Elizabeth Warren's wealth tax math doesn't add up, nonpartisan analysis says

Discussion in 'Elections & Campaigns' started by Bluesguy, Dec 13, 2019.

  1. Bluesguy

    Bluesguy Well-Known Member Donor

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    And another non-partisan study showing the fallacy of Warren's "wealth tax" which she claims will pay for her HUGE spending increase on our already bloated government budget. Everything she proposes it seems is based on her huge taxes on the very few. She'll give you everything you need for free and make the other guy pay for it "to make it fair". But as others studies show it doesn't even come close so either she wouldn't be able to hand out all her free stuff or guess who will be paying for it?

    "A nonpartisan academic study concludes that Democratic presidential candidate Sen. Elizabeth Warren’s proposed "wealth tax" on the richest Americans would bring in at least $1 trillion less than the populist lawmaker from Massachusetts estimates.

    Warren’s signature "wealth tax" – which she says would help pay for progressive plans including universal child care, free tuition at public universities and colleges and her government-run "Medicare-for-all" health care system – would place a 2 percent tax on those worth $50 million or more and 6 percent on those worth more than $1 billion.

    KEY DEMOCRAT INDICATES WARREN'S WEALTH TAX WOULD FACE HIGH HURDLES IN CONGRESS

    A University of Pennsylvania Penn Wharton Budget Model – which offers nonpartisan analysis of public policy proposals – estimates, though, that Warren’s tax would raise between $2.3 trillion to $2.7 trillion over a decade. That’s as much as $1.4 trillion less than the Warren campaign’s estimates. The analysis was released on Thursday.

    It also concludes that the new taxes would cause the economy to contract between 0.9 percent and 2.1 percent by 2050 -- depending on how the new revenue is spent. The model says the new tax would reduce "private capital formation" enough to drive the U.S. economy's average wage down between 0.9 percent and 2.3 percent, even affecting households not rich enough to qualify for the tax."
    https://www.foxnews.com/politics/nonpartisan-analysis-says-warrens-wealth-tax-math-doesnt-add-up.amp

    Not only will it not pay for her spending it will contract the economy affecting other tax revenues and means lower wages for the middle and lower classes.

    So Dems and leftist and in particular Warren supporters why do you support her plan?
     
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  2. cd8ed

    cd8ed Well-Known Member Past Donor

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    We need to tax fractional and automated stock trades as well as money diverted to offshore accounts.
    A speculative tax on property not utilized should also be considered.
     
  3. Socratica

    Socratica Well-Known Member

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    Why?
     
  4. cd8ed

    cd8ed Well-Known Member Past Donor

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  5. Robert E Allen

    Robert E Allen Banned

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    Our government needs to do less and spend less. Our people need to relearn self sufficiency and personal responsibility.
    No new taxes, ever. No new programs ever
     
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  6. Thehumankind

    Thehumankind Well-Known Member

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    We will end up borrowing billions again to support the budget, I think she has a very good and important point for that's the present reality and even how sublime the GOP's wishes are they could not still change the status quo lawfully implemented by the previous administration that fast. Taxing the rich is the most convenient solution as per my opinion.
     
  7. Socratica

    Socratica Well-Known Member

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  8. Bluesguy

    Bluesguy Well-Known Member Donor

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    They already pay capgains taxes on the trade and now a tax just for selling it? Why should people who use fractional or automatic trading pay a special tax?
     
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  9. StarFox

    StarFox Banned

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    the rich are so stupid that they probably won't use some of the 50,000 pages in the tax laws to avoid paying taxes, those idiots, or they are soooo stupid that they won't immediately park money over seas like they did for decades. Stupid rich, lets go get em'
     
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  10. Observing

    Observing Well-Known Member

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    Because it is just for speculative purposes and not for economic investment in that company. I can see why capital gains are taxed lower when the income that is generated is a result in investment in our economy rather than just speculation on whether a stock will rise or fall. Same as selling a piece of art at a profit, to me there is no reason why that should not be taxed as regular income. If our economy does not benefit, the tax break should not be there.
     
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  11. Observing

    Observing Well-Known Member

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    You understand that Trump financed his tax cut by doubling the budget defict.
     
  12. Bluesguy

    Bluesguy Well-Known Member Donor

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    So what even just for speculative reasons and how do you define "speculative reason". All my investments are "speculative". There are long term and short term capital gains rates already.

    An art dealer pays a tax on the profit of selling art, YOU are supposed to pay a capital gains tax on it.
    But this is about a transaction tax on top of the capital gains tax.
     
  13. Bluesguy

    Bluesguy Well-Known Member Donor

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    Ahh no we have seen the revenue increases. You realize the deficit has doubled because of spending.
     
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  14. squidward

    squidward Well-Known Member

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    You need to pay the highest tax rate
     
  15. squidward

    squidward Well-Known Member

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    Let's cut the budget
     
  16. Collateral Damage

    Collateral Damage Well-Known Member

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    Good on the first part, not good on the second part.

    Part of society is adjusting to the support of the weakest member of that society. Speaking in absolutes precludes the adjustment of society to meet those needs. While I would support the idea of 'no new taxes without out counterbalancing with cutting of other taxes', the absolute of 'no new taxes. ever' means that you aren't looking at what the future may bring.
     
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  17. Observing

    Observing Well-Known Member

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    Yeah, Trump has done nothing to curb spending. That is the problem. Space Army now- WTF. We need to cap spending as a percent of GDP, and increase tax revenue by 2% a year for 5 years.
     
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  18. Observing

    Observing Well-Known Member

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    hell what did they do last year they gave the pentagon 15% more than they asked for. Lets raise $2 in revenue for every dollar cut. Right now the defict is 2.4% of GDP, lets cut that by 1/2.

    I trill deficit. Cut 100 bill and raise 200 bill more. And then limit the budget increase to 75% of the previous years growth in GDP.
     
    Last edited: Dec 26, 2019
  19. Robert E Allen

    Robert E Allen Banned

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    Society can take care of people better than the government can and without yielding power over them.
     
  20. Collateral Damage

    Collateral Damage Well-Known Member

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    While in general I could agree, but you can only ask people to give voluntarily, and a great many will not. So the reach has to go further, or become a government it's self.
     
  21. Bluesguy

    Bluesguy Well-Known Member Donor

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    Actually he and his cabinet have been trying to put forth a plan across all cabinets but then Presidents do not control the budgets Congress does.
    But tell me which Democrat running for office is pledging to cut spending? Which members of Congress are voting for pledging they will?
     
  22. therooster

    therooster Banned

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    One little , two little, three little indians . How could that be ?
     
  23. rahl

    rahl Banned

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    and had we not cut tax rates, we would have collected more revenue. basic math.
     
  24. rahl

    rahl Banned

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    why didn't republicans cut spending the 2 years they controlled the house and senate? Why didn't trump veto any of the budget bills sent to him, by those same republicans?
     
  25. Robert E Allen

    Robert E Allen Banned

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    Whatever the people won't pay for willingly they should go without.
     

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