Current Events > Elizabeth Warrens wealth tax would raise $1 TRILLION less then her estimates

(+) Yeah! (+)

https://www.cnbc.com/2019/12/12/study-warren-wealth-tax-would-raise-much-less-than-she-estimates.html?&qsearchterm=warren

How is she going to pay for all the free stuff?

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Why do we keep forgetting that a wealth tax creates vastly more capital flight than it does revenue?
https://www.telegraph.co.uk/finance/9798891/French-capital-flight-spikes-as-Hollande-hits-business.html

IIRC she started falling in the polls after proposing her wealth tax. I don't think anyone seriously defended it... even liberal think tanks were like "yeah that's not gonna work."
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But Trump I know, not a defense of Warren

but its funny how the people outraged at this supported Trumps wall
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She wasn't hurt in the polls because of her wealth tax proposal, otherwise Bernie, with his even higher wealth tax, would be dropping as well.

Warren is dropping because her supporters were largely "never Bernie" types who were desperate. Now they're all fawning over Pete Butt. Her fall being as quick as her rise shows this. Like another Kamala Harris.
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Spooking posted...

She wants to hurt the US economy with her trash idea. Thankfully, she is tanking in the polls and we don't have to worry about any of her terrible ideas becoming a reality any time soon. :)

True, even liberals think her plans are crazy

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1337toothbrush posted...

She wasn't hurt in the polls because of her wealth tax proposal, otherwise Bernie, with his even higher wealth tax, would be dropping as well.

Warren is dropping because her supporters were largely "never Bernie" types who were desperate. Now they're all fawning over Pete Butt. Her fall being as quick as her rise shows this. Like another Kamala Harris.

This is true. My brother and father were both Warren supporters until they saw some of her more specific plans. I think they just didn't realize how extreme her policies were and they just thought "Oh, a Harvard professor, she must be smart and credible." They now say they like Bloomberg... lol. Going from Warren to Bloomberg, imagine that.
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Pretty clear we arent ever paying the deficit trump has raised it by a huge margin fiscal conservatives in name only

As long as it hurts the rich, it's a step in the right direction

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Just increase the deficit. If Trump, Bush, and Bush can do it then why not her?

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EndOfDiscOne posted...

As long as it hurts the rich, it's a step in the right direction

Passing laws because it hurts people you dont like is never morally correct.

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Can we please get a goddamned Balanced Budget Amendment.

Questionmarktarius posted...

Can we please get a goddamned Balanced Budget Amendment.

The problem is that deficit spending is an important tool for the government under certain situations, so you wouldn't want to outlaw it entirely. However, having deficit spending every year, even when the economy is booming, should not be allowed.

Just gonna highlight this section of the article

Critiques of the Wharton analysis could include its failure to consider the senators anti-evasion measures, designed to prevent households from reallocating cash to minimize or circumvent the tax.

This is an analysis of a different and worse plan than Elizabeths, using unsupportable assumptions about how the economy works, and its conclusions are meaningless, Sharma said. Other experts and economists have found that her middle-class investments will produce significant economic growth.

The Wharton authors acknowledge this in their study, noting that in the absence of specific legislative language, their evasion estimates are an educated guess based on the international record with wealth taxes.

They also concede that the Warren campaign stresses that significant enforcement efforts will be enacted as part of the policy, including an acceleration in IRS audit rates.

The study admits it doesnt account for the types of investments that could be made using the wealth taxs revenues when determining the growth effects of her plan.

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EndOfDiscOne posted...

As long as it hurts the rich, it's a step in the right direction

Dont cut yourself on that edge.

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HellRatUFO posted...

Rich people see their wealth being leeched

Those poor rich who are already leeching off the poor.

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Questionmarktarius posted...

Can we please get a goddamned Balanced Budget Amendment.

Sounds good to me

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Antifar posted...

Just gonna highlight this section of the article

aaand predictable crickets here on Reactionary Events