Warren’s push for a wealth tax: ‘This is about values’

4 The Record

'Let's not make the mistakes Europeans made'

Senator Elizabeth Warren has presented a detailed platform on a lot of issues. Regardless of what topic comes up, she likes to say, “I have a plan for that.”

One of her signature proposals is the wealth tax to address income inequality.

That’s where we pick up the conversation from this week’s 4 The Record.

Wealth tax

It’s a tax on the superwealthy, not simply income but things like property and stocks… net worth.

It’s 2 percent for everything above a million and 6 percent for billionaires.

It was 3 percent, but you doubled it to pay for your health plan.

Warren addressed critics who say it’s unfair because it’s not just double taxation, but repetitive taxation year after year and who evaluates the net worth — accountants or the IRS.

Failed in Europe?

At the last debate, Andrew Yang correctly pointed out that a wealth tax in Europe failed.

Twelve European countries had a wealth tax in 1990. Now there are three. The wealthy fled those countries.

Your plan would impose a 40 percent tax on those who have more than $50 million and give up citizenship to try to prevent that.

Warren discussed how she would prevent a similar exodus before it becomes law and why she thinks she’d even have the legislative support to pass it.

Question of the week

What do you think about Senator Elizabeth Warren's wealth tax proposal? It's our 4 the Record Question of the Week. For…

Posted by Local 4 News WHBF TV on Sunday, November 10, 2019

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