Elizabeth Warren in The Washington Examiner

On Tax Reform: 2% wealth tax on assets over $50M; 3% over $1B

The wealth tax proposed by Sen. Elizabeth Warren: a 2% wealth tax that Warren would levy on the total assets of individuals worth more than $50 million and 3% on individuals with more than $1 billion. Per a Forbes analysis, this means that Jeff Bezos, whose $137 billion fortune makes him the richest man in the world, would owe the IRS an additional $4.1 billion each year. Source: Washington Examiner on 2020 Presidential Hopefuls Jan 29, 2019

On Tax Reform: Wealth tax: $4.1 billion per year on fortune of $137 billion

Asked about a wealth tax proposed by Sen. Elizabeth Warren, the very wealthy former New York City mayor said the idea was probably unconstitutional, definitely counterproductive, and something to be avoided at all costs. Anyone favoring radical redistribution, Bloomberg said, should look south for an example to avoid: "It's called Venezuela" [which currently has a socialist government].

The policy on the table: a 2% wealth tax that Warren would levy on the total assets of individuals worth more than $50 million and 3% on individuals with more than $1 billion. Per a Forbes analysis, this means that Jeff Bezos, whose $137 billion fortune makes him the richest man in the world, would owe the IRS an additional $4.1 billion each year.

Critics might complain that [Bloomberg's comparison] is heavy-handed, as the Warren wealth tax pales in comparison to the wealth redistribution of the Chavez-Maduro regime in Venezuela.

Source: Washington Examiner on 2020 Democratic primary contenders Jan 29, 2019

The above quotations are from The Washington Examiner. Click here for other excerpts from The Washington Examiner. Click here for other excerpts by Elizabeth Warren. Click here for a profile of Elizabeth Warren.
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