Biden’s proposed wealth tax is unconstitutional
Posted by John Reed on
Biden is again talking about a wealth tax. If your net worth exceeds $100M, a percentage of it belongs to him.
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They were talking about that before with BBB.
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I think it is unconstitutional. The Constitution mentions federal tax at three places:
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A. Article I, Section 8 of the Constitution The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States
B. Article I, Section 2, Clause 3: Representatives and direct Taxes shall be apportioned among the several States which may be included within this Union, according to their respective Numbers,
C. XVIth Amendment: Congress shall have the power to lay and collect taxes on income, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.
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The Article I stuff says any federal tax will be a head tax—everyone pays the same amount. Actually, that is what I believe in.
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The XVIth Amendment allowed the politicians to get around Article I and the equal protection clauses which also say that any tax on anyone must be the same tax that applies to everyone—an equal head tax on everyone.
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The income tax is immoral. It says now that most American owe nothing and Americans who make more money owe taxes and Americans who make a lot owe a lot of taxes. Redistribution of income from the few who make it to the many who vote.
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How much any American makes is none of anyone else’s business including the government.
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But back to Biden’s proposed wealth tax. The XVIth Amendment is an income tax. A wealth tax is not an income tax. It is also not an Article I head tax where everyone pays the same.
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Tonight on TV I heard them talking about taxing unrealized capital gains. I am not sure if that is the same proposal or another one. That is really easier said than done. It could severely damage the stock market and drive people away from it. It also raises questions about what happens when you get taxed on an unrealized capital gain and then the stock in question goes down in value. What if the whole market went down as in 1929? Is the government going to give the tax back? After they have already spent it?
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