Posted on 11/14/2019 7:40:02 AM PST by karpov
WASHINGTON — Senator Elizabeth Warren’s proposed wealth tax would slow the United States economy, reducing growth by nearly 0.2 percentage points a year over the course of a decade, an outside analysis of the plan estimates.
The preliminary projection from the Penn Wharton Budget Model, which will be unveiled on Thursday in Philadelphia, is the first attempt by an independent budget group to forecast the economic effects of the tax that has become a centerpiece of Ms. Warren’s campaign for the Democratic presidential nomination.
The assessment found that if the tax raised as much new federal revenue as Ms. Warren intends, and if the proceeds went toward reducing the federal debt, annual economic growth would slow from an average of 1.5 percent to an average of just over 1.3 percent over a decade.
...
The Penn Wharton Budget Model estimated that wealthy Americans would consume more and save and invest less in order to avoid accumulating wealth that would be subject to the tax. The resulting drop in investment reduces economic growth.
“The wealth tax shrinks the economy because saving is more expensive,” said Richard Prisinzano, Penn Wharton’s director of policy analysis. “The results also suggest that the negative effect of the tax increases as the tax rate increases.”
(Excerpt) Read more at nytimes.com ...
I wish that Americans would understand what happened to them, once they get what they want. But they won’t. They will believe the propaganda that it’s the few remaining conservatives that are screwing up the communist paradise.
Try living with the current tax revenue. No increases.
Democrats want to wreck the economy in order to save it.
What does she know , she only has 1 outfit
Laffer is laughing
There’s goes my tax return.
Lizzie Warren took a tax,
and gave your savings 40 whacks,
When she saw what she had done,
she took some more ‘cause it was fun.
If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs?
https://www.npr.org/sections/money/2019/02/26/698057356/if-a-wealth-tax-is-such-a-good-idea-why-did-europe-kill-theirs
Princess screeching owl is gonna PO a bunch of what she calls ‘buh-zillionaires’ with her tax scam.
Does Warren talk about anything else besides Taxes Taxes Taxes ?
Slow? Crashing halt!
With Warren, it’s not just the wealth tax; it’s the medical takeover; it’s the Green programs, a re-empowered EPA going wild, etc. It would be hard to separate the impacts of these separately, but together they are going to massively depress the economy and markets.
And the 0.2% guess of impact on the wealth tax alone is IMHO on the low side, as well.
Wall $treet $$$ will cru$h thi$ lying bitch
“Send her back to Harvard”
Warren’s preposterous economic (and medical) plans....
A computer would probably conclude that the following plan would reduce heating bills and warm your house:
Warren can set fire to your house and burn it down.
During the first five minutes the house is warmer without the furnace even being turned on. The cost in losing your entire house? Let’s not get into that.
Her tax and health plans would destroy our economy, not just tamp it down a percentage. Dem Socialists must be stopped now.
She knows, and doesn’t care. Destroying the country would be OK with her, as long as it’s “fair” (everyone is equally miserable, except the ruling elite, of which she is a member).
She needs to settle here Tuition account, with interest, - and answer for the fraud she imposes on the Public.
Until that happens...….?? Shut your lying mouth!
Ha ha ha ha ha...ROFLOL.
She wants to spend TRILLIONS on leftist programs that will destroy the United States. To my knowledge, she has never once mentioned reducing the debt.
NOBODY in the federal government ever wants to reduce the debt. The debt will never be reduced.
Her screech is sounding more and more like Hellary’s.
Fake news. The math is rather simple. If you tax 6% of wealth every year you will have 0 billionaires before a two terms of this nonsense is up. Once that happens the revenue from the tax will go to 0 unless you lower the threshold from a billion. Wrote a nice program to prove this. And that’s being generous with the income those billionaires would generate.
Somewhere in that pile of schiff being proposed by the squaw is money for her, so as long as that materializes, she couldn’t care less about anyone else.
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