Fake Indian woman Elizabeth Warren thinks Americans will find it hard to resist a new tax on the rich. She is proposing a new 7 percent tax on corporate profits that exceed $100 million, her presidential campaign said on Thursday, according to Reuters.
Uh, there is a problem here. The companies will react by passing the increase down to customers.
She wants to tax profits more.
Warren’s proposal would apply the new tax not to the totals companies already report to the IRS, but instead to the profits reported to shareholders.
For every dollar over that threshold, the companies would be subject to a 7 percent tax, Warren outlined in a post on the website Medium.
Her campaign estimates about 1,200 companies would be subject to the new tax. It would bring the government an additional $1.05 trillion in new tax revenues over 10 years, according to estimates from economists Emmanuel Saez and Gabriel Zucman at the University of California-Berkeley.
The tax will end up hitting the middle class who buy the products and they will spend less in the end.
The woman hates capitalism while pretending she’s a capitalist. Some of her policies are worse than Bernie’s.