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Home / US / Warren deals with the wealth tax proposal for 2020

Warren deals with the wealth tax proposal for 2020

Sen. Elizabeth Warren Elizabeth Ann WarrenLikely 2020 Dem-contenders for an in-depth review of Wall Street relations Bloomberg describes Trump as a "fake CEO" Sen. Warren misses the grade in the wage debate for living wages. is taking a big step towards taxes as it seeks to highlight itself in a crowded, primarily democratic presidential field where many candidates will fight for progressive voters.

The Massachusetts senator, who recently announced a Presidential Inquiry Committee, appeals for a special annual tax on individuals with net assets in excess of $ 50 million. The proposal quickly grabbed the attention of progressives praising Warren for fluctuating taxes as a means to tackle inequality in wealth.

Warren said on Thursday in an MSNBC interview that the tax could increase revenue to "give opportunities to the rest of America" ​​

The University of California, Berkeley, economics professors Emmanuel Saez and Gabriel Zucman said Warren that the tax would bring in about $ 2.75 trillion over 1

0 years.

"That's the kind of money we could use to pay childcare, high quality child care for all our children," Warren said. "It's the kind of money that could really save us from the debt of student loans. It's the kind of money that could make a real start with a Green New Deal. With this kind of money, we could lower the cost of health care.

Warren's proposal, which she calls the "ultra-millionaire's tax," would impose an annual 2 percent on net assets of between $ 50 million and $ 1 billion and a tax of 3 percent over $ 1 billion.

The tax could be deferred with interest for up to five years, and the proposal includes provisions to prevent tax evasion, increased funds for IRS enforcement, and a high net departure tax for people who renounce their US citizenship.

"We will be out there monitoring and counting," Warren said.

Warren rejects joining a presumably overcrowded field of Democratic presidential candidate in search of votes from the party's influential progressive wing. Warren was known for her focus on economic issues and could contribute to her liberal testimony.

Michael Linden, an associate of the Left Roosevelt Institute, said Warren has made suggestions in recent years to remedy the problem she calls a broken economy. He said that the wealth tax plan is in line with other proposals she has put forward on issues such as corporate responsibility and housing.

"A wealth tax fits in with their diagnosis," he said.

Those involved in democratic politics said Warren It is wise to hover the proposal more than before the Iowa Caucuses, which were scheduled for February 3, 2020, and even before other well-known candidates enter the race.

"By spreading visionary ideas early in the cycle, she does something I'm sure these ideas will not get lost in the blizzards of political speeches that we'll likely see as the field heats up," said Ben Wikler, a senior adviser to MoveOn.

In addition, Warren allowed himself to be highlighted between the two Democratic candidates who might attract attention at a time when the focus is still on President Trump Donald John TrumpBillionaire investor says he would return Trump's main challenger: Report, Trump Donate $ 0.000 from salary Alcoho Lism Research How to reopen the government MORE .

"Great bold ideas that inspire people's imagination and them allow to see the other world, which would be possible with a progressive leader at the head of the country [are] really important, "said Neil Sroka, a spokesperson for Democracy for America.

He said that the main question now is whether Warren's ideas "burn in the average voters in the same way as in progressive policy gains," he said. He believes they can.

The proposal for wealth tax comes when the left debates how best to tax the wealthiest people in the country, and that ideas that Democrats have thought possible have been too risky in recent years. Earlier this month, Rep. Alexandria Ocasio-Cortez Alexandria Ocasio-CortezMost advocates a policy to improve the environment but is divided as to whether he will be paid for it "WaPo Fact-Checker fires criticism of Ocasio Cortez on rating: "She's wrong" MORE (DN.Y.) Received considerable attention as there was a 70 percent marginal tax rate on revenues in excess of $ 10 million.

Among the progressives is the Demands for more federal revenue from the rich to tackle income inequality and offset the cost of spending priorities Progressive say the tax debate has shifted in their direction, arguing that politicians are now catching up with Americans who have long been of the opinion are that the rich would have to pay more taxes.

Frank Clemente, Managing Director of American Fair for Tax Fairness The Political Decision St Agers can now "engage in a mature discussion of taxation policies and not be hampered by conservative misrepresentations about tax reform."

Some Democratic tax experts say that the property tax proposed by Warren is a wise response to this fact many wealthy people who use legal loopholes to significantly reduce their tax burden.

"We have a big problem with the way we tax the very, very wealthy people in this country," said former president David Kamin Obama government official, who is now a law professor at New York University.

Steve Wamhoff, Director of Tax Policy at the Institute of Taxation and Economic Policy, said middle-income Americans are already taxed on their assets, since most of them are in their homes with property taxes. For the rich, however, there is usually a smaller proportion of their financial assets.

Warren's proposal would ensure that the assets of the wealthy taxpayer are treated in the same way as the wealth of the middle class, Wamhoff said. 19659004] Other tax experts, especially but not exclusively on the right, expressed concerns about Warren's proposal.

Alex Brill, fellow of the right-wing American Enterprise Institute, said he did not believe that wealth should be taxed because "capital accumulation in the economy is an important factor in our ability to grow as a nation over time . "

He also said there are incentives for wealthy people to spend their time figuring out how to avoid the tax. Including an anti-avoidance clause indicates there are ways to get around the tax.

Howard Gleckman – senior officer of the Urban-Brookings Tax Policy Center, which is headed by a former Obama government official. There are questions about how the federal government could manage a wealth tax. He noted that some European countries used to have a wealth tax, but in part canceled it because of administrative difficulties.

Some tax experts said there were questions as to whether property tax was constitutional at all. The Constitution states that Congress can only levy direct taxes if they are calculated on the basis of the population of countries outside the income tax allowable under the 16th Amendment Act.

But others are confident that a wealth tax would break the constitutional order. Several law professors said in letters to Warren that their proposal would stand up in court.

"Constitutional text and history show that" direct "tax can best be interpreted as a narrow category that does not include wealth tax." Law professors said in one of their letters.

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