Warren Defends Her ‘Ultra-Millionaire Tax Act’ Against Criticism From CNBC Host

Sen. Elizabeth Warren (D-Mass.) is defending her recently introduced Ultra-Millionaire Tax Act.

During her appearance on CNBC’s Squawk Box on Tuesday, host Joe Kernen suggested Warren’s tax rates were too low.

“If we’ve crossed the Rubicon and said you have more money than you can ever spend, you don’t need it, you need to help out the rest of us, why not make it truly progressive and do 10 percent at a billion, do 20 percent at 10 billion?” Kernen argued.

He continued, “Why not do it that way?… What would be the problem? Why would [Amazon’s] Bezos do 3 percent, when some poor schmoe at only 50 million does two percent?”

Warren replied, “I think $3 trillion actually sounds like a lot of money and raising $3 trillion that we can reinvest in our economy, for just a minute, can we talk about what that 2 cent, 3 cent would be? It’s not punitive on those at the top that can still grow their fortunes.”

Watch the debate below:

She went on to claim the money is enough for universal child care and universal pre-k.

Warren explained, “It’s enough to make sure that every baby in this country has good care, and raise the wages of every child care worker and pre-school teacher in America.”

Kernen pushed back and told Warren she did not answer the question.

He asked Warren, “Why not make it 5% or 10% on people that are really loaded?”

She went on to joke with Kernen, “I’m loving this morning. I cannot believe that I’ve gotten you to say we should tax the rich more, Joe.”

Kernen replied, “It’s not hurting me. It’s not hurting me, senator.”

Warren told Kernen, “That $3 trillion goes a long way in America toward creating opportunity not just for those at the top but creating it for everyone else.”

Warren introduced her plan on Monday, as IJR reported.

“It is time for a wealth tax in America,” Warren said.

She added, “Your first $50 million is free and clear. But your 50 millionth and first dollar, you gotta pay two cents, and two cents on every dollar after that until you hit a billion. When you hit a billion, you gotta pay a few cents more.”

Responses

  1. There is no justification for taxing the rich at a higher percentage than anyone else, other than being jealous of their success. Democrats always want to buy votes with their BS ideas.

    1. “There is no justification for taxing the rich at a higher percentage than anyone else” Chuck

      Seriously, I thought we Americans were supposed to be smart.

      A person who earns minimal wages will ALWAYS be hurt more by a flat tax than a wealthy person will ever be. That is why higher income should ALWAYS be taxed higher than low income.

      As it is, a person earning the national min wage makes about $15,000 / annum. That person cannot afford to pay ANY taxes, let alone 35%, 21%, 14%, 5% or even 1%. What rate did you have in mind, Chuck? It doesn’t matter. A flat tax is a stupid, untenable and useless idea.

  2. “[Joe Kernes] continued, “Why not do it that way?… What would be the problem? Why would [Amazon’s] Bezos do 3 percent, when some poor schmoe at only 50 million does two percent?”

    Yes, Joe represents the R’s that are for the “working class” not “the country clubs.” —Apparently owning OVER 50 million is a Republican idea of “working class.”

    1. Big tech will be excluded. Joe will reward all those that funded his campaign.

  3. What is a billionaire not going to be able to do if he has 2% or 4% less money? I really want to know. Buy three less Teslas each year? It will NOT materially hurt him one bit, but his contribution will help many less fortunate than him.

    1. most billionaires don’t actually have billions in cash… they are billionaires because the company they own has billions of dollars in assets… just ask Virgin Airlines how much he has in cash… and he will tell you none… you can tax him all day long and he still won’t have to pay taxes because he personally doesn’t have anything besides his company… if you are smart you include things in your business that you can use.. like a place to sleep, a place to eat, a clothing shop, a place to play golf… ect…ect…. then you use all the stuff in your business and it don’t cost you a penny… then you don’t take a salary and you can be a multi billionare and don’t owe any taxes… there are no income taxes if you don’t take an income…

      1. Not all, but most billionaires don’t own a company. Most large companies are owned by the shareholders. The shareholders determine the salaries of all, including the CEO. Very few billionaires don’t receive income, not all, but very few. Not enough to raise $3 trillion.

      2. There are no taxes if you hide your excess parked money overseas where you won’t pay much or any taxes. You know, like YOU try to do at YOUR scale. Right, tax cheater dickster?

      3. Just a heads up, dixter. “Etc.”. Is short for et cetera, not “ect….ect…”

        IJR published an article yesterday on the details of what qualifies one for the WEALTH TAX. Warren intentionally is not calling it INCOME tax. IT is NOT simply cash either. It is ASSETS. As IJR reported, it includes real estate property, boats, cars, stocks, investments, trust funds, etc,… DEBTS are subtracted from the asset total.

        I would like to inquire as to WHY you are supportive of Trump’s only legislative achievement the 2017 TAX CUTS FOR THE RICH, if all one needs to do is run everything thru a corporate account?

        1. Here’s Syphilis with the lies about the tax cuts for the rich. Everyone received the same percentage, which is fair. Democrats hate anything that’s fair. They promote the idea that rich is bad, taking money from them is a way to buy votes. Democrats want to tax the rich and companies higher and higher until all the jobs are gone. Democrats equal failure.

          1. You have no idea how government funding vworks, Chuck. You seem to think that coddling the rich, by allowing them to get away with murder (tax-wise), is a good thing. The 1950-1960s proved THAT idea wrong.

      4. I worked for a large company purchased by Warren Buffet a few years ago. He attended one of our conventions but didn’t have any petty cash on him to buy lunch. Apparently the very wealthy don’t see things as us common folks do. Of course he did get someone else to foot the bill. And that is what the very wealthy will do with more taxes.
        Of course he also owns the rails that will transport oil instead of the using pipeline. Thus making Canada unfriend the US on Facebook.
        Warren is just jealous that she’s not as rich as she thinks she should be so this is her lame brained idea to feel better.

        1. “Thus making Canada unfriend the US on Facebook.” LOL….Just how will the U.S. survive?
          While not a huge fan of Sen. Warren, I find your assertions regarding her motives absurd. If you were an actual conservative, instead of simply a Trumper, you would at least look at the Wealth Tax proposal as a means of PAYING FOR proposals she would like to see passed. How many unpaid tax cuts and wars have occurred in the 21st century? I am old enough to remember FISCAL RESPONSIBILITY.

          1. Even replying to your know it all posts is a first for me.
            The FB comment was levity. Just in case you thought it wasn’t. Being jealous of the rich is a hobby for the Democrats.
            And I also remember fiscal responsibility but probably not the same way that you do.

          2. Syphilis – a Democrat puke talking about Fiscal Responsibility. Bwahahahahahaha. If Democrats were so inclined, then why does the stimulus contain so much bailout money for bankrupt blue states. They should stop buying votes with Taxpayer’s money.

        2. I recently started working for a Warren Buffet company. Can you believe that cheapskate not only pays for his workers to get a college degree (I even know 3 people in my group currently taking courses on the company dime), but its actively pushed to ensure employees are qualified for promotions? Its even considered a company goal to help get entry employees promoted.

          Not to mention insanely generous profit sharing and 401k contributions. Oh, but do go on about how he apparently didn’t pay for his lunch.

    2. Let’s be more simple. Eliminate the IRS and install a flat tax. Less attorneys

      1. That won’t work (and you know it) and is grossly more advantageous the more wealthy you are.

        Mac, you will never, EVER, be as wealthy as the top 1%, so why predend to defend them? I just don’t get it. By doing so you make it more expensive for YOU when you pay YOUR taxes. Why would you do that, Mac?

    3. Confused Squat – A Billionaire isn’t responsible for supporting anyone else except for his family. If you want to give up your money, do it. Maybe we should start taking away your possessions to give to others.

      1. Chuck, do you understand the concept of a “billion” dollars? For YOU, that is all a billion can be to you – a concept. There is no harm done making uktra-rich people pay more in taxes. In fact, it will make our whole country MUCH MORE successful, the same now as it did in the quarter century after WW2.

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