Columnist just using scare tactics

On the May 13 opinion page, Walter E. Williams writes about the "leftist politicians" who want a wealth tax.

First, he uses an example of a taxpayer with a $150,000 income and states that person's tax rate would be 32%, resulting in a tax liability of $48,000. I went to the IRS website and found the 2019 Tax Computation Worksheet. First, the tax rate on $150,000 is 24% (if single, if married it's 22%) not 32%. That rate doesn't kick in until the income is over $160K plus change. Next, he didn't apply the subtraction amount of $5825.50 ($8283 if married). The correct tax would be $30,175, ($24,717 if married) not $48,000. That doesn't even take deductions into account, which would result in an even lower tax. So he overstates the income tax liability by almost 50%. He is just wrong.

Next, he applies that same 32% income tax rate to a $500,000 net worth, resulting in a "wealth tax" of $160,000. Scares the you-know-what out of you, doesn't it?

He mentions Bernie Sanders and Elizabeth Warren as advocating a wealth tax. More than once I heard Warren say that her tax would not apply to net worth under $50 million (not $500,000.). She said the tax would be "one penny" or a 1% tax rate on net worth above the $50 million. Where did Williams get that 32% rate?

The wealth tax would not be an income tax and would certainly not apply to anyone who has less than $50 million laying around. Of course, the $50 million/1% is only her proposed amount and could change, but no one in their right mind would think anyone (even Democrats.) would try to sell a wealth tax of 32%. I think Williams is just trying to scare us regular folk and I take anything I read from this guy with a huge grain of salt.

Stuart Yakes

Roselle