The race for 2020 is gaining some heat. And it’s only gonna get hotter, and thankfully to say, more progressive. With most of the announced candidates wiley enough to know that all the energy in the Democratic Party is in its left wing base, expect to see more policies announced that are intended to win over that energy.
And the latest one by Elizabeth Warren is a good one. Sen. Warren is planning to announce a plan she’d implement if president, to impose a wealth tax on Americans worth $50 mill and over. Though Bernie Sanders has proposed this long, long ago, it’s not yet happened - this would be the first time in American history such a tax will have existed, if Warren wins and implements it. It’s an excellent idea. America is drowning in its dangerously high levels of toxic economic inequality. The super rich bribe and corrupt the political and economic system, so to engineer the illicit shifting of wealth from the poor and middle classes up to the wealthiest few. This tax would be a step in helping reverse that.
Affecting just a miniscule 0.065% of American households, the tax would raise $2.75 trillion over 10 years. Enough to pay for the Green New Deal to fight Climate Change - and cause a massive economic boom in itself - or more than double the amount to pay off all student debt. And many other things. It’s a great idea, and is to be expected from someone like Sen. Warren, who whilst she’s lost some of her progressive credibility in the past three years, has always been strong on economic and financial issues. The economist who helped advise her on the issue Emmanuel Saez, told CNBC that he believes more details on the idea will come from Warren, tomorrow.
It’ll be fantastic if this sort of tactic becomes the standard in this race - candidates trying to out-left each other. As opposed to of course the ridiculous, erroneous, and certainly dangerous strategy that pundits and old school politicians preach of centrism, and running to the right.
A note for clarity: income inequality (another extremely serious problem) is a related but different thing than wealth inequality. Income of course refers to what you earn, whereas wealth is counted as everything you earn and own that has monetary value. So, your house, your savings, possessions, etc.
With people like Rep. Alexandria Ocasio Cortez proposing an up-to 70% marginal tax rate on Americans earning $10,000,000 and over, and now Sen. Warren campaigning on a wealth tax, the super rich are reportedly getting scared. There is in fact nothing to be scared of at all - you can live the life of unimaginable luxury on ‘just’ $5mill a year, so any tax imposed on the wealthiest will make no real difference to the super rich, yet be an incredible boost for millions of others. And that’s the point. That’s why the hoarding of their wealth is greed.
Let’s hope to hear more such news, as the race rushes on.