Warren components with Sanders on whether or not billionaires ought to exist


Elizabeth Warren and Bernie Sanders have loads in widespread — they share a laundry checklist of expansive proposals they’ve vowed to implement in the event that they win the 2020 presidential election — however relating to the existence of billionaires, the 2 progressives are divided.

Whereas taking part in a discussion board on environmental justice at South Carolina State College, Warren was requested by co-moderator Amy Goodman, the host of Democracy Now, whether or not she, like Sanders, believes billionaires mustn’t exist.

“Look, someone has a fantastic thought, and so they observe it by way of and so they work arduous and so they construct one thing, good for them,” Warren stated on Friday.

Nevertheless, the Massachusetts senator adopted that with a caveat: As a result of billionaires depend on taxpayer-funded roads, bridges, police, firefighters and educated staff to construct their companies, she stated, they wanted to pay steeper taxes.

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“Right here’s my view,” she stated. “You make it to the highest, to the tip-top, then the reply is: Pay a wealth tax so we will make investments and create alternatives for everybody else. That’s what my two-cent tax is about.”

Initially of the 12 months, Warren unveiled a plan to impose a 2 p.c tax on Individuals value greater than $50 million, and a three p.c levy on these value greater than $1 billion. (In her Medicare-for-all plan, she raised the tax to six p.c on billionaires.)

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Sanders launched a competing wealth tax plan in mid-September as the 2 candidates jockey for left-wing help. His proposal known as for a slew of latest taxes, starting from a 1 p.c tax on married {couples} with a internet value above $32 million to an eight p.c tax on wealth over $10 billion.

“Billionaires mustn’t exist,” he wrote in a tweet.

Sanders’ proposal is anticipated to impression 180,000 households, whereas Warren’s would apply to about 75,000 households.

Warren’s feedback come amid an onslaught of criticism of her wealth tax proposal — and marketing campaign — by quite a few Wall Road titans and billionaire executives. This week alone, Microsoft founder Invoice Gates, JP Morgan Chase CEO Jamie Dimon and cash supervisor Leon Cooperman took a swipe at Warren.

“I’ve paid over $10 billion in taxes. I’ve paid greater than anybody in taxes. If I needed to have paid $20 billion, it’s high quality. However if you say I ought to pay $100 billion, then I’m beginning to do some math about what I’ve left,” Gates stated this week, including that he was “simply kidding.”

Warren responded on Twitter, extending an invite to Gates to fulfill and discuss how a lot he’d really pay beneath her wealth tax proposal —  “I promise it’s not $100 billion,” she wrote — earlier than ultimately sharing a hyperlink to a wealth tax calculator for “confused billionaires.”

Beneath Warren’s proposal, Gates would pay $6.379 in tax subsequent 12 months, in keeping with the calculator. Cooperman would pay $151 million.

“Excellent news — you’ll nonetheless be terribly wealthy!” the calculator stated. “And if historical past is any information, should you do nothing aside from make investments your wealth within the inventory market, it’s possible that your wealth will proceed to develop.”

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