“I Mean … Like What are Gonna Even Do with More Money?” Abdul El-Sayed Calls for Wealth Tax

112 thoughts on ““I Mean … Like What are Gonna Even Do with More Money?” Abdul El-Sayed Calls for Wealth Tax”

  1. Turley’s constitutional “panic” over a wealth tax relies on selective memory. Under the Supreme Court’s preferred ‘history and traditions’ framework, early American Congresses routinely taxed specific stores of wealth, from the 1796 Chariot Tax to early land assessments. Furthermore, Turley’s horror over taxing ‘yachts and diamonds and Rembrandt’s’ ignores the fact that the federal government has a long-standing, constitutional right to levy luxury excise taxes on these exact items. A wealth tax isn’t a radical, unconstitutional plot—it is a continuation of Congress’s historical power to tax the privileges and transactions of the ultra-wealthy, a power the Framers themselves utilized.

    There are those who will argue, “what about the 16th amendment?”

    The 16th Amendment was not passed to restrict Congress; it was passed to overturn a specific, highly controversial 1895 Supreme Court case (Pollock v. Farmers’ Loan & Trust Co.) that had temporarily blocked income taxes.

    Before Pollock, the Supreme Court’s oldest and longest-standing tax precedent was Hylton v. United States (1796). In that case, the Court ruled that the federal government could tax luxury carriages—a direct possession and status symbol of wealth—as an “excise” tax without worrying about state population apportionment. By claiming the 16th Amendment is a rigid shield for the wealthy, Turley is ignoring over a century of pre-1895 legal history where the federal government successfully taxed assets.

    In 1798, the federal government enacted direct taxes on land and the ownership of slaves—which were explicit stores of wealth at the time.

    There is plenty of ‘history’ to show wealth taxes are indeed constitutional and can be applied narrowly.

  2. And the damn fools are still vote for him. You Patriots better keep your powder dry. And you, Talking Heads and writing heads need to quit using their lingo, they are Muslims. They are not communist. Because the world of difference and you know it, and almost everybody who reads your stuff, knows it. And yet they keep voting for them.

  3. Here’s the problem as I see it: Children are raised in family-based economics which is “from each according to their abilities, to each according to their needs”. Forget the label, it’s just the reality that helpless babies cannot join capitalism as autonomous agents — they are dependent on parents, grandparents and increasingly, the taxpayers.

    This is the contradiction of capitalist theory. The foundational concepts laid out by Adam Smith, Friedrich Hayek, and Milton Friedman failed to tackle the problem of how to develop a helpless infant into a self-reliant, independent actor able to thrive in a capitalist economy. Now, we 21st century conservatives must solve this, and we’ve already wasted much time pretending there isn’t a problem or that it’s already solved. It’s only partially solved, and the trend toward a knowledge-based economy with ever-greater start-up costs for those entering it isn’t helping.

    The Trump-Dell baby-accounts is an example of creative conservatives can get proactive about developing young capitalists. But those wont mature for 18 years, and we need solutions that kick in faster. I’ll mention a few:

    Start earning+saving as early as possible — relax contracting and child labor law so that children starting around age 12 have the opportunity (and are expected to) begin as earners, savers and investors. Make formal education flexible so that learning internships (“earn while you learn”) can become part of the child’s daily schedule. Come down extremely hard on adults who abuse their roles as mentors (sexual abuse, dangerous jobs, enslavement).

    Give children favorable rates of return on investments, and come down extremely hard on adults who abuse this by funneling their money illegally into these child investment accounts.

    No income tax on children.

    Universal Educational Vouchers given by taxpayers and only redeemable with accredited learning centers. Come down extremely hard on adults who operate fraudulent learning centers / accrediting operations.

    Mandatory National Service. One year after high school where every young American develops responsibility-taking and self-discipline while serving their country.

    The most extreme, but should be considered: birth licensing to guarantee to any baby gestated is awaited by parents fully prepared to raise a self-actualizing, confident, healthy, non-drug-addicted, non-criminal, well-adjusted contributing youngster. Eliminate the downside of the birth lottery.

    Let’s force ourselves to be realistic: To thrive as a capitalist actor, an 18-year-old needs to show up in the marketplace with these 5 “must haves”:
    – nerve (ambition, confidence, stamina, risk-taking, self-discipline)
    – scratch capital (start-up funding for phone account, computer, ISP account, clothing, transportation, emergencies)
    – marketable skills, including social skills and negotiating skills
    – a base of operations (safe living situation, food, sleep, hygiene)
    – health care, dentistry, vision care (and more specialized care like psychiatry)

    The DSA movement wants to solve this challenge by prolonging dependency as adulthood begins, and levying an ever-greater burden on taxpayers. Conservatives have to offer a better alternative — NOT by doing nothing and merely demonizing the left. That would be a loser’s gamble. That’s a forfeit. We can do better.

    The starting point is accepting that our capitalist system was conceived without entrance ramps. Our generation is called upon to build these on-ramps, insisting that they lead to success at a high rate of reliability.

    1. pbinca,
      That is a very interesting idea.
      Just recently I read a report about how generations succeeding previous ones had better outcomes when they (as children) had a stable, traditional family.
      Not entirely sure about the child labor laws. IIRC my state was 13 years of age and I did start working at that age. Had some kind of part time, after school job through out high school. Opened my own savings account.
      I agree we need to build the on ramps for future generations to capitalism.
      However, we are seeing a generation who sees themselves as victims of capitalism, claiming it is not working for them. This is also the same generation who wants instant gratification, like on demand streaming of their favorite reality TV show. Patience does not appear to be one of their characteristics. And that is where El-Sayed, AOC, DSA tap into and exploit these people’s perceived victimhood. Why should you have to work when, by voting for us, we will just tax the rich and give it to you! Working is for chumps! Vote for us and we will tax them and just give it to you!

      1. Actually, I work with high school kids who are highly motivated. Their main obstacle is start-up funding to get their earning power established. Historically, wealthy families solved this problem with wealth transfer, but the lower classes were left out of this inter-generational crutch.

        Conservatives have to convince Democrats that we recognize the problems with the economic system, and have a plan that is much better at sustainable wealth-building than socialism (state dependency, mandated poverty).
        When I read so many comments marginalizing El Sayed and DSA’ers, and offering no alternatives to theirs, we have a long ways to go getting conservatives off the starting line as economic system-repairers. Where is our confidence?

        1. Oh! Now I am tracking you.
          I was taught, brought up:
          – life owes you nothing
          -life is not fair
          -if you want something you will likely have to work for it
          -if you want to succeed in life, you will have to not only work hard but smart
          To me, these were givens. Just facts of life.
          Today, if I were a teen, likely I would have a after school, summer job. Then use those funds to put into index funds, some in savings to get ahead.
          My children, I did work two jobs for a time to contribute to their 529 plans.
          My daughter used it.
          My son, like me, joined the military.
          They are both doing very well.
          It took some work on our parts but we got them there.

  4. Fascinating Human condition …

    “wealth” – Its all Fiat … paper, digital 1s and 0s, a cloud of electrons.

    Sounds like They are coming for your Tax Bracket Jonathan.
    Tell you what, why don’t you shovel a little my way so to take the heat off you.
    I’ll clean out the Garage to make room for a couple pallets, My wife’s been on my ass about doing this anyway.
    Maybe we can get this done before Christmas.

    Re:
    Physical Size and Weight
    $100 Bill: A single note fits in your wallet.
    $10,000: A small stack that fits in your hand.
    $100 Million: Fits on a single standard pallet and weighs over a metric ton.
    $1 Trillion: Requires 10,000 pallets. If laid out in a single line of $100 bills, the stack would stretch roughly 679 miles—nearly from New York City to Chicago.

    https://thesocietypages.org/graphicsociology/2009/04/09/what-does-one-trillion-dollars-look-like/

  5. Welcome to the NEW AMERICA – in 5 years you won’t even recognize it. The borders will swing wide open again in 2029 and NEVER CLOSE. Your tax rates will sky rocket not just by revision of the One Big Beautiful Bill I & II but also through new supplemental taxes that touch everything you own each year, how much you drive, new Federal Utility Taxes, new outrageous (but FAIR) Federal fees to breath and eat! Get ready ALL YOU FREE RIDE FOOLS who think nirvana is just about getting the right communists (oops I mean Socialist because they are SOOOOO different) in office. Gotta luv know-nothing young voters (both citizens and non-citizen voters, right?) IDIOTS!

    1. You’re negative Nelly you. You were right, but for all the wrong reasons. They’re not communist or socialist, they’re Muslims. Go ahead and let the hate begin. of course, when they start pushing the queers off the buildings, they’re already raping your women, children, walking around, stabbing people with knives, and no, I’m not talking about England or Europe

    2. “Federal fees to breath and eat!”

      That would unfortunately be plausible should the woke collectivists regain power. After all, they can justify it (in their own atrophied cortices, at least) by the carbon dioxide (that gas the plants breathe and convert into oxygen for us humans) produced by those activities.

  6. Talking about a wealth tax most would have to liquidate assets to pay the tax as wealth is not held in cash but invested in businesses, investments and property. Valuation would be problematic at best. The wholesale liquidation of wealth would drive down the markets severely impacting even those not subject to the taxation. Unemployment would rise. A disaster for all, not just a few.

  7. If Milton Freeman was living today he would be laughing his ass off! I enjoyed reading all his material in HS as I watch the morons around me get nodding heads. On the other hand I hated HS because it was pure BS! Both political parties are filled with “how much can I steal from the public before I retire”! We are F***!

  8. ‘Even if states like Michigan are allowed to do this, it will result in the same exodus that is unfolding in California, where an estimated trillions in jobs and revenue have been lost due to the threat of wealth taxes.’

    And those leftist fools have to go somewhere; in urban centers and on the coasts we are talking about tens of millions of people, and they will bring their boosheet right along with them. Do we have to ruin the entire country before these idiots understand that *they* are the problem, because they are robots and keep pulling a blue trigger? Much more fatal than a firearm, long term, IMO.

    1. So what’s wrong with that? Republicans do the same thing. But they are not the problem … you are.

        1. Stop being a whiny little girl. You expect people to comment, just not what you expect and you throw a hissy fit. Grow up.

          1. @Anonymous

            I am almost certain that you are someone who thinks cannabis is a ‘vitamin’ and would cite cultures that no longer exist on this earth as justification. That is the level of your acumen, and it applies universally. But thanks for the laughs. It brightens the day. We lament the loss of comedy these days, but when there are clowns like Anonymous whose sole purpose in life seems to be to make us giggle, perhaps we shouldn’t.

    2. James,
      Play it out.
      Pass laws to tax the rich.
      The rich up and leave or those who have not already left.
      There goes the jobs.
      There goes the taxes.
      Who is left? Everyone not rich. Or, they redefine the term “rich” and they then have to go after the middle class.
      The middle class, those who can, they leave too. We are already seeing some of the middle class fleeing states like CA, NY, IL.
      Leftists tax base is hollowed out. The only ones left are those who cannot afford to leave or too poor to.
      Public services crumble, infrastructure crumbles, those urban cities and coasts look more like third world countries. Some already do.
      Then what happens? They will want some national tax to bail leftist policies out. Or, like we are seeing in the EU, mass migration of generally poor, low or no education, no skills to all the places the rich and middle class fled to, to escape failed leftists policies.
      How to prevent that? Fly American flags, MAGA flags, ICE is NICE flags, We support our local PD/EMS yard signs, pro-Constitution rallies, 1stA rallies etc.

      1. Oh look, you showed up today after running away yesterday when your butt buddies didn’t show up on this blog so you could attack everyone. You slimy coward.

  9. Personally I would like Elon Musk’s wealth to stay exactly where it is. His wealth is creating wealth for others rather than subjugating them. His vision and willingness to take risks are carrying us to brighter more prosperous future for all. He has put his wealth towards the betterment of mankind. Wealth in the hands of government is wasted at. best and a weapon of power most often. They always claim its for the people when truly those in power reap the most. The DSA is a threat to freedom, prosperity and most of all security. Thank the Dems for opening the gates to them.

    1. “I would like Elon Musk’s wealth to stay exactly where it is”

      I agree, and there is an additional reason that you did not cite. With sufficient provocation, such as confiscatory taxation, Musk could move the loci of his businesses elsewhere, depriving the US of a lot of jobs and a tremendous amount of capital investment. If you think that the other potential locations are worse than the US in terms of taxation and regulation, that is probably not universally so. NTM that he could (in some way, shape of form) probably buy the governments of some smaller countries outright, assuring preferential treatment.

  10. Let’s see now. Currently the “Big Tent” contains Islamic terrorists, socialists-communists, the main stream media, much of the LGBTQ+ group, Hollywood, flat earthers, anti-vaxxers, college faculty and their acolytes, the students. Put into chemical terms we have tent of full barrels of gasoline, toluene, propane, benzene, and kerosene all having dinner in a candle lit room. A bonfire of vanities.

    1. Gdonald, I like this vivid piece of rhetoric and analogy. It makes things absolutely clear in terms easily understood.

  11. Democrats and their wealth taxes. They have no concept of economics and where wealth resides. They seem to think it all resides in some massive vault somewhere where piles of coins and green backs sit doing nothing. I would suggest they start off with viewing the movie “it’s a Wonderful life”. When there is a run on the Savings and Loan and people panic George “the Owner” has to explain why all the money in the Savings and Loan does not sit there in that building but is instead invested in each others homes and businesses with only money residing in the building to cover emergency withdrawals. It’s a great little primer on American Economics. A recent published study of new millionaires reveals that most were people who showed discipline in their spending and used savings and prudent use of their cash to build wealth to the point where their money “invested” made more money”. If you wish a religious point of view, John Wesley, founder of the Methodist Church, as he walked the length and breadth of England, preached frugality in the early 1700’s and by the late 1700’s the Methodists were the most wealthy religious group in all of the UK.
    If you cannot handle the costs, use frugality, it still works. It’s worked my entire life through all sorts of economic conditions.
    And these wealth appropriators think the government can figure out the best use for their and our money. Have we not had enough examples of corruption and stupidity in government already

    1. “They have no concept of economics and where wealth resides.” and you as a republican know where its all hidden. But the wealth the DA is targeting is income and that which appears on balance sheets. As for best use, once that money leaves a bank its the government’s; not yours to decide where to spend it. Since you’re not, or ever were, in government you don’t know the allocation policies and processes.

      1. “Rembrandts, your stock portfolio, your diamonds and your yachts” appear on balance sheets?

        1. They certainly do. I’m guessing since you’re not rich, you never had the need to record any wealth. Start with trusts, then insurance companies, and corporations who sold them. Banks too. And the IRS. And state revenue depts., and lastly their neighbors. They know everything.

        2. The Billionaire is not selling his Rembrandts or yachts; he is selling the places where you work, buy food, and so on. The money you envy is money he doesn’t need for his personal well-being, so he keeps the fun things and sells the rest.

    2. Two or three decades ago, a book was written, The Millionaire Next Door. It painted a few vivid pictures of why some people with the same income were millionaires, and others were not.

      I didn’t have money at the time, so while my wife was shopping elsewhere, I read the book in Barnes and Noble.

    3. GEB,
      I believe you are describing “The Millionaire Next Door.” They do not own flashy vehicles, or wear flashy clothing. They live at their means and no more. Carry little or no debt, pay cash for nearly everything, only dine out occasionally. Invested smartly, let their money do their work for them.

  12. The math is wrong here – presumably their income is much less then $100 million. Assuming their income is, say $10 million, then the effective tax rate would be 111%- $10 million income and $11,1 million in taxes ($7 million wealth tax, $3.7 million in federal tax and $425k in state tax)

    At a seven percent tax on wealth for those worth $100,000,000, the wealthy would pay an additional $7,000,000 every year in Michigan beyond their income taxes. In Michigan, the state tax of 4.25% (and the corporate tax on their businesses at 6%). If the wealth tax is added to an income tax, it would be a 11.25% individual tax burden in addition to the 37% top tax rate in the federal system. That is almost a 50% tax burden if some income and wealth taxes are imposed (absent deductions like a State and Local Tax or SALT deduction).

    1. “The math is wrong here ..” So what, it’s just an example of the financial impact a rich person would encounter in MI.

    2. Whether the DSA ever passes such laws, assuming they win, many are smart enough to realize all this talk is only to garner votes among the disaffected. The scary part comes after they win and they don’t have a plan. But the good ole Constitution and a few Amendments will throw a money wrench in such plans. Taxing is different than confiscation. And I’ll bet rich people have a plan B, as Turely stated… move is plan A. So what’s all the fuss then? If the rich leave, DSA will eat its own at the lowest income level.

  13. The combining of the Islamic Jihad, the Democratic Socialist of America (DSA) and the Democratic National Communist (DNC) is apparently the Plan to destroy the Republic of the United States. Be very careful with these people.

    1. “Careful” is not the word I would use.

      But very effective and permanent termination of any ability they have to advance their disastrous and vile agenda shall have to be affected if this Democratic Republic we have is to survive. Face it folks….Obama and others started the Democrat Party down the road to perdition. At some point it must have its day of reckoning and be dealt with in a manner that ends that journey in a manner all such departures from rational thinking and anti-social behavior finally meet its end.

      This is the age of challenge of Communism v Capitalism.

      It is time we settled the matter once and for all.

      Your children and grandchildren’s future is at grave risk.

      This is not about highways, government grocery stores, or red flags……it is about whether we retain our God given Rights enshrined in the US Constitution, the Right to own property, the Right to Due Process, and the Right to Free Speech.

      The first step is to beat them at the Ballot Box which requires secure elections…free and fair elections.

      Then we have to safeguard the Rule of Law and the structure set forth by the Constitution.

      Huey Long was wrong back then and the new bunch are wrong today.

      Marx and Engels were wrong as well.

      There is no place for Communism in this Nation or for those who embrace that kind of thinking.

  14. The DSA strategy is simple, and we’ve seen it before. Books have been written about how Adolph Hitler, yes, that one, came to power by reminding the German people of how abused they were by the consortium of European nations that defeated them in WWI and then exacted “exorbitant” and unfair reparations that bankrupted the nation and made everyone poor. Keynes, the great British economist and influential figure in the post-war financial proceedings, actually predicted that the reparation payments imposed on Germany would create havoc and cause average Germans to suffer greatly. In retrospect, he was correct, but they did not listen to him. Fourteen years later, Hitler would rally the German people to elect him on the claim that the treatment of Germany after the war was excessive and humiliating and he would change this. We know the rest of the story.

    Today, the DSA seems to be mimicking Hitler’s strategy by dividing us into rich and poor and pitting one against the other. Hitler succeeded in getting his followers to ignore reality, focus all problems on themselves, and believe that the cause of their plight was the greedy and evil conquerors.

    Will the strategy work again? I don’t think so, but it will take one or two elections to put the feathers back in the pillow. In the meantime, the media will make heroes of our mini-Hitlers as they rail against the rich, the Jews, American culture, and the Constitution. These must be put down before what they offer can come to pass. But like all parasites, they eventually will kill their host – the Democratic Party – and then they themselves will perish. Why? Because America today is nothing like Germany in the early 1930s and the common ethos today is not “eat the rich,” but instead “become the rich,” and there’s only one party that can deliver that. Once again, the invisible hand is moving to make America great.

    1. “DSA seems to be mimicking Hitler’s strategy ..” Not all all. That so called strategy has part n parcel of politics since Rome.
      I’m guessing yo have a blazing hate about socialism. Ever live in a socialist country?

        1. His posts mimic people who continually pick at a scab until it bleeds. And he offers no “proof” to anything others post. Maybe a few weeks out of the basement could change his concept of collegial discussions, but I doubt it.

          1. Mimic, and what is your comment about then, a collegial discussion? Since when is anybody here collegial? Obviously you don’t know the meaning of the word.
            And whoever he is, what proof is he to offer to posts that are rants and pinions.
            BTW, never seen a “post” with your meme. Wonder why? Grump eh? Just get out of the basement or was it from under your favorite rock?

  15. voting Democrat is EVIL!

    Meanwhile Obamas, clintons, pelosi, Bernie, etc fly on private jets and EVERYTHING is paid for!

    The Democrats Party needs to be Abolished!!!

    1. All on private jets.? When I fly I use a private jet from Southwest or JetBlue, American etc… all private jets just owned by a corporation.

      1. GO AWAY PSYCHO MORON ANON!! Everyone isn’t Dustoff or Estovir. I’ve been on this blog for 3 years. Keep up BOZO

  16. The Affluent White Female Liberal, consumed with a blinding hatred of anything Trump combined with their absolute stupidity, will trade their incredible freedoms for genuine oppression and male patriarchy electing Muhammad El-Sayed Obama as US Senator.

    Sharia law forbids abortion, requires women’s subjugation to every man, orders young girls to be forcibly removed of their genitalia and girls as young as 9 years old to be non-consentually married to men well in their old age.

    Be careful for what you wish, ladies.

      1. You obviously have a problem with women and look forward to the subjugation and violence against them. Your fake shield of approval for these subhumans, and their fake “religion”, is astounding in this day and age. A coward to the core of your being, your hatred of women is obvious. A good therapist might be able to help you confront your mommy issues.

      2. No. He quite clearly limits his criticism to a narrow sub group of women. Affluent White Female Liberals.

        Plenty of social science research finds that the incidence of mental illness is greater in liberal women than other sub groups. Why that is true requires more research.

        If I were to guess, my hunch would be that the combination of the chemical and hormonal makeup of women’s brains, combined with the socialization that affluent liberal women receive, makes a disproportionate number of them mentally ill. But who knows.

    1. The socialists want humans’ money, but not non-profits, who finance them, but aren’t corporations people too? Citizen United v FEC.

      1. Communities, too, are representative of people. Umbrella corporations? Wicked. #HateLovesAbortion

      2. only humans should be able to donate money to politicans. If you can’t vote ie company, you should be prevented from donations!
        STOP turning politicians into bribery entities.

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