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The wealth gap of Americans has widened as a result of the coronavirus pandemic. In an effort to help pay for funds going toward child care, early education, infrastructure,  and level the playing field and narrow the racial wealth gap, Massachusetts Senator Elizabeth Warren, Representative Pramila Jayapal of Washington, and Representative Brendan Boyle of Pennsylvania unveiled the proposed Ultra-Millionaire Tax Act on Monday, March 1, 2021. This proposal would place a 2% annual tax on households and trusts between $50 million and $1 billion, and a 3% annual tax on households and trusts over $1 billion. It is estimated that $3 trillion in revenue over 10 years may be generated from this Ultra-Millionaire Tax Act. This would have worked beautifully if our economic world is a static rather than a dynamic system and if USA is the only country on planet earth. Many countries such as Austria and France have already tried the wealth tax and failed. Bill Gates and many ultra wealthy are willing to pay more taxes, just not under “Wealth Tax”.  Elizabeth Warren says her “Ultra-Millionaire Tax” will raise $2.75 trillion. History says otherwise, in the video published on Jul 19, 2019, “Why Elizabeth Warren’s Wealth Tax Won’t Work“, below: Sen. Elizabeth Warren defended her latest wealth-tax proposal Tuesday, telling CNBC she believes most Americans won’t mind being rich enough to pay it. The Massachusetts Democrat made the comments in an interview on “Squawk Box,” one day after rolling out a proposal for an annual tax of 2%, or 2 cents, on every dollar of people’s wealth worth above $50 million. Individuals with fortunes worth more than $1 billion would face an annual tax of 3%, or 3 cents, on every dollar above that threshold, in the video published on March 2, 2021, by CNBC Television, “Sen. Elizabeth Warren explains her ‘Ultra-Millionaire tax proposal’“, below: Sen. Elizabeth Warren unveiled her new proposal to tax the wealthy that calls for a 2% annual tax on wealth of more than $50 million and 3% on wealth more than $1 billion. Grover Norquist, president of Americans for Tax Reform, and David Gamage, law professor with Indiana University, Bloomington who advised on this tax plan, joined “Squawk Box” on Tuesday to discuss, in the video published on Mar 2, 2021, by CNBC Television, “Watch two experts debate the implications of Elizabeth Warren’s wealth tax“, below: The idea of a wealth tax targeting the rich seems to be gaining steam with certain Democrats south of the border. HuffPost Canada’s senior business editor Daniel Tencer looks into how a wealth tax could fare in our country, in the video published on Apr 16, 2019, “Why A Wealth Tax On The Super Rich Would Likely Fail In Canada“, below: Billionaire Leon Cooperman told CNBC on Wednesday, March 3, 2021, he believes rich people would find ways to avoid paying Sen. Elizabeth Warren’s wealth tax if it were to become law. He also argued there are better mechanisms to raise federal government revenue. “The idea has no merit. It’s foolish. It probably is not legal,” he said on “Squawk Box.” “If the wealth tax passes, go out and buy yourself some gold because people are going to rush to find ways of hiding their wealth,” Cooperman added. Cooperman’s appearance came after the Massachusetts Democrat and other progressives in Congress unveiled their plan for an annual tax of 2%, or 2 cents, on every dollar of people’s wealth worth $50 million to $1 billion. Those whose fortunes are valued above $1 billion would be subject to an annual tax of 3%, or 3 cents, on every dollar above that threshold. The backers of the wealth-tax proposal said it would raise at least $3 trillion in revenue over 10 years, citing an analysis from University of California-Berkeley economists Emmanuel Saez and Gabriel Zucman. Additionally, Warren’s proposal includes money for the Internal Revenue Service to help with the implementation and enforcement of the wealth tax. “I believe in the progressive income tax structure. I believe that rich people should pay more,” Cooperman said, but the chairman of the Omega Family Office contended the focus should be on reforming the existing systems to raise money. For example, he said he’s in favor of eliminating the so-called carried-interest loophole, which benefits managers of hedge funds and private equity funds. “The question we have to coalesce around as a nation is what should the maximum tax rate be on wealthy people? Because that will define the revenue yield to the government and the government should basically assign its activity to that revenue yield,” added Cooperman, noting he’s long stated his willingness to “work six months a year for the government and six months for myself.” in the video published on March 3, 2021, by CNBC Television, “Leon Cooperman calls Elizabeth Warren’s wealth tax ‘foolish,’ says she doesn’t understand buybacks“, below: Democratic Presidential candidate Andrew Yang discusses his 2020 presidential bid, universal basic income and why he supports a VAT tax, in the video published on Mar 29, 2019, “Andrew Yang: A wealth tax is not the way to go“, below: What is VAT? How does VAT work? VAT, or Value Added Tax, is a system of indirect taxation. In this quick VAT tutorial, I will walk you through the concept and definition of how VAT works, run you through a VAT example with a Value Added Tax calculation, and discuss the different VAT categories in use. How does VAT work? What is reverse charge VAT? Find out in this Finance Storyteller video, in the video published on Dec 13, 2015, “VAT Value Added Tax explained“, below: Microsoft co-founder Bill Gates gave his thoughts on presidential candidate Sen. Elizabeth Warren’s plan to tax the wealthy. CNBC’s Robert Frank reports, in the video published on Nov 7, 2019, “Bill Gates sounds off on Sen. Elizabeth Warren’s proposed tax plan“, below: There are many ways to tax the wealthy, but consistently continuous direct reduction of their assets may not be the most effective way to raise revenue. It does appear as though a tax similar to the VAT (Value-added Tax) based on consumption would be an approach worthy considering without risking losing our nation’s ultra-wealthy’s businesses or brain power or productivity to other countries, for these would benefit USA in the long run. Would any of our Congress people consider investigating and proposing a VAT (value-added tax),  a tax that had been already tried and worked in 140 countries, to raise revenue for child care, early education, infrastructure, and possibly UBI (Universal Basic Income), etc. instead? Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com Any comments, suggestions, concerns regarding this post will be welcomed at info.WindermereSun@gmail.com

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