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Connecticut Democrats are waging a war against homeowners. First it was the new housing law, HB 8002, which puts the value of your home at risk by stripping your municipality of the zoning controls needed to protect property values and quality of life in towns.
Now, even worse, Dems are planning a statewide property tax, in addition to the sky-high local property taxes homeowners already pay.
Connecticut Dems are ramming through a “mansion” tax – the first ever statewide property tax-- which will be levied annually on homes assessed at over $3 million. Democrats are united behind the radical new tax and have a veto-proof majority in both legislative houses to pass it whenever they choose.
Committee votes taken last February show that support for this new tax is nearly unanimous among Democrats. The only way to defeat this tax is to vote Republican for members of the legislature this November. A vote for a Democrat is a vote for a state wide property tax.
Republicans should make this a major election issue, to alert homeowners, including those who usually vote Democratic.
Don’t assume only the “rich” will be hit with the tax. When the state adopted an income tax in 1991, it was supposed to be temporary and had only one bracket. Thirty five years later, it’s still in effect and has been expanded to seven brackets.
From the East Coast to the West coast, “Tax the Rich” is the battle cry of radical left Democrats.
Their new forms of taxation—including wealth taxes, mansion taxes, and pied-a-terre taxes -- are fueled by jealousy and hatred for our free market system, working people, and everything American. You’re their next target.
You may not consider yourself rich, but you will eventually be hit by these new forms of taxation.
Another blue enclave, Washington, DC is proposing a “mansion tax” on high value residences—valued at more than $2.5 million. Most of the revenue will come from three tiny, but tony neighborhoods: Georgetown, Kalorama, and Massachusetts Avenue Heights. Plenty of wealthy politicians will be hit, but unfortunately not Bernie Sanders and Elizabeth Warren, vocal advocates for wealth taxes. They don’t live there.
Rhode Island Dems have Taylor Swift in their cross hairs. They’ve named their new statwide vacation home property tax after her. Swift paid a whopping $17.75 million for her Watch Hill, Rhode Island pad back in 2013. But the new Rhode Island tax hits any vacation over over $1 million and occupied less than half the year.
Mansion taxes and vacation home taxes are proxies for wealth taxes, but in November Californians will vote on the real thing—the nation’s first tax on total net worth, the Billionaires Tax Act or Proposition 40. It’s a “one-time” 5% tax on all forms of wealth, from homes and yachts to where the real money is, stocks and bonds and ownership interests in private companies.
The bill says 90% of the revenue collected will go to support health care services for Californians, and healthcare unions are its biggest supporters.
The “one- time” claim is preposterous, because once healthcare services are funded, where do the unions and patients go when that spigot is turned off?
The state Democratic Party endorses the tax, but not Governor and presidential wannabe Gavin Newsom. He pivoted instead to calling for a national wealth tax, warning that otherwise more California billionaires would head for the exits—following in the footsteps of Google cofounders Larry Page and Sergey Brin, and Meta CEO Mark Zuckerberg.
Newsom joins a chorus of lefties, including Senators Elizabeth Warren and Bernie Sanders and New York Times columnist Paul Krugman calling for a national wealth tax. They make the preposterous argument that “a well functioning democracy” is threatened by the existence of billionaires.
Nonsense. Billionaire former Gotham mayor Mike Bloomberg blew through hundreds of millions of dollars of his own money seeking the presidency in 2020 and won support only from American Samoa. Money doesn’t guarantee political success. The Republican National Committee (RNC) right now has about ten times as much cash on hand as the Democratic National Committee (DNC) but the outcome of the November midterms is still a nail biter.
What is true is that democracy is threatened by dire poverty. People who are hungry will succumb more easily to the promises of a dictator. But poverty in the US is half what it was in 1959, when the US Census began measuring the number of Americans living below the poverty line.
The leftwingers calling for wealth taxes aren’t telling you the truth—wealth taxes are economy killers, and workers are the victims.
Only 2.7% of a billionaire’s wealth is in jewels, yachts, artwork, homes, and other luxuries. Almost all of it is in business assets – stock and ownership interests that provide the capital for businesses to buy more efficient trucks, faster computers, and sophisticated equipment that increase worker productivity. Jeff Bezos’s $250 billion in wealth is mostly in Amazon. As Cato economists Adam Michel and Chris Edwards warn, taxing wealth takes capital out of these companies, limiting worker productivity gains and the growth in future wages. Ouch!
Wake up everyone. You’re the ones in the “Tax the Rich” cross hairs. Call out these leftwing demagogues for their lies. In Swift’s words, be “Fearless.”
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