Sen. Elizabeth Warren Elizabeth Ann WarrenLikely 2020 Democratic rivals will face the attention of Wall Street bells Bloomberg called Trump Senator of the "Chief Executive Officer". is making a big move on taxes as it seeks to stand out in the overcrowded democratic presidential area where many candidates will compete for victory over progressive voters.
The Massachusetts Senator, who recently announced a study commission for president, calls for a special annual tax for those whose net worth exceeds $ 50 million. The proposal quickly drew the attention of progressive boys who boasted Warren as a way to tackle inequality in wealth.
Warren said in an interview with MSNBC on Thursday that the tax could raise revenue to help "build the opportunity for the rest of America.
The University of California, Berkeley, economics professors Emanuel Saez and Gabriel Tucman told Warren that the tax would raise about $ 2.75 trillion in 1
quality childcare for all of our children, "Warren said. – It's kind of money where we could make a real debt loan debt relief. This is the money where we can really start a Green New Course. This is a kind of money where we could reduce healthcare costs.
Warren's proposal, which she calls a "supermillionaire tax", will apply a 2% tax a year on the net worth between $ 50 and $ 1 billion. and a 3% tax over $ 1 billion.
The tax may be postponed for up to five years with interest, and the proposal includes provisions aimed at preventing tax evasion, increasing funding for the implementation of the TEU and a starting point for high net worth. – there are people who give up their American citizenship.
"We will observe and count them," Warren says.
Warren relies on what is supposed to be a crowded place for candidates for democratic candidates. seek to secure voices from the influential progressive wing of the party. Already known for its focus on economic affairs, Warren's proposal to tax wealth can help strengthen its liberal accreditation. she calls a broken economy. He said the welfare tax plan coincides with other proposals she suggests on issues such as corporate responsibility and housing.
"The tax on wealth fits entirely in her diagnosis," he said. it is clever to put the proposal more than Iowa's Iowa predictions scheduled for February 3, 2020, and before other big name candidates enter the race. I am sure these ideas are not lost in the blizzard of the political speeches we will probably see when the field is warming up, "said Ben Wickler, Senior Advisor at MoveOn.
In addition to allowing Warren to stand out among Democratic candidates, the wealth tax may attract attention at a time when much of the focus will continue to be. President Trump Donald John Trump An international investor says that will return Trump's main rival: alcoho lism research How the government will open again MORE . "Big brave ideas that capture the imagination of people and allow them to see the different world that would have been possible with a progressive leader at the head of the country [are]," said Neil Craig, a spokesman for Democracy for America.
He said the key question now is whether Warren's ideas "ignite the average voters in the same way as with progressive political stakes," he said. He thinks they can.
The wealth tax proposal comes as a leftist debate on how best to tax the richest people in the country, and believes the ideas that Democrats may have thought were too risky, even suggesting in previous years. Earlier this month, representative Alexandria Occasio-Cortez Alexandria Occasio-Cortez supports policies to improve the environment, but is divided on the payment for him Occasio-Cortez on closure: "Senators from the PP should be afraid of its work in 2020. WaPo verifies the facts against Ocasio-Cortez's critique for the rating: "She Mistakes" MORE (DN.Y.) Gained considerable attention to a floating marginal tax rate of 70% on income over $ 10 million .
There is a desire among the progressive to raise more federal revenue from the rich in their efforts to cope with income inequalities and to offset spending on spending priorities. And the progressive people say the tax debate has shifted in their direction, claiming that politicians are now catching up with Americans who have long believed that the rich have to pay more taxes.
Frank Clemence, chief executive of the Americans for tax justice, said policy makers are now "able to talk about tax policy and not be surrounded by lies backed by conservatives about the possibility of tax reform."
Some experts on democratic taxes say the proposed Warren wealth tax is a clever way to pay attention to the fact that there are many high-value people who use legal loopholes to significantly reduce their tax burdens.
"We have a big problem with the way we tax the very, very wealthy in this country," said David Kamin, a former Obama administration employee who is now a law professor at New York University.
Steve Wahmhoff, director of tax policy at the Institute for Taxation and Economic Policy, said middle-income Americans are already taxed on their wealth because most of them are in their homes that come with taxes on property. For the rich, however, housing has a smaller percentage of its financial assets.
Warren's proposal will ensure that the wealth of a high net worth taxpayer will be treated as middle-class wealth, Wamhoff said. 19659004] But other tax experts, especially but not just on the right, voiced concern about Warren's proposal. Alex Bryll, a resident of the right American Entrepreneurship Institute, said he did not think there should be a wealth tax, as "capital accumulation in the economy is an important factor in our ability to grow as a nation over time. "
He also said that there would be incentives for wealthy people to spend time thinking about how to avoid the tax and
Howard Gleckmann, a senior associate at the Urban-Brookings Tax Policy Center, led by a former employee of the Obama administration – help has questions about how the federal government will be able to administer a property tax. He noted that several European countries had wealth taxes, but partly overruled them because of administrative difficulties. Some tax experts say there are questions about whether the property tax is even constitutional. The Constitution says that Congress can impose direct taxes only if they are distributed on the basis of the population of states outside the income tax allowed under the 16th Amendment. A number of law professors in the letters to Warren said her offer would stay in court. one of the letters says professors of law.