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How Warren Could Get a Wealth Tax Past the U.S. Supreme Court
BloombergDemocratic presidential candidates Elizabeth Warren and Bernie Sanders want to enact a wealth tax to pay for their large government programs. The biggest barrier may not be Congress, but the Constitution.
The Constitution says the federal government is prohibited from imposing direct taxes, except for income tax, without distributing the money among the states according to population. The progressive candidates wealth taxes would be used for federal programs such as free health care, free public-college tuition and universal day care.
Even if Democrats manage to win control of the House, the Senate and the White House, wealth-tax supporters have become increasingly worried that their policy plans could be stymied by a constitutional challenge. This was a concern even before President Donald Trump installed two new members of the Supreme Court.
So left-leaning tax experts are working on ways to put a wealth tax on a more solid constitutional footing. And there is no shortage of ideas.
The Constitution says the federal government is prohibited from imposing direct taxes, except for income tax, without distributing the money among the states according to population. The progressive candidates wealth taxes would be used for federal programs such as free health care, free public-college tuition and universal day care.
Even if Democrats manage to win control of the House, the Senate and the White House, wealth-tax supporters have become increasingly worried that their policy plans could be stymied by a constitutional challenge. This was a concern even before President Donald Trump installed two new members of the Supreme Court.
So left-leaning tax experts are working on ways to put a wealth tax on a more solid constitutional footing. And there is no shortage of ideas.
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
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How Warren Could Get a Wealth Tax Past the U.S. Supreme Court (Original Post)
brooklynite
Dec 2019
OP
rampartc
(5,440 posts)1. real estate taxes are de facto wealth taxes
if that is unconstitutional the numerous states and cities who charge property tax and other as valorum taxes are in trouble.
I liked Bernie's proposal of a "financial transaction tax."
If I were to vote in a presidential
primary today, I would vote for: Undecided
primary today, I would vote for: Undecided
dsc
(52,169 posts)3. actually only the feds have that ban
states can have income taxes even without the 19th amendment
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
oldsoftie
(12,632 posts)6. I fully support a transaction tax on HFTs & other high volume traders.
But not on individual traders.
A fee on HFTs would lower price manipulation on shares of individual companies. Something that happenes every day, but not caused by individuals.
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
no_hypocrisy
(46,242 posts)2. Have past tax cuts declared unconstitutional as wealth redistribution?
If I were to vote in a presidential
primary today, I would vote for: Undecided
primary today, I would vote for: Undecided
oldsoftie
(12,632 posts)5. No, because thats not what it is.
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
George II
(67,782 posts)4. She's got to get it past the House and the Senate first.
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
emmaverybo
(8,144 posts)7. It's problematic when your plans that might not get passed depend on funding from another plan
that might not get passed, and if it did, could be tied up in litigation for years.
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
Gothmog
(145,667 posts)8. Prof. Tribe thinks that a constitutional amendment will be required
If I were to vote in a presidential
primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden