Elizabeth Warren Is Running Out of Fake Money to Pay for Her Terrible Ideas

Reason ^ | October 22, 2019 | Peter Suderman

[karpov]

Elizabeth Warren has finally finished spending all the fake money she intends to raise from her wealth tax, a policy that is unlikely to be enacted, and, were it somehow to become law, would almost certainly raise substantially less money than she claims.

The latest idea that Warren wants to finance with her wealth tax is an $800 billion plan to spend more on public schools, which includes grants for schools with low-income and disabled students, as well as $50 billion for school infrastructure. The plan follows a $1.25 trillion plan to make public college tuition free and cancel a substantial amount of student debt, as well as a $700 billion plan to fund child care.

(Warren previously wanted to pay for a $100 billion opioid plan, a $7 billion small business fund, and a $20 billion "election security" plan with the tax as well; she now says they will be paid for with additional taxation of inheritance. She's not even the Democratic nominee, much less president, and already she is exhausting her supply of imaginary tax revenue.)

All together, the three education and childcare focused plans would cost about $2.75 trillion over a decade—precisely the amount that she says her wealth tax would raise.

That alone should raise suspicions, but in Warren's telling, it all adds up perfectly. And in recent days, she has explicitly defended the tax on the grounds that the revenue math is solid. "Do the math. It clearly is enough. We have made very conservative estimates on the revenue. I have consulted with tax experts about it, with economists about it, and the money is there," she said at a campaign rally yesterday.

Or maybe it isn't. Since Warren first proposed her wealth tax, it has come under intense scrutiny for being unworkable

[allendale]

Warren, Biden and Sanders are the top three Democrats. Time to laugh.

[Dilbert San Diego]

She keeps saying , “two cents” taken from wealth taxes will pay for all this spending.

She tries to make it sound like a small tax.

Remember that two cents is a rate of 2% a year, every year.

So do some math as she suggests, and 2% per year over a 20 year period would be taking 40% of accumulated wealth.

And I find it hard to believe, that such a tax would be restricted to millionaires and billionaires. Eventually the basis for the tax will be lowered to pull in all of us middle class people.

And very few of the millionaires have millions in cash just sitting around to pay taxes. Many would have to sell portions of their assets to get the cash to pay the taxes. Among other things, this could really distort the stock market and depress values there.

[samtheman]

Warren, Biden and Sanders are the top three Democrats. Time to laugh.
—
And Biden remains in first place.

That is a laugh.

[WKUHilltopper]

Just do a “money dance”. That’ll handle it.

[shelterguy]

Stinky Beaver must think she can steal a lot of wampum from the white man.

[Religion and Politics]

And I find it hard to believe, that such a tax would be restricted to millionaires and billionaires. Eventually the basis for the tax will be lowered to pull in all of us middle class people.

In a different form, yes. Like asking for "2 cents per dollar" of everyone's 401k's or IRA's per year. You won't even have to file a return or pay the tax! Or perhaps "2 cents per dollar" of annual average bank and savings account balances. Again, they could probably take their 2 cents monthly, and who would notice? Then will come the Federal "luxury taxes" on certain cars and trucks and boats and houses when you buy them. All the local and state taxes will have to go up also to pay for all the new mandates that fall out from legislation and are underfunded from the Feds. And on and on and on.

It is almost enough to make folks lay their hammer down, which is what they want to happen.

[lgjhn23]

“....And I find it hard to believe, that such a tax would be restricted to millionaires and billionaires. Eventually the basis for the tax will be lowered to pull in all of us middle class people.....”

It will start and end up just like the federal income tax has. It started a real low percentage that only affected high income....look at what that tax atrocity has become today. IF this enacted, this monstrosity would soon become just like it.
No. She and this monstrosity need to be shot down. The “unwashed masses” have seen more than enough by example of the federal income tax.

[Buckeye McFrog]

We will never run out of fake money.

At least not in any of our lifetimes.

The entire world runs on dollars printed by our Federal Reserve. No one will call BS because nobody has an alternative. If the music stops nobody knows who may be left without a chair.

So the game of three-card monte will go on.

[ClearCase_guy]

She’s being stingy. She should promise to spend twice as much as this.

[DownInFlames]

Democrat-Socialist 2020 Platform

- White Supremacy Action Bureau - Sen. Booker
- Elimination of Social Security and Medicare - Medicare for All
- Institutional Theft - Confiscation of ARMs, 401ks, bank accounts and stocks
- World population control
- War on Drugs - we surrender
- Attack on judo-Christian Religion
- Attack on freedom of speech
- Attack on right to assemble in public square
- Ban cars
- Ban meat
- Ban fossil fuel
- Ban fossil fuel drilling on federal land
- Ban air travel
- Ban plastic straws
- Ban incandescent lights
- End fracking
- Ban nuke energy
- High capacity magazine ban
- Ban AR-15 and AK-47s
- Red Flag laws - Gun confiscation
- Global taxpayer funded abortion
- Medicare for all
- Single payer healthcare
- Voting rights for non citizens.
- Massive tax increasesPack the courts with radical liberal judges (Like the 9th circuit)
- Non citizens allowed to hold public office.
- Socialism
- Empty the prisons
- Open Borders
- Sanctuary Cities.
- Decriminalize illegal entry into our country.
- Disarming Americans.
- End of Electoral College
- 100% free college for all, including non citizens. (tax payer funded)
- Reparations for every race “harmed” by the white man.
- Susie & Bobby using the same restrooms.
- Late term abortions up to final stages of birth
- Infanticide
- Pay check for every person in the US even if they choose not to work.