Politics: Warren, Booker spar over wealth tax - - PressFrom - US

Politics Warren, Booker spar over wealth tax

05:36  21 november  2019
05:36  21 november  2019 Source:   thehill.com

Who’s Afraid of Elizabeth Warren?

  Who’s Afraid of Elizabeth Warren? President Trump has been good for America’s billionaires. He slashed corporate taxes, cut the top income tax rate and raised the total exemption for the estate tax, directly benefiting several hundred billionaires and their heirs. He’s placed wealthy supporters in key positions of government like the Commerce Department, rolled back Obama-era financial regulations and privileged the interests of favored industries — like resource extraction and fossil fuel production — above all else. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

Bill Gates and Elizabeth Warren Spar Over the Wealth Tax . Gates noted that he believes wealthy individuals should pay more taxes than they currently do. “I’d love somebody to find a middle ground approach [between the two parties] because … the government does need more resources than it has

Democratic presidential hopeful Elizabeth Warren has proposed a wealth tax on Americans worth more than million, a pitch aimed at satisfying the eagerness of progressive voters to confront income inequality. Elizabeth Warren ’s Tax Proposal Aims at Assets of Wealthiest Americans.

Sens. Elizabeth Warren (D-Mass.) and Cory Booker (D-N.J.) sparred early in Wednesday's Democratic presidential debate over Warren's signature wealth-tax proposal.

Cory Booker, Elizabeth Warren looking at the camera: Warren, Booker spar over wealth tax© The Hill Warren, Booker spar over wealth tax

Warren has proposed a 2 percent tax on net worth above $50 million and a 6 percent tax on net worth over $1 billion.

"Doing a wealth tax is not about punishing anyone," she said. "It's about saying, 'You built something great in this country? Good for you. But you did it using workers all of us helped pay to educate. You did it getting your goods on roads and bridges all of us helped pay for. You did it protected by police and firefighters all of us help pay the salaries for.'"

Shaking down the rich is bad for democracy

  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.

Cory Booker took Warren to task over her wealth tax proposal, which she uses to fund her other programs such as free public-college tuition, universal child care and forgiving student debt. Warren retorted that the wealthy need to pay their fair share. “I’m tired of freeloading billionaires,” Warren said.

The wealth tax has become a campaign rallying cry for Warren , as she calls for the wealthy to contribute "two cents" for every dollar. It helped to propel her to the top tier of Democratic candidates, according to both national and early nominating state surveys. Her standing in polling averages has

Warren said that regardless of their party affiliation, people have the understanding that the government is working better for the wealthy and worse for everyone else.

"We come together when we acknowledge that and say we're going to make real change," she said.

Booker said that he doesn't agree with the wealth tax as Warren put forward, but supports other measures to increase taxes on the rich, such as raising the estate tax and tax capital gains at the same rates as ordinary income - options that he called "real strategies that will increase revenue."

He also said that Democrats shouldn't just be talking about how to make the tax system more fair, but that "Democrats also have to talk about how to grow wealth as well."

Warren responded by talking about how she'd use the revenue that her wealth tax would raise for universal child care, universal pre-k and other education-related proposals.

"Two cent wealth tax, and we can invest in an entire generation," she said.

Booker said he agrees with the need for the education priorities Warren plans to use her wealth tax to fund. But he also said that a wealth tax is "cumbersome, it's been tried by other nations, it's hard to evaluate," and that the U.S. can raise the same amount of revenue through other means.

Warren replied by saying that she's "tired of free-loading billionaires."

Fact-Checking the November Democratic Debate .
Ten candidates vying for the 2020 Democratic presidential nomination took the debate stage Wednesday night in Los Angeles for the fifth round of debates. Here is how the candidates’ remarks stacked up against the truth. What they’re talking about Senator Elizabeth Warren claimed that her 2 percent wealth tax on households worth more than $50 million would pay for a sweeping expansion of the nation’s social safety net, providing free child care and college tuition.What Ms. Warren said:“We can put $800 billion new federal dollars into all of our public schools. We can make college tuition-free for every kid.

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