Politics

Warren Says Wealth Tax Would Take 2 Cents From Billionaires, but Proposal Says Differently

Sen. Elizabeth Warren (D-Mass.), a leading Democratic presidential contender, claimed that billionaires would barely pay any money under her proposed wealth tax while on the campaign trail on Nov. 11.

“Maybe youve heard, there are some billionaires who dont like this. Yes, theyve been interviewed on TV, Ive noticed lately. So sad. So sad that they might have to pay two cents out of their bazillion dollars,” Warren told the crowd.

“So heres the thing. And they say, you know, I worked hard. Yeah, unlike anyone else.”

Warren, 70, proposed an “Ultra-Millionaire Tax” earlier this year that would place “an annual 2 percent tax on every dollar of net worth above $50 million and a 3 percent tax on every dollar of net worth above $1 billion.”

If rich people try to leave the United States if the tax is passed, it would include a 40 percent “exit tax” on the net worth above $50 million for any American citizen who renounces their citizenship.

Warren upped the proposed tax on billionaires in her recently released Medicare for All plan. “Today, Im going one step further. By asking billionaires to pitch in six cents on each dollar of net worth above $1 billion, we can raise an additional $1 trillion in revenue and further close the gap between what middle-class families pay as a percentage of their wealth and what the top one-tenth of one percent pay,” she wrote.

Warren also proposed multiple new taxes, including additional taxes on capital gains.

This is so bizarre. Sen. Warren keeps calling her proposed 6% wealth tax a *2%* tax for billionaires. Why repeatedly lie so brazenly about your own proposal, which is publicly available for anyone to read? https://t.co/kDnEAkfQ2V

— Brian Riedl (@Brian_Riedl) November 11, 2019

Warren is lying about her own policy proposal, which is for a 6% tax on the wealth of billionaires and, I presume, bazillionaires.

And her phrasing is odd. They wouldnt pay 2 cents or 6 cents out of their bazillion. They would pay that much for each of their bazillion $. https://t.co/PcOyBrHP4q

— Howard Wall