Elizabeth Warren, famed fake Indian and true Leftist wacko, is advancing a tax plan that would effectively rape the U.S. economy.
I’m neither a numbers nor a tax person, but Patrick Ruffini is. I’ll let his tweet thread (which I’ve converted to text for ease of reading) speak for itself:
Don’t call Warren’s tax a 2% tax. Over 10 years it would wipe out 18% of wealth over $50M and over 50 years it would wipe out 64%. Over a billion dollars it would wipe out 27% over 10 years and 82% (!) over 50. And that’s not taking into account the returns on these assets.
We all know about compounding returns. Warren’s 64% wealth tax spread over 50 years would wipe out highly performing assets and use them to fund a bureaucracy with zero social or financial returns.
Due to compound interest, the progressively lower amounts able to be invested year after year due to Warren’s tax would have a much greater effect than 2% a year.
It’s cute that people think these assets aren’t put to use. They’re used to fund the entire startup economy, the #1 net job creator. The massive concentration of wealth is also being used to wipe out malaria, fund clean energy, and reach new frontiers in space.
I flat out trust Jeff Bezos to make these decisions more. I just do. And if you didn’t like the 2016 election results, you do too.
Psst… The Warren tax looks blatantly unconstitutional. It’s not the Wall Street Journal or AEI saying this. It’s… Mother Jones.
Regarding Warren herself, Kevin Williamson, who is damn smart when not blinded by TDS, has this to say:
The senator is in a bit of a panic: She hadn’t expected to face a challenge from her left in her quest for the Democratic nomination, but as her entire party lurches in a chávista direction, she has been forced to go one step farther lest she fall into the “moderate” class, whose members almost certainly will be slaughtered in the 2020 Democratic primary. And so she proposes this ridiculous and illegal course of action.
She may not be the radical she pretends to be, but Senator Warren has pretended to be a lot of things. A Cherokee, for one, which is good for a laugh, but perhaps not the worst of it. Her longing for fame — and money and power — is impossible to miss. She spent a period trying to launch a career as a writer of dopey self-help books (The Ultimate Lifetime Money Plan!) and then tried on the costume of a Lou Dobbs-style populist China hawk, and even in her scourge-of-Wall-Street incarnation, she couldn’t help cribbing from Margaret Thatcher in pandering to Dobbs, then at CNN: “One of the problems with spending money in this way is that at some point we really do run out of money.” She boasted that her little bureaucratic fiefdom — the Congressional Oversight Panel — was called “COP.” Her “professor of color” act got her a couple of cushy academic postings and a net worth of a few million dollars. I covered her Senate race against Scott Brown and watched her doing a pretty poor impersonation of an Irish-American ward-heeler in Boston, clapping along awkwardly to “Charlie on the M.T.A.” like some animatronic Muldoon. If she has to pretend to be Hugo Chávez, it won’t be her first act of cultural appropriation. And the recipe book should be a hoot.
As you know, I loathe the woman, going back to her pre-Native American, pre-Harvard days. She had a superficial sweetness, but was an incoherent lecturer and dishonest. It was the dishonesty that left me with a permanent bad taste in my mouth about this neo-Leftist hack.
Image Credit: Elizabeth Warren by DonkeyHotey. Creative Commons; some rights reserved.