.The Bolsheviks Even Want To Tax Your Toaster Oven

Notes From The Field By Simon Black

September 17, 2019  Bahia Beach, Puerto Rico

The Bolsheviks even want to tax your toaster oven

In a concept paper called “Treat Wealth Like Wages”, the ranking member of the US Senate Finance Committee laid out a plan late last week to radically overhaul the tax code in a way never before seen.

Just as you’d expect from the title, his central idea is to tax wealth; if you own just about anything, this Senator wants you to start paying an annual tithe to the federal government.

It’s sort of like how property tax works: you don’t actually -own- your own property. You’re just renting it from the government.

They charge you a tax each year-- some percentage of the property’s value-- to use the land. And if you don’t pay your property taxes, they’ll come and take it from you.

Now they want to create a similar federal tax that applies to almost every major asset you own.

This includes CASH in your bank account. Financial assets like stocks and bonds. Private business and partnership interests. Your entire real estate portfolio. Collectible assets like art and fine wine.

Never mind that you’ve bought these assets with money that’s already been taxed. Now they want to tax it again, every year. And when you die they want to tax it again.

They even included Individual Retirement Accounts.

Heck, for that matter they even proposed taxing “household goods” beyond a certain threshold. So you could even pay tax on your toaster oven.

What I found really interesting about this proposal, though, is that the guy who authored it is NOT one of the 10,000 people running for President right now.

In fact, this US Senator (Ron Wyden from Oregon) isn’t even up for re-election until 2022, at which point he’ll likely retire.

We’d expect to hear about wealth taxes from all the Bolshevik presidential candidates who are seeking attention and headlines. Or from some firebrand Twitter Queen who hates rich people.

But Ron Wyden is neither of those. He’s a seasoned, 70-year old US Senator who created a detailed 33-page plan on why AND how to implement a wealth tax.

This shows that the idea is really catching fire.

The wealth tax, of course, joins a slew of other taxes and hikes that have been proposed by the motley gang of Bolsheviks.

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To your freedom & prosperity, Simon Black Founder, SovereignMan.com 

Simon Black, EconomicsDINARRECAPS8