We’ve been warning about presidential candidate Sen. Elizabeth Warren’s threats to raise income taxes to 70% and to confiscate your savings in the form of a “wealth tax.” No sooner do we issue one warning then Warren comes up with another idea that will be financed by taking even more of your wealth and income.
As described in this article, Warren’s newest proposal is universal child care on top of the universal health care and free college that she has already proposed. Of course, this universal child care plan will need funding.
Costs are estimated at $700 billion over 10 years, but as with all such estimates actual costs will be much higher, due to bureaucratic waste and program expansion over time. No problem! Warren wants an “ultra-millionaire tax” (on top of her 70% income tax) to raise $2.75 trillion additional revenue to support free child care and more.
The chance of such programs being enacted in the short run is small. Even if a Democrat wins the White House in 2020, the Senate is likely to remain in Republican hands and they can block this kind of legislation.
Still, the fact that this is being discussed openly means that it’s on the public policy agenda and it may just be a matter of time before something like it is enacted into law. In the meantime, wealthy Americans will begin their exit plans to get out of the United States and move to Puerto Rico, Ireland or Monaco before such taxes come into effect. The tax may be delayed but the economic head winds start now.
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