The Yacht Tax
I never thought I'd be able to say this, and I'm sure it will never happen again, but I was actually inspired last week by John Kerry. The inspiration -- when the Democrats, reverting to the "class warfare" they always fall back on when in trouble, propose extending the Bush tax cuts for people making less than X, but letting them expire for "the rich," Republicans should propose extending them for everyone except those making more than $2 million a year or having a net worth greater than $25 million, who would fall into a new 60% tax bracket. Anyone among this group owning a yacht or private jet valued at more than $1 million would be bumped into a 65% bracket. The tag line could be something along the lines of: "You want to tax the rich? Tax the rich."
I can hear the howls from the low-tax purists already, but c'mon -- there's no chance in Hades this would ever happen (the Dems aren't going to risk losing all those campaign contributions from the 10 wealthiest zip codes that flow so disproportionately to them), and wouldn't it be fun to watch the Kerrys and Soroses and Gores and Rockefellers and Kohls and Feinsteins and all those people explaining why this was a bad idea?
- Comment (3)
- · Quote
- · UnfollowFollow (1)
Comments :
May '10
Re: The Yacht Tax
I like it. Just like the luxury tax that eliminated the New England boat building industry. The key is making it impossible to shelter anything- no Soros or Teresa Heinz Kerry Foundations. Nothing for Bill Gates' dad to do.
May '10
Re: The Yacht Tax
That would be hilarious, but also something like staring back at Dirty Harry's .45: some percentage of Democrats actually believe their class warfare garbage - do you feel lucky, America?
It'd be a great source of wealthy leftist quotes for Breitbart to play and the "mainstream" news networks to ignore, too!
May '10
Re: The Yacht Tax
I love it!!! Duane is right. The key is making it loophole proof. And while they're at it, why not a wealth tax on anyone with a total net worth above, what, $5M? And that could include an asset tax on foundations, too. How about 75%? Let's see if they really believe what they spout in their populist harangues.