Elizabeth Warren Embraces a Wealth Tax

Huey Long best clips 4/13 pic.twitter.com/4c3JpylAdv

— Queenfish Sadie Long (@MrsHueyLong) January 19, 2021

HAPPENING NOW: Reagan cuck gets destroyed by the Kingfish Gang https://t.co/KybntDWxbF pic.twitter.com/JIEG1fSLtb

— Queenfish Sadie Long (@MrsHueyLong) January 26, 2021

Elizabeth Warren has embraced a watered down wealth tax.

I’ve just now realized this because it never occurred to me to vote for Elizabeth Warren. She is too toxic on cultural issues to even consider which is why it is safe for her to run on a wealth tax as performance art.

We’ve spent the last month trying to educate the public on the history of American populism, Huey Long and the Share Our Wealth program and how upper middle class progressives have stolen the ideas and the language of populism. Father Coughlin’s magazine, for example, was Social Justice and progressives have mangled the meaning of the term.

Elizabeth Warren:

“For decades, the wealthy and the well-connected have put American government to work for their own narrow interests. As a result, a small group of families has taken a massive amount of the wealth American workers have produced, while America’s middle class has been hollowed out.

The result is an extreme concentration of wealth not seen in any other leading economy. The 400 richest Americans currently own more wealth than all Black households and a quarter of Latino households combined. According to an analysis from economists Emmanuel Saez and Gabriel Zucman from the University of California-Berkeley, the richest top 0.1% has seen its share of American wealth nearly triple from 7% to 20% between the late 1970s and 2016, while the bottom 90% has seen its share of wealth decline from 35% to 25% in that same period. Put another way, the richest 130,000 families in America now hold nearly as much wealth as the bottom 117 million families combined. …

That’s why we need a tax on wealth. The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 6% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, this small tax on roughly 75,000 households will bring in $3.75 trillion in revenue over a ten-year period. …”

The Sanders-Warren plan is peanuts.

Tax Foundation:

“Since Democratic presidential hopeful Sen. Elizabeth Warren (D-MA) proposed “The Ultra-Millionaires Tax” in January 2019,[1] the idea of a wealth tax to combat income and wealth inequality has been near the forefront of the policy debate. Both Sen. Warren and fellow presidential candidate Sen. Bernie Sanders (I-VT) have released proposals to tax wealth as part of their 2020 platforms.

Sen. Warren’s original proposal would tax household net wealth above $50 million at a 2 percent rate per year and above $1 billion at a 3 percent rate. Sen. Warren boosted the size of the billionaire’s wealth surcharge to 6 percent from 3 percent when she released her plan to pay for Medicare for All.^[2]

In September 2019, Sen. Sanders proposed his version of a wealth tax plan: a 1 percent tax on wealth above $32 million for married couples ($16 million for singles) that increases to 8 percent for wealthier households. Net worth for joint filers between $50 million to $250 million would be taxed at 2 percent, $250 to $500 million at 3 percent, $500 million to $1 billion at 4 percent, $1 billion to $2.5 billion at 5 percent, $2.5 billion to $5 billion at 6 percent, $5 billion to $10 billion at 7 percent, and 8 percent on net wealth over $10 billion.[3] …”