Elizabeth Warren’s Ultra-Millionaire Tax Proposal

Elizabeth Warren didn’t win the election, but what does that mean for her tax proposal? In this video, Andrew discusses Elizabeth Warren’s ultra-millionaire tax, why it hasn’t worked in other countries in Europe, and why we probably haven’t heard the last of it.

Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".

Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.

Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we've spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[JasonParthum]

Taxpayer: "How much is my bill?"
IRS: "How much you got?"

[stefanschwalenberg]

We already have a wealth tax in the USA. It's called a property tax, levied only on real estate. She wants to expand the definition of wealth to include stocks, bonds and anything else with a easily established market value.

[RadicalPersonalFinance]

Brutal video. I wish desperately that you were wrong. I’d like to say, “But a wealth tax isn’t constitutional!” But then I woke up and faced reality.

[bibibachmd]

Thank you Andrew for an excellent presentation. The US is circling the drain. There is no end in sight for all types of taxes. Property taxes are outrageous in many Dem run cities. The caliber of the people here has been dumbed down with the horrible public schools and many have lost any semblance of civility.

[TheDividendExperiment]

I wish Bernie Sanders became president just to hear Andrew's Bernie impression more often 😂😂

[chrismccullough]

Why dont the American people realize no one needs to be taxed more...The IRS and Government receive enough money they just don't manage it correctly...It's crazy to me that people have to give up their hard earned money and have no choice or say in the matter

[onealaska]

Good morning, from Az, Andrew. I am a several year intermittent but frequent viewer. I felt the urge to compliment you on this particularly astute, on point and appropriately humorous video. Loved the BS imitation. You knocked that out of the park. Thank you for the relative, interesting and informative content. :-)

[lanceaugust]

Politicians should pay twice what the highest tax rate is. This will keep rates in a reasonable range.

[AceCombatFan]

The proposal didn’t pass yet, but it’s coming. I live in Canada and I see the culture going as Andrew described, working on my plan B.

[dinoone]

Great video. I would love to hear more about the attitude that people from other countries have towards the rich, wealth and taxes.

[rainermuller]

Politicians know that cash flow is more important than wealth.

[billhennessey]

I love your Bernie and Donald impressions, haha!

[mitsu.hadeishi]

I commented on your other video about this - this really has zero to do with "hatred" of wealthy people - I mean, I don't disagree there is a "hatred" of wealthy people, but this is not where the idea of the wealth tax comes from. The concept has to do with an analysis by prominent economists such as Piketty that a wealth tax can lead to stabilization of the macroeconomy by making sure wealth inequality stays at a steady state rather than accelerating (as it has in the US for much of the last several decades), and that wealth does not become a largely inherited affair (an interesting historical observation by Piketty is that MOST societies historically have a wealthy class comprised primarily of inherited wealth rather than wealth created by entrepreneurs and if current trends continue this is likely to happen to the United States as well). I am not necessarily sold on the idea of wealth taxes -- I think there are other ways to fiddle with the tax system to stabilize the economy, but there's no doubt that the US has been heading down a road towards increasing income inequality for quite some time, and if this trend is not stabilized it could lead to societal dysfunction. Even today, in rural areas especially, there are multiple crises of lowered lifespan, lower income, social disruption, and so on, and this trend is likely to accelerate with the rise of automation which will likely continue to reduce the proportion of the economy available for unskilled or low skill labor.

But as for whether or not a wealth tax has a shot at becoming law - come on. There's no way this is going to happen anytime soon. Even if the Democrats win the two runoff elections in Georgia a wealth tax like this has no prospect of becoming law in anything like the foreseeable future. Changing the tax code, maybe, even probably, but a wealth tax? There aren't anywhere close to 50 senators supporting something like this, much less a filibuster-proof majority. Let's get real here.

[shanealexander]

I'm a liberal and I think Elizabeth Warren is a nutcase. But I also think that some of the blame falls on us who make a lot of money (some of us at least) and our needs to show off and show how much wealth we have. Growing up I was taught that, "One of the things that should not be public knowledge is how much money you earn/have. It will inspire envy, not admiration."

[adventureswithbedouinbabe]

I will never understand why some people have this idea of “punishing someone because they built wealth”? Wt... Isn’t the “reason” people get an education is so they can earn a good living or build a business? Duh. This is upside down land😂....Encourage people to build wealth especially entrepreneurs 👏and keep that fire alive to build something! Don’t punish anyone with motivation and a sense to succeed. Why I appreciate the current President is because he values working no matter what kind of job.
👏🙏

[Reidar]

There is a wealth tax of 0.85% in Norway and it's on wealth above around $ 165.000. A single municipality will reduce it to 0.35% on January 1st. and that has led to several wealthy people moving there and promising to invest and create jobs. The greens and reds are not happy and want to change the laws so municipalities no longer will be able to do that. Many other taxes, fortunately they removed the inhertitance tax in 2014.

[michaeltrevisani]

I don’t have any problem with the profits Amazon earns they just don’t need tax breaks (corporate subsidies). That is the disconnect here.

[Chena]

Spain, where I live, is one of those countries where there is a wealth tax. Each region of the country can establish the tax rate, in Madrid (the most "european liberal" type city) there is no tax and is the place where all the big companies and higher earning individuals set up, obviusly. It's the most prosperous city of Spain, because is the only one which believes in freedom.

[danielj]

breakfast at bernie's.. who will pick up the tab? "I wrote the damn bill!"

[tigervalley]

Good luck my American friends👍🏼 Love from Europe (Portuguese currently residing in the Netherlands)