Sen. Elizabeth Warren is thought of as a big spender ($49 trillion in new programs), but compared to Bernie ($97.5 trillion) she’s downright frugal.
“So far, neither of these two candidates has proposed a way to pay for these new programs entirely. Sanders has a list of roughly $23 trillion in new taxes that could be used – generating far less than his $97 trillion in spending – but at least he admits that new taxes on the middle class would be required. Warren, so far, has insisted that she would need to tax only the uber rich.
That’s simply impossible. As Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, told the Los Angeles Times back in May, “These big, ambitious proposals are so expensive, it is not possible to pay for them by just taxing the rich,” … “They are going to require taxing middle income people…. But talking about that just doesn’t fly politically.” And yet, Warren continues to claim the super-rich will pick up the tab, and them alone.
For instance, when pressed about the fact that her wealth tax proposal pays for only $2.75 trillion of the $49 trillion in new spending, she raised the proposed wealth rate on asset billionaires from 3 percent to 6 percent, which supposedly will up the revenue to $3.75 trillion over ten years. Such speedy doubling of the wealth tax rate should worry those of us who believe that once it’s in place, it will soon be extended to more people with lesser wealth.