After recently declaring her intent to run for president in 2020 earlier in January, Democratic Massachusetts Sen. Elizabeth Warren unveiled a progressive tax plan that pushes tax policy deliberations inside the Democratic Party further to the left.
The proposal plans to thrust a 2 percentprogressive annual wealth taxon households with a net worth exceeding $50 million, and an additional 1 percent tax on households with a net worth that eclipses $1 billion, according toEmmanuel Saez and Gabriel Zucman, economists from the University of California, Berkeley.
Saez and Zucmansanalysisestimates Warrens tax plan will affect approximately 75,000 households (0.1 percent) across the U.S. and raise $2.75 trillion over the next decade. This is roughly 10 times the projected earnings of the current estate and gift tax, according toThe Wall Street Journal.
This doesnt work unless all the other countries in the world join in and tax wealth because money is mobile, multi-millionaires will go somewhere else and ultimately it prevents investment in the United States and thats what makes our economy vibrant,saidDagen McDowell on Mornings with Maria Thursday.
Lets confiscate all the wealth people earn, lets destroy private sector incentives and market based reforms this stuff has been tried for hundreds of years, it never works and always makes the country poorer, Larry Kudlow, head of the National Council of Economic Advisers, told Lou DobbsThursday night.
White House economic adviser Larry Kudlow speaks to the media outside the White House in Washington, U.S., December 3, 2018. REUTERS/Jim Young RC15D076D2D0
Warrens plan comes after freshman Democratic Rep. Alexandria Ocasio-Cortez of New York proposedher own tax policiestargeting the super rich.(RELATED: Most Americans Agree With Ocasio-Cortez Plan To Soak The Rich With 70 Percent Tax Rate: Poll)
[Its] a big noisy argument to drown out Alexandria Ocasio-Cortez and what she proposed, said McDowell.
Warrenstated in an interview on MSNBC that taxation of wealth will go towards building opportunity for the rest of America even though the presidents chief financial adviser believes it actually suppresses this ability.
You could start raising tax rates on successful earners [but] youll get a slower economy and youll get lower revenue, Kudlowsaidon Lou Dobbs Tonight. The deficit will go up.
Warrens plan attempts to tax wealthy separately from income even though the top 1 percent pays an individual income tax rate that is seven times greater than the bottom 50 percent, according .
In addition, the argument over the constitutionality of this tax plan remains as adversaries of the plan believe it violates Article 1 of the constitution.
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