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:
"I'm just a girl from Oklahoma. I think $3T actually sounds like a lot of money," says @ewarren. "I cannot believe I've gotten you to say we should tax the rich more, @JoeSquawk." pic.twitter.com/vQGo7Qipls— Squawk Box (@SquawkCNBC) March 2, 2021
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.”