Chief Warren’s Wealth Tax Meets Resistance — from Some Dems

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We were wondering when Democrats would pipe up about Elizabeth Warren’s awful plan to tax the wealthy for making a certain amount of money. It’s a good way to chase the wealthy out of the country.

She thinks they will fork over $2.75 trillion over ten years. Obviously, they won’t fork it over. If they don’t leave, they’ll hide their money. It also doesn’t pay for all those freebies she plans to give out.

Warren’s proposal, which she’s using as a funding mechanism for many of her freebies, would impose a 2-percent tax on those worth more than $50 million. That percentage bumps up to 3 percent for those with more than $1 billion in assets.

That’s stealing and punishing success.

And now Democrats are indicating that they do not support the proposal either, making it highly unlikely a potential President Warren would be able to pass such a tax.

Rep. Richard Neal (D-Mass.), the chairman of the House Ways and Means Committee, which oversees tax policy, questioned how much revenue the wealth tax would actually raise.

“I think that one of the problems with it, when you examine it, is how much income does it generate?” said Neal, who in an interview with The Hill repeatedly pivoted to higher income and corporate taxes in response to questions about the wealth tax.

Sen. Ron Wyden (Ore.), the top Democrat on the Finance Committee, demurred three times when asked if he supported the proposal.

He decried a system that allowed “the well-connected and the high flyers” to squirrel away funds in tax havens like the Cayman Islands and pay lower rates for capital gains. But when pressed for his views on a wealth tax, he would only point to his own tax proposals.

“I’m going to leave it at what I just said, which is that the current tax system is stacked against the working-class person [and] does not treat them fairly,” he said.

Democrats are now the party of the super-wealthy. There is no way they will approve the tax in my humble opinion.

One Democrat [communist] who said she does support a wealth tax: Rep. Alexandria Ocasio-Cortez. “I think a wealth tax is appropriate,” she said, according to The Hill. Yes, but she’s a nitwit.

Those types of taxes ruined countries like Venezuela. Theft is unAmerican. Warren’s a socialist but seems to think she’s a capitalist.


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