Elizabeth Warren felt right at home in front of a largely left-leaning crowd demanding a full-on economic revolution in her rival Amy Klobuchar’s backyard.
Her core messages are appealing to the common American who earnestly wants to change the system for more egalitarian and beneficial purposes.
The Senator from Massachusetts contended that she isn’t ok with only a little “change over here and a couple of changes over there.” She wants to create “big structural change.”
Warren drew raucous applause from the Macalester crowd when she discussed her proposed wealth tax, which would impose a 2% tax on fortunes worth more than $50 million and a 3% tax on fortunes worth more than $1 billion. Warren said the $2.75 trillion in revenue would grant free college and forgive loans to students.
However, economists have criticized this plan as critically flawed.
Primarily, a wealth or asset tax would be conflicting with the U.S. Constitution. Even CNN with its Liberal sympathies could not evade the fact that the plan is outright unconstitutional.
Secondly, a wealth tax, in essence, diverts capital from investments to consumption and leads to economically destructive distortions.
And lastly, but most poignantly over 70% of the rich, left-leaning OECD nations that formerly had a wealth tax have abandoned it due to its inefficiency and inability to function.
Even if Sen. Warren makes it past the primaries, defeats Donald Trump, made her way deftly through the checks and balances of our government in four Congressional sessions, bribes the Supreme Court to overlook the legality of this new tax… Warren’s wealth tax would only realistically raise about 40% of her proposed $2.75 trillion.
Not enough for free tuition.
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