Taxing the wealthy is a common strategy which Democrats propose to fund various government-run programs which they favor. As the 2020 presidential election runs its course, Democrats are sticking to this course of action, despite regular criticism from conservatives and other right-leaning Americans.
On Friday, 2020 candidate Elizabeth Warren appeared before an audience at the National Education Association (NEA). During her speaking time, Warren stated that implementing higher taxes on wealthy Americans will cover costs for free childcare, free technical school, free community college, and free college.
A Closer Look at Warren’s Plan to Tax the Rich
Per Warren’s own admission, her plan entails slapping a 0.02% tax on every dollar which comprises each $50 million earned by the wealthiest individuals in the nation. Warren’s strategy is to use this money to cover free childcare for every baby in America in addition to cost-free higher education. She also claims that the tax will result in the cancellation of student loan debt for 95% of Americans.
According to a report from Moody’s Analytics, if Warren gets her way, this plan will cost the United States a whopping $700 billion dollars over the next ten years. This is something which Warren declined to mention during her time before the NEA audience.
How will you make it possible for teachers to earn enough to support themselves on their teaching salary alone? #StrongPublicSchools
— NEA Education Votes (@edvotes) July 5, 2019
Is Increasing Taxes the Right Protcol?
Many progressives maintain that raising taxes on Americans will benefit the country by funding various government programs. Demcorats like Bernie Sanders have openly stated that increasing taxes on the middle class to capitalize Medicare-for-All is a trade-off which people in this country will appreciate. However, this is not indicative of all people’s viewpoints.
Contrary to progressive rhetoric, numerous Americans take issue with losing more income to taxes. Income which goes to taxes is money which working people won’t have for themselves. Those funds could have paid off bills, credit card debt, etc. As a collective, Democrats are extremely critical of “trickle down economics,” however, they see no issues with trickle down taxes.
Elizabeth Warren is supportive of additional reforms which would raise taxes on Americans. Some examples of the aforementioned reforms are a Green New Deal and reparations for individuals who never experienced slavery. Warren is not alone in supporting these policies; many other Democrat candidates are also on board with this.