Elizabeth Warren ‘wealth tax’ scheme supported by majority of Republicans

Elizabeth Warren has just introduced a new wealth tax designed to add “huge amounts of revenue” to the government’s coffers on the backs of the “ultra-millionaires.” And while the Marxist/socialist motivations behind her proposal are obvious and should be opposed by every liberty-loving American, a recent survey shows that her scheme to “tax the rich” is supported by a majority of Republicans.

Elizabeth Warren has always been an anti-free market, anti-capitalist, tax the rich, far-left extremist which is why Obama appointed her in 2010 to set up a new government agency — Consumer Financial Protection Bureau — following the financial meltdown of 2007-2008. Obama intended to make Warren the first director of the new agency when it opened in 2011 but decided to go with Richard Cordray because her socialist leanings faced strong Republican resistance.

Elizabeth Warren leveraged this experience to win a U.S. Senate seat in 2012 representing Massachusetts, where she could use her new position to play her game of socialist chess — Elizabeth Warren is a chess master — in Congress. Later, Warren took it up a notch when she launched her campaign for the 2020 Democrat presidential nomination.

Warren made her announcement via a short video on Twitter explaining her motivation. She said in part:

“I’ve spent my career getting to the bottom of why America’s promise works for some families but others who slip through the cracks into disaster, and what I’ve found is terrifying: These aren’t cracks that families are falling into, they’re traps.

“How did we get here? Billionaires and big corporations decided they wanted more of the pie and they enlisted politicians to cut them a fatter slice.

“Our government’s supposed to work for all of us, but instead it has become a tool for the wealthy and well-connected.”

Today, with two months of 2021 officially in the rearview mirror, Elizabeth Warren’s socialist agenda is clearly gaining momentum under Democrat-controlled Washington, beginning with her scheme to tax the rich. TheHill.com reports:

Sen. Elizabeth Warren (D-Mass.) on Monday unveiled legislation to create a wealth tax for high-net-worth households, furthering her efforts on an idea that was a central feature of her 2020 presidential campaign.

The bill, called the Ultra-Millionaire Tax Act, would create an annual tax of 2 percent on the net worth of households and trusts between $50 million and $1 billion and a tax of 3 percent on net worth above $1 billion. The rate for net worth above $1 billion would increase to 6 percent if a “Medicare for All” health care plan is enacted.

The bill resembles a proposal that Warren released during her unsuccessful presidential campaign and frequently touted on the campaign trail. The rollout of the bill comes after Warren indicated earlier this year that introducing wealth tax legislation would be a top priority of hers as a new member of the Senate Finance Committee, which has jurisdiction over tax issues. (emphasis mine)

Did you notice how Medicare for All was slipped in there? Here’s more from the article:

Warren introduced the bill along with Rep. Pramila Jayapal (D-Wash.), the chair of the Congressional Progressive Caucus, and Rep. Brendan Boyle (D-Pa.), who serves on the tax-writing House Ways and Means Committee.

“The Ultra-Millionaire Tax Act will help level the playing field, narrow the racial wealth gap, ensure the wealthiest finally begin to pay their fair share, and invest trillions of dollars into our communities so we can make a real difference in the lives of people across America,” Jayapal said in the release.

Several progressive senators also co-sponsored the bill, including Sen. Bernie Sanders (I-Vt.), who, like Warren, called for a wealth tax during the 2020 Democratic presidential primary. The bill is also backed by a number of progressive groups and labor unions. (emphasis mine)

“I’m confident lawmakers will catch up to the overwhelming majority of Americans who are demanding more fairness, more change, and who believe it’s time for a wealth tax,” Warren said to the press. While that sounds a bit hyperbolic, a recent Reuters/Ipsos survey shows that a majority of Americans really do see things her way, including a majority of Republicans desperate for the power they lost after breaking their promises and sucking up to Trump for the past four years,

Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” – the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.

The Reuters/Ipsos results suggested even stronger support for an annual levy on total wealth, not just income. Warren and Sanders have touted the idea as a way to help pay for major social programs like Medicare for All and to reverse a stark rise in the share of wealth owned by the very richest Americans, known as the “1 percent.”

The poll also points to changing attitudes toward basic ideas such as “keeping what you earn.”

Support of Elizabeth Warren’s approach to taxes and the free market can be found in other places.

When Warren released her economic plan in 2019, faux-conservative talk show host Tucker Carlson, who some see as a possible Republican presidential candidate, praised Warren’s “Economic Patriotism” platform because it sounded like “Donald Trump at his best.” When Carlson appeared at the first National Conservatism Conference in 2019, he sounded like Warren in his keynote address where he declared that big government was less a threat to liberty than the free market.

Speaking of the National Conservatism Conference, another faux-conservative making an appearance was 2024 presidential hopeful, Sen. Josh Hawley. In his keynote address, the Missouri Republican attacked the “powerful upper class and their cosmopolitan priorities,” and called for “a new consensus” to address the “discontent of our time.”

It should be noted here that Hawley has embraced the socialist agenda of Nationalism, and he recently proposed Bernie Sanders’ $15 minimum wage hike, saying: “For decades, the wages of everyday, working Americans have remained stagnate [sic] while monopoly corporations have consolidated industry after industry, securing record profits for CEOs and investment bankers.”

One more thing, Hawley is one of many Republicans out to destroy the First Amendment in the name of bringing down another target on Elizabeth Warren’s list, “big tech.”

It’s become a form of entertainment for Republicans and faux conservatives to belittle and ridicule the socialist agenda of the Democrat party even though they bought into it years ago. Instead, they remember that socialism is supported by a majority of millennials — a demographic the GOP is losing bigly — and that the Elizabeth Warren wealth tax scheme is supported by a majority of Republicans.

 

---

David Leach is the owner of the Strident Conservative. He holds people of every political stripe accountable for their failure to uphold conservative values, and he promotes those values instead of political parties.

Follow the Strident Conservative on Twitter and Facebook.

Subscribe to receive podcasts of his daily two-minute radio feature: iTunes | Stitcher | Tune In | RSS

sp;