Opinion: The tax proposals by Elizabeth Warren are simply not realistic - - PressFrom - US
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Opinion The tax proposals by Elizabeth Warren are simply not realistic

23:40  08 november  2019
23:40  08 november  2019 Source:   thehill.com

Warren health care plan pledges no middle class tax increase

  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.

As Elizabeth Warren Elizabeth Ann Warren Overnight Health Care: Juul to stop selling mint flavor | Senate fight derails bipartisan drug pricing bills The other day, she went so far as to promise that only billionaires will have their taxes go up. That is simply laughable. Her tax hikes would hit every

Elizabeth Warren likes to say, “I’ve got a plan for that.” She has lots of plans, but there is one on which many of While neither the Tax Policy Center nor the Tax Foundation has yet released a full analysis of Warren ’s plan, economists “In our view, the .75T is not realistic ,” Sarin wrote to us in an email.

a person standing posing for the camera: The tax proposals by Elizabeth Warren are simply not realistic© Greg Nash The tax proposals by Elizabeth Warren are simply not realistic

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

As Elizabeth Warren likes to say, she has many plans to solve our issues. She claims she can fix the economy, create affordable housing, forgive student debt, and expand child care without breaking a sweat.

Unfortunately, the core theme to every proposal is new higher taxes. By her own estimates, she has proposed more than $26 trillion in tax hikes over a decade. It is hard to conceive of that vast sum of money. The time it takes for 26 trillion seconds to elapse is almost 834,000 years, which is about 139 times as long as human civilization has existed. This is why Saturday Night Live last week quipped, "When the numbers are this big, they are just pretend." We have to laugh so that we do not cry.

Elizabeth Warren’s Untenable Plans

  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.

Are you a billionaire? Photograph: Elizabeth Warren website. A yes answer offers a prompt to enter your net worth, with quick links available for Bloomberg, Gates or Leon Cooperman, the hedge-fund billionaire who recently criticized Warren ’s tax proposals as “idiocy” and “bull”.

Elizabeth Warren to propose new 'wealth tax '. Warren 's proposal is "more effectively taxing people who are not captured to a significant degree in our current income tax , who have built up large fortunes and simply aren 't paying very much tax relative to those fortunes."

These tax increases would dramatically expand the size of the federal government, increasing the Internal Revenue Service takings from American taxpayers over the next decade by 63 percent. Moreover, her tax hikes would be larger than the entire projected individual income tax collections of the federal government over the next decade, and just shy of total expected collections for both individual and corporate income taxes combined. Functionally, we would have to double the income tax burden on every American, along with the income tax burden on every business, to cover the amount that she wants to raise for her plans.

She couches her rhetoric in promises that she will not raise taxes on the middle class. The other day, she went so far as to promise that only billionaires will have their taxes go up. That is simply laughable. Her tax hikes would hit every American, regardless of income. Every investor in the country would be subject to her new financial transactions tax or her mark to market capital gains plan, including anyone with pension or retirement investments. Every worker would see their tax burden go up because of her "Medicare for All" plan, which requires a new tax to fund a government provision of universal health insurance. Small businesses would see their taxes rise under her new business tax plan. The Joint Committee on Taxation, the official tax scorekeeper of Congress, would surely score her proposals as raising taxes on the middle class.

Joe Biden slams Elizabeth Warren's 'wrong presidential primary' comment as elitist

  Joe Biden slams Elizabeth Warren's 'wrong presidential primary' comment as elitist Joe Biden slammed Elizabeth Warren as out of touch after she accused him of running in the "wrong presidential primary," writing in a Medium post on Tuesday that such attacks are "condescending to the millions of Democrats who have a different view."Joe Biden slammed Elizabeth Warren as out of touch after she accused him of running in the "wrong presidential primary," writing in a Medium post on Tuesday that such attacks are "condescending to the millions of Democrats who have a different view.

Elizabeth Warren ’s plan to finance Medicare for All is a carefully crafted, politically useful document One, as I wrote Friday, is that its budget assumptions might not be very realistic . Hiking taxes on the middle class is not popular. Sanders argues, however, that Americans would save money overall

Presidential candidate Elizabeth Warren (D-MA) hasn’t been shy about her desire to impose a tax on the wealthy.

Her tax proposals are even further to the left of former President Obama. Her corporate income tax rate proposal is 14 points higher than what the Obama administration proposed. Her tax increases are even to the left of Bernie Sanders, whose proposals are estimated to raise only $23 trillion over a decade. The claims in her campaign documents, however, do not tell the full story. In many instances, her projected revenue increases are too high because she fails to account for the interactions among her tax proposals and pays no attention to the economic damage they would cause. Changing one tax impacts the revenue raised by another tax, and so there will be consequences to raising taxes that high and that quickly as individuals and businesses will naturally rethink their behavior.

Further, the revenue estimates prepared for her campaign by left leaning economists Emmanuel Saez and Gabriel Zucman have been subject to widespread ridicule in the economics community. Even if their wealth tax proposal, which Warren has adopted, is constitutional, and it is not, Larry Summers, a former Clinton administration and Obama administration official, estimates it would only raise 40 percent of what she says.

Republicans are counting on AOC and other far-left Democrats to help Trump get reelected

  Republicans are counting on AOC and other far-left Democrats to help Trump get reelected House Speaker Nancy Pelosi is understandably concerned that some proposals she hears from Democratic presidential candidates and members of Congress are so far to the left that they could enable President Trump to win reelection. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

Senator Elizabeth Warren ’s policy plans would cost more than trillion over a decade, an agenda of monumental scale that would significantly increase She plans to pay for these proposals by creating a wealth tax on households worth over million. How much revenue that tax would generate is a

Elizabeth Warren ’s tax proposals is quite revealing. They expose a particular intellectual tendency, one that goes beyond merely But even if Team Warren was right about the facts on the wealth tax , he argues it would be wrong to impose it. Citing comments by two Berkeley economists who helped

In some ways, this is good news. While her proposed tax hikes are huge, they would not quite be a full 63 percent increase in the federal revenue baseline. Perhaps taxpayers will only suffer a 40 percent or 50 percent increase in tax revenue. But that means her spending plans are not even close to fully funded. Despite claiming to be the first candidate with a detailed plan to pay for "Medicare for All," she is trillions of dollars short, even if one takes her numbers at face value. Federal deficits are already sky high. If enacted, her plans would push them into outer space.

Warren claims to be a wonk, with policy proposal after policy proposal for issue after issue, but the plans simply do not add up. While $26 trillion may sound like a pretend number, the reality is that her ideas would hit every American where it hurts the most, right in their pocketbooks.

Nicole Kaeding serves as the vice president of policy promotion and is an economist with the National Taxpayers Union Foundation in Washington.

Candidates spar over health care at key Iowa event .
The event came after Elizabeth Warren unveiled her much-anticipated proposal to pay for Medicare for All​.The event came after Senator Elizabeth Warren unveiled her much-anticipated proposal to pay for Medicare for All earlier on Friday. She claims she can fund the plan without raising taxes on middle-class Americans "by one penny.

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