Elizabeth Warren, the Senator from Massachusetts, may have sunk her campaign before it ever got off the ground.
While laying out what she’d like to do if she became President, the Senator made it known she plans on increasing taxes.
In a day and age where taxes are at some of the highest rates ever, this likely won’t win her much support even if her proposed tax hike is limited just to the rich.
Warren Plans To Tax the Rich Even More Than Usual
In her exploratory committee for a run at 20202, Warren has devised a plan to tax those who have a net worth of 50 million dollars or more at a higher rate than they’re already taxed.
Progressives see this is a beacon of hope as the tax plan would net an additional 2.75 Trillion dollars over the next ten years according to the numbers she’s presented.
Of course, opponents of high-tax plans like Warrens note that no amount of increased taxation is going to work to help fund government programs when the national debt continues to outpace tax revenue. Instead, they argue, the solution isn’t more taxes but decreased government spending.
Warren believes her tax plan will fund necessary programs.
“That’s the kind of money where we could pay for child care, high-quality child care, for all of our kids,” Warren said. “It’s the kind of money where we could do real relief on student-loan debt. It’s the kind of money where we could make a real start on a Green New Deal. It’s the kind of money where we could bring down the cost of health care.”
Warren’s proposal, which she’s calling an “ultra-millionaire tax,” would apply a 2 percent tax annually on net worth between $50 million and $1 billion, and a 3 percent tax above $1 billion.
The tax could be deferred for up to five years, with interest, and the proposal includes provisions aimed at preventing evasion, with increased funding for IRS enforcement and an exit tax for high net-worth people who renounce their U.S. citizenship.”
Will Warren Emerge As a Frontrunner?
Warren’s plans to run as a Democrat candidate may not materialize into a solid candidacy.
The Democrat field promises to resemble what the Republican field looked like back in 2020.
So far a plethora of Democrats who’ve declared are women, which makes the field even more unpredictable.
In the 2016 campaign, Hillary Clinton was the only woman in the field.
Thus far, Warren will be challenged by women like Hawaii Senator, Tulsi Gabbard, California representative Kamala Harris, Senator Kirsten Gillibrand from New York.
Some of these Democrats are far more moderate than Warren and others are just as progressive.
All of them fail to remember the reason Trump won in the first place is that he appealed to voters by promising lower taxes and less government control.
Warren may have shot herself in the foot already…