Fox News reported that presidential candidate Kamala Harris affirmed her support of a federal wealth tax.

It’s meant to hit only the “super wealthy”:

“The proposal would impose a minimum tax of 25% on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million,” the Treasury Department stated in its FY25 revenue proposals. The same proposal was also put forth by the Biden-Harris administration in fiscal year 2024 and in fiscal year 2023, but the minimum taxable amount was 20%.

In his presidential campaign, U.S. Senator Bernie Sanders issued his own plan to institute a “wealth tax.”

While Warren has touted the tax to fund her agenda, the primary purpose of Sanders’s proposal is to correct what his campaign called the “outrageous level of inequality that exists in America today and to rebuild the disappearing middle class.”^[1]

The wealth tax seems to have wide support. A Quinnipiac Poll claims that 60% of those surveyed support a 2% annual wealth tax on the rich.… Continue Reading

When Pete Buttigieg, the little-known mayor of South Bend, Indiana, announced his candidacy for the Democratic presidential nomination, he stunned the political world with his meteoric rise in the polls.  Buttigieg was everywhere in the news and on television, thanks to a savvy campaign team that included political operative Lis Smith, who boasted, “I want him on everything.”  In a month, he had raised 7 million dollars, a significant sum for a political nobody starting from scratch in a national campaign.… Continue Reading