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.