If I make $10 billion dollars during 1 year will Elizabeth Warren’s 3% wealth tax be applied once to my $10 billion or will it also be applied every year after that until my fortune is less than $1 billion?

It’s a property tax. You HAVE fifty million dollars, and the Warren plan defines your “fair share”of that. Someone please help us define what “fair” is. This goes on year after year. If your income, less income tax, less your annual outgo, stack up higher than that “fair share” property tax, fine. You’ll be even richer, and pay a nicer fair share of your gross wealth next year.

But the needs of the many soon outweigh the assets of the few at the top. The math assumes that “the rich” will always be rich, but the plan requires far too much for that to remain true.

Beyond that huge built-in prevarication (about there always being plenty of rich folk) ask yourself, if we spend twice tomorrow on health care that we spend today, where is all that “product” right now, i.e. MRIs and MDs and pharmaceuticals and highly trained professionals? My nickel says that all of the above are already fairly busy. Where, then, is the rest? Spending 30 trillion dollars presumes there are places for that money to go, and those places don’t even exist.

Does Senator Warren have a plan for that, too? Bear in mind that folks in the rest of the First World only spend about $10 for every US $14 outlay for healthcare today. Yet we’re going to spend north of $25 to get everybody enrolled in full scale health care, kinda imitating the rest of the first world, yet outspend them by 2.5 to 1 instead of 1.4?

Utopian thinkers have lovely answers, and their plans make fun reading. Science fiction, actually.

One thought on “If I make $10 billion dollars during 1 year will Elizabeth Warren’s 3% wealth tax be applied once to my $10 billion or will it also be applied every year after that until my fortune is less than $1 billion?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s