Analysis: Senator Elizabeth Warren Appears to be Distorting Reality in Order to ‘Sell’ Her Wealth Tax Proposal

Senator Elizabeth Warren (D-MA) recently revived her campaign proposal for a wealth tax on taxpayers with a net worth exceeding $50 million. Unfortunately, the plan retains the same defects as her previous proposals to tax wealth, along with the same distortions she used to defend it last time.

Warren’s proposal, introduced along with companion legislation in the House sponsored by Rep. Jayapal (D-WA) and Rep. Boyle (D-PA), would tax wealth above $50 million at a rate of 2 percent, and wealth above $1 billion at a rate of 3 percent.

Senator Warren has routinely presented her wealth tax proposal as a minor, moderate tax on the ultra-wealthy. Just as she did on the presidential campaign trail, Warren is describing her plan as a “two cent” tax. This dishonest framing allows Warren to pretend that the tax is small.

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Commentary: A Wealth Tax Is Practically and Morally Bankrupt

Joe Biden hopes that his proposals to raise taxes significantly will propel him to victory on Election Day. Biden plans to increase the corporate tax rate by 33 percent, raise individual tax rates, and eliminate the cap on income subject to payroll tax. According to an analysis by the Tax Foundation, Biden’s tax plan will reduce national GDP and ordinary earners’ incomes. 

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