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.
