Politics Elizabeth Warren to Bill Gates: I'll explain my wealth tax to you
Elizabeth Warren’s Untenable Plans
She denies or ignores the huge price tags that should be attached to her proposals.If you’ve been having trouble finding someone to walk your dog, don’t worry. Any day now, Elizabeth Warren will announce “a plan for that.” It will undoubtedly be comprehensive, detailed, and replete with subsidies for lower- and middle-class dog walkers and underserved breeds. It will cost tens of billions of dollars and will receive widespread positive notice from the media. However, to judge by her other recent plans, the one thing it won’t include is any discussion of how she plans to pay for it.
Senator Elizabeth Warren said she would "love to explain" to Bill Gates how much he'd pay under her proposed wealth tax after the world's second wealthiest person said he believed he might pay $100 billion under the levy.
Gates, who added he was "just kidding" after making the remark, is just one of several billionaires who have spoken out against Warren's wealth tax, which would add a 6% surcharge on fortunes above $1 billion to raise money for her Medicare-for-all plan.
Gates is one of several billionaires who have publicly questioned Warren's plan. On Tuesday, JP Morgan Chase's Jamie Dimon — worth an estimated $1.6 billion —CNBC that the Democratic presidential candidate "vilifies successful people." Billionaire investor Leon Cooperman, meanwhile, was reduced to tears while discussing the 2020 election on CNBC, he believes Warren is calling billionaires "deadbeats."
Hedge fund billionaire fires back at Warren: 'Your vilification of the rich is misguided'
Sen. Elizabeth Warren’s quest to be judged as a candidate by the enemies she makes got a boost this week from hedge fund mogul Leon Cooperman, who sent her a five-page letter complaining that she doesn’t know anything about billionaires, or him in particular. © Provided by Oath Inc. Sen. Elizabeth Warren addresses a crowd in Florence, S.C. (Photo: Sean Rayford/Getty Images) “However much it resonates with your base, your vilification of the rich is misguided,” Cooperman, whose fortune has been estimated at over $3 billion, wrote to Warren, in a letter made public Thursday afternoon.
The debate over taxation and fairness comes amid rising wealth inequality. While the U.S. tax system is supposed to be progressive, meaning that wealthier households pay a larger share of their income in taxes than the middle class and the poor, America's 400 richest families now , according to recent research from two prominent economists, Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley.
Speaking at the New York Times' Dealbook conference on Wednesday, Gates expressed concern about Warren's proposed tax, although he added that he's in support of progressive taxation.
"I've paid over $10 billion in taxes. I've paid more than anyone in taxes," Gates said. "But when you say I should pay $100 billion, then I'm starting to do a little math over what I have left over."
Warren health care plan pledges no middle class tax increase
Elizabeth Warren is promising to spend more than $20 trillion over the next decade to provide government-funded health care to every American without raising middle class taxes. The stakes are high since Warren spent weeks, and two straight Democratic presidential primary debates, refusing to provide a straight answer on if she'd have to increase middle class to pay for her "Medicare for All" plan.
Slideshow by Business Insider
Gates also said he wasn't sure if Warren would meet with him. "I don't know how open-minded she is or if she'd even be willing to sit down with somebody who has large amounts of money," he said.
Warren shot back on Twitter, saying she'd be happy to sit down with him.
"I'm always happy to meet with people, even if we have different views," she wrote, tagging Gates in her tweet. "If we get the chance, I'd love to explain exactly how much you'd pay under my wealth tax. (I promise it's not $100 billion.)"
Not only is Gates the wealthiest of the country's billionaire crowd to weigh in on Warren's wealth tax, but also one of the most philanthropic. He and his wife, Melinda Gates,the Giving Pledge with fellow billionaire Warren Buffett, which is a vow to give away the bulk of their personal fortunes to charity during their lifetimes.
Shaking down the rich is bad for democracy .
Forget whether the math works. But let's pretend that the fantastical wealth tax Elizabeth Warren has proposed would work like she claims. Let's even concede for argument's sake that Warren could get her plan through Congress and the courts. Would that be good for the country?Warren sees the rich as a natural resource that can be mined for its wealth indefinitely. Well, we have a lot of examples of countries that depend on natural resources to pay for everything. Saudi Arabia comes to mind. Oil revenues pay for almost everything.
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