Monday, February 22, 2021

Should The U.S. And Other Countries Pass A 'Wealth Tax' To Deal With The Covid Pandemic?

Morris Pearl, Business Insider: The US should copy Argentina and pass a new tax on the wealthy to help deal with the COVID crisis 

 * The US suffers from drastic wealth inequality. 
 * One popular solution is a wealth tax on the country's richest citizens, much like Argentina has done. 
 * Their one-time 2% tax on the wealthiest citizens raised $4 billion and helped fund their COVID relief efforts. 
 * Morris Pearl is the Chair of the Patriotic Millionaires and a former Managing Director at BlackRock, Inc.

Lawmakers in Argentina, a country hit hard by COVID-19, recently took a bold step to respond to their country's pandemic-fueled economic crisis: they decided to tax the rich. 

The United States should follow Argentina's lead and support enacting a similar measure to support pandemic relief efforts. 

Read more .... 

WNU Editor: Argentina has already implemented such a tax .... Covid: Argentina imposes new tax on wealthiest (BBC).

In the country where I live (Canada), my friends in the government are telling me that there is a plan to tax the equity of people's homes between 1% to 3% to deal with the costs of the Covid crisis. So if your home is worth $1 million and you are mortgage free, be prepared to pay a tax between $10,000 to $30,000. And if you do not have the funds, do not worry, it will be arranged so that you can go to the bank to take a special mortgage type loan. To say that I am not amused by this special confiscation tax is an understatement. It is also a tax that could become permanent .... after-all .... when do government really drop taxes. 

As to the question .... "is this good policy to tax the wealthy and those who worked hard and saved money for a better life in the future"? European governments have already tried this "tax the wealthy" scheme, and killed it when they realized that those who were wealthy simply left the country or curtailed their business activity  .... If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs? (NPR).


Anonymous said...

I think you are very amused WNU. You regularly engage in panic porn.

Back in the fall of 202 there were many nonconformists who were bitching about hw the cycles on the PCR test were set to high. If the test was at 40 cycles and is now reset to 30 cycles, then it was off by a 3rd. Off by 33%? I guess that is good enough for government work. Now WHO has made recommendation to change it.

This is what "Idiocracy" meets "1984" looks like.

Maybe you will repair back to Moscow after the benevolent rulers in the west make you a pauper. These are rulers who could not do ERP on a widget line with 2 steps in a manufacturing process, but who are in charge of auguring all Western economies into the ground.

Maybe after PM Black Face runs you and Obama with the Joe Biden mask run us out of Dodge we could have a beer in a semicivilized place like The Bund.

Anonymous said...

Circa 1940 Argentina was on par with Canada. Look it up. They are not now.

What happened? For most of that time Left/liberals have been in charge.

RIP Argentina

Stone mason has a new commission. He has a scrap of paper he is carrying to his work area. The scrap read 'Canaduh!'

I guess all the dumb ass Canucks won't be able to afford cabinets.

kidd said...

What a wonderful woman

kidd said...

And she's Canadian

kidd said...


Anonymous said...

"The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline."

Economic history of Argentina

Argentina: Stuck on Stupid.

Where is a Kirchner when you need one to drive n the final nail onto the coffin?

Not all German imports are equal.

If you have a Kirchner or a Cologne School graduate, you are fucked.

Anonymous said...

I am reading through the NPR linked story.

Elizabeth Warren reminds me of a special needs child that insists 2+2=5. Finally, she agrees 2+2=4 and is promoted. The next fall her new teacher confides i the old teacher that Lizzie believes that 2+2=5.

I trust Liz Warren as much as I trust any confidence trickster. A wealth tax would be as honest as a luxury tax. A luxury tax is a beautiful thing. John Kerry believes in them. His home state passed one, he supported it, and he promptly moved his yacht to Rhode Island.

Massachusetts passed a yacht tax. The rich played hopscotch around the word buying and hiding their yachts. The Boat makers and their blue collar workers in Taxachusetts were put out of business and out of work.

Who needs nukes when you have Democrats?

Anonymous said...

"This is how the Democrats never understand the dynamics of a capitalist economy. They pass a massive tax increase. Remember the yacht tax? They came up with a massive tax on the people that make boats — a massive individual tax increase on the people that make boats — and what did people do? They started buying boats in foreign countries where there was no tax, no additional tax.

So who got hurt? The people that actually make the boats. The people that work making boats were laid off because there were no boats being sold because there was a new tax. The Democrats think they raised taxes on… Like California. California’s just… I can’t wait to tell you this. California has just passed a wealth tax on people who are leaving the state because of high taxes already."

Anonymous said...

"A great example here is the yacht tax, the tax on building them. It was a tax on millionaires and yachts and, of course, people stopped buying yachts and the people that made ’em got laid off."

anon said...

How about a worldwide tax on China for releasing the virus in the first place.