Warren’s Wealth Tax Would Raise $1.5 Trillion Less Revenue, Reduce GDP And Wages

[Weatherman2020]

University of PA:

Warren’s Wealth Tax Would Raise $1.5 Trillion Less Revenue, Reduce GDP And Wages

But in America hating Leftism, that’s a not a bad thing, that’s the goal.

 

[rightwinger]

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Warren’s Wealth Tax Proposal Too Optimistic?:

An “ultra-millionaire tax” — or wealth tax — proposed by Democratic presidential candidate Elizabeth Warren is likely to raise between $2.3 trillion and $2.7 trillion in additional revenue in ten years from 2021 to 2030, according to a study by the Penn Wharton Budget Model, a nonpartisan research initiative that analyzes the fiscal impact of public policy programs. These revenue projections are significantly lower than Warren’s estimate that the plan can potentially generate $3.75 trillion. Moreover, the wealth tax may depress GDP in 2050 by 1% to 2%, depending on how the money is spent and the productivity boost it generates, the study adds.

 

[kyzr]

Even if Grey Beaver's new wealth tax gains about $250b a year, the Budget Deficit now is about $1T a year, not counting all the democrat's free shit and open borders if they win in 2020. That won't fix the Budget Deficit and the $23T Debt. Here are real proposals to fix the Debt and Deficit:

Here are recommendations to cut spending and raise revenue to start paying down the $23T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit, eliminate duplication, waste, fraud, and abuse.

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)
US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing

C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:
1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.
2. Google the "fixes" for Medicare and SS, pick any that look workable and fair

 

[william the wie]

This is a good time to point out that the D candidates realy suck when it comes to electability.

 

[Oddball]

Forget that it will never ever happen.

Would require a constitutional amendment that wouldn't even make it out of congress, let alone get to the states for ratification.

 

[Norman]

I was just about to say not even Venezuela is stupid enough to fall for this level of socialist idiocy... but then

Venezuela Imposes New Wealth Tax

It turns out they have followed Warren's lead.

 

[william the wie]

Ds are always up for another Adventure in Asininity

 

[Weatherman2020]

Your link



Warren’s Wealth Tax Proposal Too Optimistic?:

An “ultra-millionaire tax” — or wealth tax — proposed by Democratic presidential candidate Elizabeth Warren is likely to raise between $2.3 trillion and $2.7 trillion in additional revenue in ten years from 2021 to 2030, according to a study by the Penn Wharton Budget Model, a nonpartisan research initiative that analyzes the fiscal impact of public policy programs. These revenue projections are significantly lower than Warren’s estimate that the plan can potentially generate $3.75 trillion. Moreover, the wealth tax may depress GDP in 2050 by 1% to 2%, depending on how the money is spent and the productivity boost it generates, the study adds.

And?

NASDAQ just hit 9000 because Trump is POTUS