Taxpayer Watchdog Pans Misguided Wealth Tax Proposal

For Immediate Release                                         Contact: Courtney Mattison (802)779-6416

Taxpayer Watchdog Pans Misguided Wealth Tax Proposal 

Washington, D.C. – The Taxpayers Protection Alliance (TPA) is firmly opposed to the so-called “Patriot Tax” proposed by Rep. Tom Suozzi (D-N.Y.). The proposal would implement a new one-time tax on wealth, harming the economy and violating the Constitution.

In response, TPA President David Williams offered the following comment:

“This wealth tax proposal represents many of the misconceptions policymakers have about wealth. Net worth is not a reflection of spare cash on hand or liquid assets. A tax on wealth would force businesses to sell off assets that will decrease the quality of their goods and services, harming consumers and the economy. This tax will stifle innovation and dissuade any new companies from relocating to the United States.”

“The proposal, cynically referred to as a ‘patriot tax’ by its proponents, is similar to the most radically progressive packages being pushed by policymakers like Sen. Elizabeth Warren (D-Mass.). This is far from a problem-solving compromise. Even many leftist academics agree a wealth tax is an unconstitutional direct tax. Serious lawmakers need to unequivocally denounce this proposal.  The most patriotic thing Rep. Suozzi can do is offer tax cuts to get the country growing again.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.