Warren’s Wealth Tax
U.S. Senator Elizabeth Warren (D–MA) claims that her “wealth tax” will “make the American dream a reality” by funding “universal affordable childcare,” “free community college,” “universal paid family leave,” “millions of new homes,” and more.
IN FACT, the American dream is achieving “prosperity and success through hard work and determination,” while Warren’s plan accords with the Soviet dream of government confiscation and handouts. This created a society where the average living standard was “roughly one third that of the United States.” Here are the specifics:
- Per the academic source EBSCO, “The American Dream is an ethos in the United States characterized by the belief that everyone, regardless of their background, can achieve prosperity and success through hard work and determination.”
- As Warren proposes, the Soviet Constitution required government to provide “nurseries,” “free” “higher education,” “annual vacations with full pay,” “pre-maternity and maternity leave with full pay,” “maintenance” in “the case of sickness,” “dwelling houses,” and other government handouts.
- Per the academic serial work Quality of Life in the Soviet Union, the “living standard” there “was roughly one third that of the United States.”
- Warren’s bill would impose a “2% annual tax on the net worth of households and trusts valued at over $50 million” and “an additional 1%” on the “net worth of households and trusts above $1 billion.”
- Government confiscation of private wealth drains it from investments that increase productivity, which is the primary driver of living standards and one of the main reasons why middle- and low-income Americans are richer than their counterparts in every other nation of the world.
- If government confiscated 100% of the $6.8 trillion in wealth owned by all U.S. billionaires, it would pay off 18% of the national debt.
