Elizabeth Warren’s Proposed Taxes Would Exceed 100% For Some

Elizabeth Warren is very fond of touting the “experts and economists” that have approved her insane taxation schemes, but she remains rather vague about who they are. I am forced to assume the “experts” are experts in things like microbiology and basketweaving, and the “economists” are a bunch of 17 year olds just starting their undergrad business programs.

Case in point: Her billionaire elimination plan proposes a tax scheme that would EXCEED 100% for some people.

The Wall Street Journal reports:

Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors. She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t sell their assets.

Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest. If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that, or $35 in federal tax. Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60. The result: taxes as high as $95 on income of $60 for a combined tax rate of 158%.

Listen, I don’t claim to be an economist, or even that good at math. But what I do know is that THIS IS F*CKING INSANE!

The Wall Street Journal noted that a tax rate of over 100% “would be typical, especially for billionaires,” and is what Warren is banking on to pay for her massive government programs which include “health care, child care, housing and education programs.”

Okay, and what happens when there are 0 billionaires left in the country to pay for these crappy big-government plans? What happens when they leave, or are taxed into poverty because Elizabeth Warren decided that THEIR money should be HER money, because. . . uh. . . #greennewdeal?

“Ms. Warren has talked most about her plan, announced in January, to impose a 2% annual tax on wealth above $50 million and 3% above $1 billion, which she doubled to 6% this month to pay for Medicare for All,” The Journal added. “Economists generally think taxes on profits, capital gains and dividends discourage investment and hurt economic growth.”

The fact that Warren, and anyone who supports her, feels entitled to the money of others JUST BECAUSE they don’t have as much cash themselves is disgusting to me. “Wealth inequality” is such a straw man argument and it makes me worry for America that so many people are either falling for it or willing to exploit those falling for it. It reeks of bitterness and entitlement and butthurtedness, which is a word I made up this very moment, but which I consider appropriate in this context.

And even taking the morals out of it, it’s just a straight up bad idea. Maybe if wealth and economics were a zero-sum game, there’d be something of merit here, but it’s not. Warren’s plan would decimate the US economy, and I’m not the only one who thinks so.

Warren’s economic plan was recently harshly criticized by former Obama administration adviser Steven Rattner, who said, “I would say it’d be disastrous for the American economy.”

“The fundamental different view she has of what capitalism is – she says she’s a capitalist, but she’s not a capitalist,” Rattner said, adding that Warren is essentially a socialist who “wants to fundamentally change the role of an American company, how an American company is governed, what it’s supposed to do, in ways that I think at least would be disastrous for the American economy.”

Rattner concluded, “I think you could make an argument that her plans and policies are far more extreme than Bernie Sanders’ in terms of its impact on the American economy and the fundamental way in which we do our business here.”

I think I speak for just about all of us when I say Elizabeth Warren is cordially invited to keep her grubby hands out of hard-working Americans’ pockets and fund her invasive, rights-demeaning plans herself.