas ― her call for a 2% wealth tax on fortunes larger than $50 million. The 20th Century’s Economic Legacy Though Warren has rolled out at least half a dozen ambitious plans …

Column: Billionaire objects, profanely, to Elizabeth Warren’s plan to tax billionaires
5 years, 2 months ago

Column: Billionaire objects, profanely, to Elizabeth Warren’s plan to tax billionaires

LA Times  

Leon Cooperman, one of America’s outstanding billionaire crybabies, has launched a public fight with Democratic presidential candidate Elizabeth Warren over her proposal for a wealth tax, thus gifting those who follow the normally dull and dreary debate over fiscal policy with a momentary voyeuristic thrill. It turns out that my deja vu was warranted, because Cooperman had written it all …

Dueling ‘wealth tax’ plans may prompt Sanders-Warren clash
5 years, 3 months ago

Dueling ‘wealth tax’ plans may prompt Sanders-Warren clash

Associated Press  

WASHINGTON — Elizabeth Warren’s call for a new 2% tax on the wealthiest Americans is so popular among her supporters that impromptu chants of “two cents” routinely surface at her rallies. Zucman and Saez estimate that if Sanders’ system had been implemented in 1982, the wealth controlled by the richest Americans listed on the Forbes 400 “would be only 40% …

How Elizabeth Warren’s proposed tax could impact Jeff Bezos and Bill Gates
5 years, 3 months ago

How Elizabeth Warren’s proposed tax could impact Jeff Bezos and Bill Gates

Live Mint  

San Francisco: Senator Elizabeth Warren of Massachusetts, who wants to break up technology giants including Amazon, Facebook and Google if elected President in 2020, has also proposed an "Ultra-Millionaire Tax" that could significantly reduce Amazon Founder Jeff Bezos' net worth, according to a new paper. Economists Emmanuel Saez and Gabriel Zucman from the University of California, Berkeley in a paper …

‘How are you going to pay for it?’ — 2020 candidates wrestle with their costly plans
5 years, 7 months ago

‘How are you going to pay for it?’ — 2020 candidates wrestle with their costly plans

LA Times  

They keep piling up, sometimes trillions of dollars at a time. “These big, ambitious proposals are so expensive, it is not possible to pay for them by just taxing the rich,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center. After promising a refundable tax cut that would put $500 per month into the pockets of families …

2020 candidate Warren proposes new tax on corporate profits
5 years, 8 months ago

2020 candidate Warren proposes new tax on corporate profits

Associated Press  

WASHINGTON — Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that’s designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate. Those corporations would pay the tax on top of any liability under current tax rules, which, as Warren said in a Thursday blog post on …

Elizabeth Warren to release universal child care plan paid by ‘wealth tax’
5 years, 10 months ago

Elizabeth Warren to release universal child care plan paid by ‘wealth tax’

CNN  

CNN — Democratic presidential candidate Sen. Elizabeth Warren is set to release a sweeping universal child care plan on Tuesday that would guarantee child care from birth until the time children enter school. According to Warren’s campaign, her child care proposal would create a federal program that establishes a network of public and family-run centers. Notably, Warren’s child care plan …

Three-quarters say make the wealthiest pay more in taxes in poll
5 years, 11 months ago

Three-quarters say make the wealthiest pay more in taxes in poll

Daily Mail  

Two new Democratic proposals to slap taxes on the rich are enjoying substantial public support in opinion polls. Sen. Elizabeth Warren of Massachusetts, a presidential candidate from her part's left flank, has come out for a 2 per cent 'wealth tax' on households worth at least $50 million. Her plan performs better than one by new Rep. Alexandria Ocasio-Cortez, who …

Column: Elizabeth Warren’s wealth tax proposal is constitutional, experts say — and necessary
5 years, 11 months ago

Column: Elizabeth Warren’s wealth tax proposal is constitutional, experts say — and necessary

LA Times  

Sen. Elizabeth Warren, a newly declared presidential candidate, has turbocharged the progressive attack on income inequality with a proposal for a “wealth tax” aimed at Americans with net worth of more than $50 million. As a unanimous court declared in 1983, he noted, “Congress’ power to tax is virtually without limitation.” The “direct tax” language in the Constitution, Johnsen and …

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