The two far-left Democrats in the 2020 race are in a contest: Who can tax the most? Who can hand out the most? Who has the most contempt for capitalism?
It's hard to say who’s winning; is it Warren or Sanders? But they are both upping the ante.
Look at Bernie Sanders’ wealth tax plan. He starts confiscating 1 percent of your net worth, annually, if you hit $32 million, and it goes up from there to 8 percent, annually on $10 billion. He hits 180,000 families, and takes $4.3 trillion worth of money out of private hands and gives it to the government over 10 years.
Elizabeth Warren’s wealth plan is tame by comparison. She doesn’t start taxing wealth until you’re worth $50 million. She “only” hits 70,000 families and “only” confiscates $2.6 trillion
Senator Warren is now playing catch-up: she’s giving $2,400 as a permanent annual benefit increase to all social security recipients: that’s a $150 billion give away, every year!
Let's get back to Bernie for a second: there’s something truly ominous in his plan. He wants a national wealth registry! In other words, you have to tell the government what you’ve got and where it is. That, of course, makes it much easier to take more of it in the future. It makes it more difficult to maintain your financial privacy. Oh, and by the way, there’s a big exit tax if you want to leave the country with your money!
This is a whole new area of taxation, on top of income taxes, capital gains taxes, profits taxes, sales taxes, etc. etc.
If implemented, it would seriously hurt the economy, damage capital investment and damage innovation.
But the socialists don’t care. They’re always angry and never happy.
But that is the modern Democrat Party: still not over its defeat at the hands of a billionaire businessman.