Connect with us

News

Nonpartisan Analysis Weighs In On Elizabeth Warren’s Wealth Tax Math, Says It Doesn’t Add Up

Published

on

An academic, nonpartisan study has concluded that the math behind Democratic presidential candidate Sen. Elizabeth Warren’s wealth tax and found that something’s a bit off about the numbers.

According to the new findings, the “wealth tax” on America’s wealthiest folks will actually bring in $1 trillion less than what Warren estimates.

Warren says the wealth tax would be a big help in funding her massive progressive policies such as the universal child care, free tuition at public universities, and the big one, “Medicare-for-all” and other programs. The plan would put a two percent tax on individuals worth $50 million or more and a six percent tax on those worth more than $1 billion.

Trending: Watch: Biden Says He Talks With His Team About COVID-19, Asks ‘Where Do We Do?’

Here’s more from Fox News:

take our poll - story continues below
Completing this poll grants you access to Flag And Cross updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

A University of Pennsylvania Penn Wharton Budget Model – which offers nonpartisan analysis of public policy proposals – estimates, though, that Warren’s tax would raise between $2.3 trillion to $2.7 trillion over a decade. That’s as much as $1.4 trillion less than the Warren campaign’s estimates. The analysis was released on Thursday.

It also concludes that the new taxes would cause the economy to contract between 0.9 percent and 2.1 percent by 2050 — depending on how the new revenue is spent. The model says the new tax would reduce “private capital formation” enough to drive the U.S. economy’s average wage down between 0.9 percent and 2.3 percent, even affecting households not rich enough to qualify for the tax.

Warren’s campaign disputed the findings.

“This analysis does not study Elizabeth’s actual plans — it does not account for the strong anti-evasion measures in her wealth tax and does not even attempt to analyze the specific investments Elizabeth is committed to making with the wealth tax revenue,” Warren campaign spokesperson Saloni Sharma said in a statement to Fox News. “This is an analysis of a different and worse plan than Elizabeth’s, using unsupportable assumptions about how the economy works, and its conclusions are meaningless.”

The study was released just hours before Warren was supposed to deliver an economic speech in New Hampshire with the topic being how “corruption has fueled the economic challenges facing working families.”

Warren has repeatedly defended the wealth tax, tossing out the same old tired progressive line about how the rich do not pay their fair share in taxes.

Save conservative media!

News

FDA Pushes Through Emergency Authorization For Hydroxychloroquine As Coronavirus Treatment

Published

on

It finally looks like there is a ray of hope in the fight against the coronavirus as the Food and Drug Administration has issued an emergency authorization this past weekend for the use of hydroxychloroquine as a treatment for the illness that is leaving a swath of devastation wherever it roams. This particular kind of medication is typically used in the treatment of malaria, but when it is paired with azithromycin, has not yet been proven to be effective against the illness in clinical trials, however, there are growing numbers of reports and small studies that indicate it is having a positive impact on those with severe cases. Check out more details from Breitbart: The Department of Health and Human Services (HHS) issued a statement on Sunday: The U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) to BARDA to allow hydroxychloroquine sulfate and chloroquine phosphate products donated to the Strategic National Stockpile (SNS) to be distributed and prescribed by doctors to hospitalized teen and adult patients with COVID-19, as appropriate, when a clinical trial is not available or feasible. HHS also noted that it had “accepted 30 million doses of hydroxychloroquine sulfate donated by Sandoz, the Novartis generics and biosimilars division, and one million doses of chloroquine phosphate donated by Bayer Pharmaceuticals, for possible use in treating patients hospitalized with COVID-19 or for use in clinical trials.” One of the biggest concerns about using this medication to treat this illness with hydroxychloroquine is that there may now be a massive increase in demand for the drug which could lead to a shortage in the supply. In order to curtail that problem, the HHS said, “Use of the donated medications is expected to help ease supply pressures for the drug, and the FDA is also working with…

Continue Reading

News

Maryland Becomes Latest State To Issue Stay-At-Home Order In Battle Against Coronavirus

Published

on

The battle against the coronavirus, an invisible invading force that has ravaged the globe making folks seriously ill and killing those most vulnerable to its effects, continues to rage across the United States and things are getting intense. Many states across the country have opted to put out stay-at-home orders in a bid to prevent the spread of the virus, resulting in many businesses being shut down and other measures that are guaranteed to have a deep economic impact on the local community and the country at large. The latest state to join in on employing these measures is Maryland. Here’s more on this from The Washington Examiner: Maryland Gov. Larry Hogan issued a stay-at-home order on Monday. “We have reached a critical turning point in the fight to stop the spread of the COVID-19 pandemic,” the Republican said during a news conference. “We are no longer asking or suggesting that Marylanders stay at home. We are directing them to do so.” “No Maryland resident should be leaving their home unless it is for an essential job or an essential reason,” Hogan said, adding that buying food and medical reasons are exempt. The state of Maryland seems to be taking the stay-at-home order to a brand new level, seeking to actually use legal action to help enforce it. Individuals who are caught breaking the order could receive a misdemeanor and be subject to a year in prison plus a $5,000 fine. The order goes into full effect Monday evening at 8 P.M. By the end of the day Monday half of the states in America will have one of these orders on the books including California, Alaska, Delaware, Colorado Connecticut, Ohio, Oregon, and many, many others. Some might think the idea of enforcing this kind of order with actual legal…

Continue Reading

Latest Articles

Best of the Week

 
Send this to a friend