Elizabeth Warren Proposes “Wealth Tax” On Richest Americans

Democratic senator and 2020 Presidential candidate Elizabeth Warren has been meeting with economists for quite some time, and they’ve come up with an interesting plan to curb inequality and also raise some much-needed revenue for the country – a “Wealth Tax.” The tax would only impact about 75,000 families in the US, or less than 0.1% of the population, but it would raise trillions of dollars in the next 10 years. Ring of Fire’s Farron Cousins explains why this is a very good idea.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Democratic Senator and current 2020 Democratic presidential candidate Elizabeth Warren has unveiled one of her first policies that she is going to run on in the 2020 primary and election cycle. And that policy, which by the way was crafted with the help of two economists who she has been meeting with regularly to help craft or economic platform. The policy is a tax on wealth, essentially what they're calling a wealth tax, which would affect people in the United States with assets totaling more than $50,000,000. Uh, this wealth tax that she is proposing is a two percent tax on that 50 million plus net worth two percent, not that much. And then if you have more than $1,000,000,000 in assets, the wealth tax goes up to three percent. Again, very small, right? Not to mention the fact that this would only affect about 75,000 households in our country have roughly 330 million people. Less than point one percent of the total population would ever have to worry about paying this wealth tax being proposed by Elizabeth Warren and

something we don't usually see. It's not just that she proposed like let's do a wealth tax. So one percent on $50 million, a two percent. No, no, no, no, no, no. She actually laid out how she would do this and that to me shows how serious she is about her run for president now, whether you love her, don't like her, you hate or whatever it is. You have to admire the fact that she did go the extra step and lay out how we do this because we have seen all too often for both sides really running in elections like I'm going to do a thing and people say, oh, I liked the thing. That's a good thing, or that's a bad thing. We rarely see the politician layout. I'm going to do the thing by doing this, but that is exactly what Elizabeth Warren did here and she says that she is going to increase the funding for the irs in order to allow them to better assess wealth and assets and all of that so that they can implement the tax.

She's going to increase the audits of individuals making a more than 50 million or holding more than $50 million in assets, basically create a mandatory audit quota, and as we know right now, a recent massive report from Propublica says that the poor in this country are far more likely to be audited than the wealthy elite. They get audited at a larger percentage of population than the wealthy do. Elizabeth Warren's trying to flip that and for good reason, you know the average person out there making $20,000 a year. Those aren't the people who are lying on their taxes. Those aren't the people who are trying to fudge things to make them, oh, less. There was the people that get refunds for God's sake. She wants to go after the people who are hiding money overseas and in fact she even includes a mechanism that would prevent people from being able to hide money overseas and retain their US citizenship.