Elizabeth Warren follows Ocasio-Cortez’s lead, goes after the wealthy in new tax proposal

Elizabeth Warren follows Ocasio-Cortez’s lead, goes after the wealthy in new tax proposal
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Maybe it’s no accident that presidential hopeful Elizabeth Warren got the number of co-equal branches of government wrong in an interview with CNN. It appears the senator from Massachusettes is now committed to following in freshman Rep. Alexandra Ocasio-Cortez’s footsteps.

According to CNBC, Warren will be unveiling her plan for a “wealth tax” on Americans with more than $50 million in assets. Warren’s tax would affect less than 0.1% of U.S. households and raise $2.75 trillion over a decade, according to Emmanuel Saez, her economics adviser.

In a video announcing her plan to run in 2020, Warren said:

America’s middle class is under attack. How did we get here? Billionaires and big corporations decided they wanted more of the pie. And they enlisted politicians to cut them a bigger slice.

Warren’s proposed tax comes on the heels of Ocasio-Cortez’s proposal for a 70% marginal tax rate to be applied to what she dubbed the “tippy tops” of income earners. Despite her use of nurseryish-sounding terminology to promote the plan, it won the approval of 59% of voters, according to a recent Hill-HarrisX survey.

Warren’s newest proposal seems to be a retooling of her Accountable Capitalism Act introduced last August, which if enacted “would redistribute trillions of dollars from rich executives and shareholders to the middle class.”

LU Staff

LU Staff

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