Path 27
News

Senior Dem Admits Warren's Wealth Tax Is Already Dead in the Water

Path 27

One of the cornerstones of Democratic presidential candidate Sen. Elizabeth Warren’s platform is already starting to crumble, according to a top House Democrat.

Warren has proposed a wealth tax that would offset the cost of her $52 trillion “Medicare for All” proposal. According to her latest proposal, anyone with an income of over $1 billion would pay 6 percent to offset the costs of her program, according to CNBC.

“I’m tired of freeloading billionaires,” the Massachusetts senator said during Wednesday’s Democratic presidential debate, according to Yahoo News. “I think it’s time that we ask the very top to pay more.”

During the debate, Sen. Cory Booker of New Jersey attacked Warren by calling her wealth tax “cumbersome” and saying that “pathways to prosperity for more Americans” should be the focus, not simply taxing the rich, according to the Boston Globe.

Enacting a wealth tax would require Congress to embrace it, and therein lies the rub.

Trending:
Wisconsin Election Official Says Zuckerberg-Funded Group Seized Control of 2020 Election

“If you’re asking about the wealth tax, no,” Democratic Rep. Bill Pascrell of New Jersey, a senior Democrat on the House Ways and Means Committee, said, according to Bloomberg.

“We are a long way from making any determination” on any wealth tax, Democratic Rep. Judy Chu of California said. “We’ll have to see how the primaries turn out before we consider taking that up.”

Do you think a wealth tax is a good idea?

Unlikely congressional approval of Warren’s plan led billionaire and “Shark Tank” star Mark Cuban to denounce Warren for proposing plans that can never take shape.

“Intellectually she knows she is misleading the public,” he tweeted earlier this month. “That the chances of getting all the necessary line items she needs for M4All approved within 4 years are nearly impossible.”

Other critics are picking at Warren’s plan as well.

Related:
Senior US Military Official Issues Major Warning About 'Nuclear Capability' of China and Russia

In an Op-Ed in The Washington Post, columnist Megan McArdle said a wealth tax was not a panacea for America’s ills.

“But there is one thing a wealth tax can do better than anything else: destroy fortunes,” she wrote. “That money doesn’t necessarily go to anyone else, mind you; it may just get eaten up by compliance costs and dead-weight losses. But the rich people definitely won’t have it. This is a fairly useless policy goal unless you happen to be in direct competition with wealthy people for social status and scarce resources such as elite school places.”

“The best way to understand a wealth tax, in other words, is not in terms of rich and poor but as an intra-elite battle,” McArdle wrote, adding that the tax “sounds like it does something for the poor, allowing them, and Warren, to congratulate themselves that they’re really a finer grade of person, rather than some self-interested boob who votes from the pocketbook.”

She summed up Warren’s wealth tax as one of Warren’s “policies that sound like they help the poor while somehow delivering the greatest benefits to the educated elites.”

Truth and Accuracy

Submit a Correction →



loading

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
, , , , , , ,
Path 27
Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack can be reached at jackwritings1@gmail.com.
Location
New York City
Languages Spoken
English
Topics of Expertise
Politics, Foreign Policy, Military & Defense Issues




loading

Conversation