Elizabeth Warren’s Tax Plan Would Kill American Industry

A radical element has seized control of the Democratic Party, and they are taking aim at successful American who create jobs.

Many political pundits are calling their plans the latest rebranding of socialism. Liberal Massachusetts Sen. Elizabeth Warren is pushing for a “wealth tax.” Vermont Sen. Bernie Sanders and Democrat presidential hopeful Sen. Kamala Harris are chanting “Medicare for All” and upstart Congresswoman Alexandria Ocasio-Cortez wants a 70-percent “rich tax.” The one thing all of these socialist proposals have in common is that they will take money out of the pockets of top earners who create American jobs.

Whether Speaker of the House Nancy Pelosi likes it or not, New York Rep. Ocasio-Cortez is quickly becoming the new face of the Democratic party. He “socialism will win” schemes have energized liberal extremists and the lazy who just want stuff for free. The political novice has been pushing a 70 percent tax on wealthy Americans, many of whom are business owners and job creators.

“You look at our tax rates back in the sixties and when you have a progressive tax rate system, your tax rate, let’s say from zero to $75,000, maybe 10 percent or 15 percent, etc.,” Rep. Ocasio-Cortez told Anderson Cooper on 60 Minutes. “But once you get to the tippy-tops — on your 10 millionth dollar — sometimes you see tax rates as high as 60 or 70 percent. That doesn’t mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder, you should be contributing more.”

Like many of her liberal colleagues, the naïve socialist has no business experience, and her campaign was reportedly fined for not providing workers’ compensation to employees. While her proposals sound outlandish to anyone with a basic understanding of business or economics, they are wildly popular among Democrats with 2020 White House aspirations.

Sen. Warren, who was a popular pick for the Democrat presidential nod before an embarrassing DNA test, is masking her attack on financially successful job creators as a modest 2 percent tax. Her “Wealth Tax” targets Americans with more than $50 million in assets. The plan would also tax those with $1 billion in assets at 3 percent.

“The rich & powerful run Washington. Here’s one benefit they wrote for themselves: After making a killing from the economy they’ve rigged, they don’t pay taxes on that accumulated wealth. It’s a system that’s rigged for the top if I ever saw one,” Sen. Warren tweeted. “We need structural change. That’s why I’m proposing something brand new – an annual tax on the wealth of the richest Americans. I’m calling it the “Ultra-Millionaire Tax” & it applies to that tippy top 0.1% – those with a net worth of over $50M.”

The far-left Massachusetts senator has reportedly taken her economic advice from a pair of University of California, Berkeley, economists that claim the nation’s top 0.1 percent’s wealth has expanded from 7 percent to 20 percent. The notion of wealth accumulation is considered an inherent evil among socialist Democrats such as Warren, Sanders, Harris, and Ocasio-Cortez among others. Liberal economists tend to compare 1-percenters against the bottom 90 percent while omitting the business owners and innovators between 91-99 percent. This groups also would be hit by the hefty taxes that would result in companies losing profits and cutting workforces.

The debate on wealth accumulation had been unsettled until President Donald Trump and the GOP implemented their America First agenda. The Tax Cuts and Jobs Act reduced corporate taxes, increased the income of non-taxed Americans and helped spur unprecedented employment. Following the reduction in corporate taxation, the country saw the return of a robust economy that now ranks as the world’s most competitive.

Record low unemployment is now the norm and low-income earners — African-Americans in particular — were the primary beneficiaries of allowing job-creators to keep more business profit. The result of top-earning Americans to suffer lower taxes resulted in the country rising to what economists consider full employment. Wages are already starting to rise after a decade of stagnation, and companies are now competing for workers.

Despite the growing economic improvement of everyday Americans and businesses, Democrats are politically-motivated to punish job creators. The far left is reportedly planning to use the tax theft to fund things such as their proposed “Green New Deal” and other financially unviable policies. Americans already know what taxing job-creators does to working families. It kills jobs and sends working people to the unemployment rolls.

~ Liberty Planet


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