Democratic Primaries
Related: About this forumSanders and Warren want to tax the rich. Here's why their plans could work.
By BERNIE BECKER 11/16/2019 06:33 AM EST
Ever since they started proposing tax-the-rich plans on the campaign trail, Sens. Elizabeth Warren and Bernie Sanders have been facing charges that the proposals wont work. Now the economists who came up with the idea are starting to push back against the haters.
Critics of the Warren (D-Mass.) and Sanders (I-Vt.) plans say its too hard to figure out how much wealth there is in the U.S., and they point out that wealth taxes failed in Europe. They also argue that wealth taxes are unconstitutional.
But heres why backers of the Sanders and Warren plans say taxing the wealthy to pay for everything from a range of education initiatives to "Medicare for All" is still the answer to Americas problems.
It didnt work in Europe, so why will it work here?
Even Democrats, like Andrew Yang, the California tech entrepreneur also seeking the partys presidential nomination, point out that a number of European countries including France and Germany have abandoned their wealth taxes. All those countries ended up repealing it, because it had massive implementation problems and did not generate the revenue that they'd projected, Yang said at an October debate.
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primary today, I would vote for: Undecided
Doc_Technical
(3,527 posts)with dollar amounts adjusted for inflation.
primary today, I would vote for: Undecided
Magoo48
(4,721 posts)primary today, I would vote for: Undecided
oldsoftie
(12,632 posts)Because no one ever paid those rates.
primary today, I would vote for: Joe Biden
Uncle Joe
(58,459 posts)Thanks for the thread JoeOtterbein.
primary today, I would vote for: Undecided
Hoyt
(54,770 posts)it will raise $275 Billion a year, that isn't close to the amount of money needed to pay for healthcare, and a host of other needs.
Not opposed to taxing wealthy, rolling back recent tax cuts for wealthy, reinstating estate taxes, etc., but candidates shouldn't give us a bunch of junk that doesn't withstand even a little scrutiny.
primary today, I would vote for: Joe Biden
oldsoftie
(12,632 posts)People want programs Europeans have, but they will NOT go along with raising revenue the way they do; almost EVERYONE pays into the system. VAT, income tax, fees, etc. Almost everyone pays. A VAT here would tax the unclaimed income thats easy to hide from the govt. Not the total answer, but a good piece of it
primary today, I would vote for: Joe Biden