Elizabeth Warren’s Wealth Tax will Raise $1.4 trillion Less than She Thinks

Sen Elizabeth Warren. D-Mass. is setting a great stage on her wealth tax proposal, which would tax assets rather than income. Not only does she intend it to be a way to punish rich people for having too much money, in her view, but also as a way to raise money for her various policy proposals such as the Green New Deal and Medicare for all. However, as Fox News suggests, an independent, nonpartisan analysis of the scheme might cause Warren to want to think again.

“A University of Pennsylvania Penn Wharton Budget Model – which offers a nonpartisan analysis of public policy proposals – estimates, though, that Warren’s tax would raise between $2.3 trillion to $2.7 trillion over a decade. That’s as much as $1.4 trillion less than the Warren campaign’s estimates. The analysis was released on Thursday.

“It also concludes that the new taxes would cause the economy to contract between 0.9 percent and 2.1 percent by 2050 — depending on how the new revenue is spent. The model says the new tax would reduce ‘private capital formation’ enough to drive the U.S. economy’s average wage down between 0.9 percent and 2.3 percent, even affecting households not rich enough to qualify for the tax.”

The analysis suggests that a truism known to supply-side economists for the past 40 years will affect Warren’s wealth tax scheme. Tax rates have two effects, arithmetic and economic. The former states that the higher tax rates are increased, the more tax revenues are created. However, tax rates also affect the economy. The Heritage Foundation explains.

“The economic effect, however, recognizes the positive impact that lower tax rates have on work, output, and employment–and thereby the tax base–by providing incentives to increase these activities. Raising tax rates has the opposite economic effect by penalizing participation in the taxed activities.”

The insight, which is centuries old, led to the so-called Laffer Curve, developed by supply-side economist Arthur Laffer. Laffer suggested that after a certai8n point, tax rates have diminishing returns as the higher they go, the less economic activity occurs. That phenomenon is why presidents ranging from JFK to Reagan to Trump have lowered taxes to generate more economic growth and job creation.

The Wharton study suggests that the phenomenon would exist for a wealth tax. It’s not hard to understand. If the government takes money from the net wealth of rich people, the less they will have to invest in new business ventures. Private wealth would not be available to pay workers and build new businesses, putting a wet blanket on the economy. Moreover, people who are affected by the wealth tax will scramble to conceal their money from the tax authorities, by both legal and illegal means.

A real-world example exists of how wealth taxes kill economic growth. Business Insider notes that several European Countries imposed wealth taxes, only to be obliged to repeal them in short order. The taxes cost too much to administer and resulted in too many wealthy people fleeing the countries where they had been imposed.

Warren. Naturally, disputes those conclusions of the Wharton study. She claimed that she had consulted several economists and tax experts and they told her that her wealth tax would generate the amount of money that she says it does. Besides, she adds, the wealthy are not paying their “fair share” of taxes and deserve to have their money taken away from them. Supporters of the Warren wealth tax suggest that those who have crafted it have learned from the mistakes of the European versions. It contains safeguards against rich people leaving the country along with their money.

The Fox story notes that the idea of a wealth tax has one advantage for Warren and for Bernie Sanders, who has proposed his version. A wealth tax is popular among Democratic primary voters. She hopes to ride her proposal to the Democratic nomination and then to a general election victory, running against just the sort of billionaire that she and other liberals loathe and despise.

However, as the Wharton study suggests, the math for Warren’s tax and spending plans continue not to add up. That fact counts against it both as a campaign issue and a serious policy proposal.

 

131 thoughts on “Elizabeth Warren’s Wealth Tax will Raise $1.4 trillion Less than She Thinks

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  49. In all of the discussion regarding Lizzy’s so-called wealth tax, I’ve only heard one that mentioned that the authority to tax wealth as Lizzy or Bernie propose does not exist. The 16th Amendment allowing for a federal tax on income only mentions income, not wealth. If that is the case, it would seem that until another amendment that authorizes a wealth tax, it would be unconstitutional to try to put it in effect. So, Lizzy and Bernie, take your wealth tax and shove it where the sun doesn’t shine, but like most leftist, liberal secular-progressives, they hold the US Constitution and freedoms it grants us and the restrictions on government in great disdain unless it suits their purposes.

  50. She is using the new liberal math. There is no right answer as long as you work hard at getting it wrong you pass with the same grade as the ones that get it right.

  51. What I don’t understand is this. Warren wants to tax the American people to the tune of thousands and thousands of dollars extra for each one of us. Now normally when a private company raises the quality of it’s product or makes it’s product larger like a 24 ounce of cornflakes box being enlarged to a 30 ounce box then yea, the increase in price is at least acceptable. That the hell has the federal government done to deserve that extra money? Has it fixed the Social Security program? Has it solved the crime problem? When you think of it like that you begin to understand just unbelievably incompetently this government is being run.

  52. Look, it’s a tax. If it doesn’t raise enough revenue, the Dems just raise the tax. They always understate the initial amount and how many people will be taxed. The sheep are always happy to vote for a tax that doesn’t tax them. Every tax starts out just on a envied minority and once in effect, spreads to everyone. If they’re so keen on this tax, everyone who votes for it should have to pay it. Another scary thing is who decides what your assets are worth.

  53. It’s a wonder these low information, low education, communist leftist morons even know how to tie their own shoes. Oh, wait……they’re TOO RICH and don’t HAVE to tie their own shoes. They DO know how to manipulate their deplorable constituents AND use their money to get their shoes tied!!!

  54. Isn’t that REPROBATE Warren’s tax scheme ILLEGAL and ROBBERY? Taxes already been paid for it once. It’s just ANOTHER one of her TAX FRAUDS, to usher in SOCIALISM/Communism. She is NOT POTUS Material – D O N ‘ T vote for this LYING Reprobate if you value your country! Team Trump and his allies 2020.

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