All eyes are on the Democratic Party as of late, as the nation waits to see if Joe Biden will remain in his role as a moderate, or if the radical left “squad” will somehow drag him kicking and screaming into progressive hell they’re creating for themselves.
Now, just a few weeks into his first term, we’re beginning to see a concerted effort to drag him to the left, and from one of his former 2020 opponents.
Senator Elizabeth Warren, Democrat of Massachusetts, plans to introduce legislation on Monday that would tax the net worth of the wealthiest people in America, a proposal aimed at persuading President Biden and other Democrats to fund sweeping new federal spending programs by taxing the richest Americans.
Ms. Warren’s wealth tax would apply a 2 percent tax to individual net worth — including the value of stocks, houses, boats and anything else a person owns, after subtracting out any debts — above $50 million. It would add an additional 1 percent surcharge for net worth above $1 billion.
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Americans seem to be onboard.
Polls have consistently shown Ms. Warren’s proposal winning the support of more than three in five Americans, including a majority of Republican voters.
“A wealth tax is popular among voters on both sides for good reason: because they understand the system is rigged to benefit the wealthy and large corporations,” Ms. Warren said. “As Congress develops additional plans to help our economy, the wealth tax should be at the top of the list to help pay for these plans because of the huge amounts of revenue it would generate.”
Of course, those in favor of unrepentant capitalism have largely blasted the idea, characterizing the tax as a “penalty” for success.
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