The elites are now recruiting celebrity figureheads to push the narrative that a wealth tax would be a wonderful thing.
The latest celebrity to sign on to this is Abigail Disney, the granddaughter of Ron. O Disney, who created the beloved theme park and cartoon characters along with her great Uncle Walt Disney.
In a recent interview with Bloomberg, Abigail Disney stated:
Republicans consistently and Democrats less consistently have pushed the idea that government is bad… and that money is always best in the hands of private individuals… on an abstract level all of that is well and good but we starve state governments and city governments…
We need a wealth tax. I frankly believe Elizabeth Warren is completely right about that. I think it is very easy to talk about a 1% or a 2% wealth tax that would generate so much value in the economy.
Source: Bloomberg.
This is how these kinds of ideas are always introduced to the general public. It’s always about performing a 1% or 2% wealth tax at first… solely by taxing the super wealthy.
After all, who could be against that?
Newsflash: A 2% wealth tax on the top 1% of the US would generate $500 billion in tax revenues at most (assuming the army of lawyers the super wealthy employ can’t find loopholes to avoid paying this).
$500 billion. Now that sounds like a ton of money until you realize just how much money the political elite are already spending.
The US is on track to run a $4 trillion deficit this year. $500 billion in extra tax revenues would plug the deficit for three months at best.
Of course, this year is an exception in that the US is running this massive deficit because of the enormous stimulus programs it implemented to counteract the economic damage from the COVID-19 shutdown.
So let’s use a different year.
Looking over the last 10 years, the SMALLEST deficit the US has run was $441 billion. So, a 2% wealth tax on the top 1% of Americans’ wealth would cover the US deficit for a year.
One year. Nothing more. And that 2% in wealth tax is gone.
Bear in mind, this is just the deficit we’re talking about. The US has over $26 trillion in public debt. In this context, $500 billion in extra tax revenues is a joke.
And that’s the point. Ms. Disney and others like her are pushing this idea because the only way the public would go for it, is if it’s about targeting the super-rich.
The reality is that elites want to tax EVERYONE.
The IMF, which Ms. Disney has quoted in a letter concerning wealth inequality, wants a 10% wealth tax on NET WEALTH for everyone.
Yes, not a 1% tax, not a 2% tax, but a 10% tax.
And not on billionaires or multi-millionaires, but EVERYONE.
So, if you have more assets than debt on your personal balance sheet, the IMF wants you to pay 10% of that difference.
The reasoning?
To shore up sovereign balance sheets (reduce debt levels).
The Elites are introducing this ideas as new proposals based on “fairness” or “helping America out” but the reality is that the Powers That Be have been working on this for well nearly a decade.
Did you know that in 2011, the US passed legislation that would allow regulators to:
1) Freeze bank accounts and use them to “bail-in” financial institutions/ banks.
2) Close the “gates” on investment funds/ money market funds to stop you from getting your money out.
3) Impose wealth taxes and seize unused assets.
If you think that’s bad, consider that the Fed plans to both seize and STEAL savings during the next crisis/ recession.
If you think this sounds like a “conspiracy theory” we’ve actually uncovered a secret document outlining exactly how the elites plan to do this. It was written by a man who has served as an advisor to THREE separate central banks.
We detail this paper and outline three investment strategies you can implement right now to protect your capital from the Fed’s sinister plan in our Special Report The Great Global Wealth Grab.
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
