Search Results for ‘"exit tax"’

Wealth registries and exit taxes

Not scary or intrusive at all: presidential candidate Sen. Bernie Sanders (I-Vt.) has called for enacting a “national wealth registry,” the better to enforce future schemes of taxation, confiscation, and restraints on expatriation [Brittany De Lea, Fox Business; related, Chris Edwards, Cato; Emily Ekins on opinion poll] And the steep “exit tax” that Sen. Elizabeth Warren (D-Mass.) and Sanders propose to slap on wealthy individuals who depart the U.S., of up to 40 and 60 percent respectively, did not sound better in the original German [Ira Stoll; earlier]

P.S.: On the constitutionality angle, note that the Competitive Enterprise Institute has just filed a lawsuit on behalf of a couple challenging the constitutionality of a provision of the 2017 tax reform law known as the Mandatory Repatriation Tax. Counsel Andrew Grossman, quoted in the CEI press release, stated:

The Mandatory Repatriation Tax is unconstitutional for the same reason that a wealth tax would be. The Constitution does not permit Congress to simply declare money that it wants to tax to be income and then demand its cut. And the courts have never permitted retroactive taxation reaching back anywhere near the 30 years, as the Mandatory Repatriation Tax does. The details of the tax may be complicated, but the constitutional violations are clear.

Talking Warren’s big antitrust plans

“Presidential candidate Elizabeth Warren wants to break up big tech firms and impose new regulation on firms with high revenues. Walter Olson discusses what that might look like in practice.” I join Caleb Brown for a Cato podcast on themes outlined in this space last week. Related: Geoffrey Manne and Alec Stapp last March on Warren’s plans for tech and antitrust (“To Warren, our most dynamic and innovative companies constitute a problem that needs solving.”)

Bonus: earlier posts on Warren and her economic plans including white-collar prosecution, exit tax, regulation of private equity, and corporate governance first, second, third posts as well as political spending and labor co-determination.

Banking and finance roundup

Banking and finance roundup

January 20 roundup

  • As an experienced lawyer Hillary Clinton surely knows better than to say the things she’s saying about gun lawsuits. [Charles Cooke, thanks for citing my work]
  • While we’re at it, Ms. Clinton, there is so much wrong with your contemplated business exit tax [Ira Stoll, New York Sun]
  • Metallica vs. cover band cease/desist spat gets patched up quickly [Rockfeed, followup]
  • Alas, RICO suits harassing Colorado legal-pot business appear to be prospering [Jacob Sullum/Reason, my Cato take]
  • Judge tosses $21.5 million award in that colorful Holland America case we’ve covered [Seattle Times, earlier]
  • Labor-rights case from Colombia causing further difficulty for Terry Collingsworth, attorney known for Alien Tort suits [Daniel Fisher, earlier]
  • “Harvard Law Review Freaks Out, Sends Christmas Eve Threat Level Over Public Domain Citation Guide” [Mike Masnick, TechDirt]