Faith Bahner ENG 1510 Project 3 Final Draft

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by Faith Bahner0 views·Updated Apr 26, 2021
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Warren's Wealth Tax - a recently revised version of my third project, as I learned I haven't submitted it yet :( - Faith Bahner ENG 1510 Project 3 Final Draft

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  1. I'm faith Bonner, reporting on Elizabeth Warren's wealth tax In
  2. 2019, Democratic Senator Elizabeth Warren proposed a two cent tax
  3. on the wealth of those she categorized as ultra millionaires.
  4. This would mean a two tax on any households non
  5. cash assets minus their debt.
  6. That exceeded $50 million three on anything above a billion
  7. dollars. A system which the senator projects would bring in
  8. nearly $4 trillion dollars to rebuild America's middle class Senator.
  9. Warren's tax plan has been co sponsored by Democratic House
  10. representatives Pramila Jayapal and Brendan F.
  11. Boyle of Washington and pennsylvania, respectively.
  12. Her plan is one of many fundraisers considered by Democratic
  13. leaders designed to counterbalance the financials of President joe biden's
  14. trillion dollar american jobs plan.
  15. With his proposal, biden plans to reduce the U.
  16. S. S.
  17. Wealth gap by revitalizing the country's infrastructure.
  18. Because of this Warren's plan will need to be widely
  19. accepted in order to gain any chance at being enacted.
  20. Uh huh.
  21. Mhm. Yeah.
  22. We have three perspectives on this tax.
  23. The first is from Katrina Vanden Heuvel, the editorial director
  24. and publisher of the Nation magazine in the article, Time
  25. for a wealth tax, which centers around Senator Elizabeth Warren's
  26. proposed wealth tax.
  27. Author Huvelle promotes the measure she reasons that such attacks
  28. is necessary due to the disconcerting wealth gap in the
  29. United States and focuses on the limited scope of her
  30. plan. The article begins by recanting the luxurious lifestyles of
  31. the us's top one of earners, as well as offering
  32. insight into how the ultra wealthy view the wealth gap.
  33. It continues to reassert Senator Warren's plan, which applies only
  34. to the top to roughly the top .01%.
  35. This author compares Warren Plan Warren's plan to its competitors,
  36. including that of representative alexander, alexandria Ocasio Cortez, emphasizing the
  37. uniquely narrow scope of Warren's plan.
  38. Our 2nd perspective is from Eric M Jensen, author for
  39. the Journal of Taxation of Investments.
  40. Whether or not Senator Warren's tax would be beneficial, Jensen
  41. argues in his article as a tax on wealth constitutional,
  42. that it is not in fact constitutional in the eyes
  43. of the U.
  44. S. Constitution, Warren's plan is likely to be considered a
  45. direct tax which would require apportionment a task he describes
  46. as being often, technically and um and politically impossible.
  47. Due to the difficulty of apportionment, Jensen argues that Senator
  48. Warren's wealth tax is an inefficient solution to the wealth
  49. gap in the United States.
  50. In his own opinion, it's not as though the rich
  51. can't be reached by the tax system in ways other
  52. than a tax on wealth, ways that unquestionably meet constitutional
  53. requirements, constitutional requirements, don't you?
  54. In the sixties The third perspective is from Kwacha only
  55. and Carl Smith, the senior economist in the adjunct scholar
  56. for the tax foundation.
  57. In their article analysis of Senator Elizabeth Warren's wealth tax
  58. proposal, Lee and Smith bring up the important detail that
  59. wealth taxes in Europe have been becoming less popular during
  60. the last 30 years as their expected revenues are not
  61. met and as this type of tax is difficult to
  62. administer furthermore, the authors say, a wealth tax would negatively
  63. affect the entire economy and eventually erode the base for
  64. wealth taxation.
  65. What we've learned.
  66. In 2019, Senator Elizabeth Warren proposed a wealth tax to
  67. be applied to the United States top .01 of earners.
  68. As precedent shows tax is among the more consequential words.
  69. When considering policy, Huvelle recognizes this fact, arguing that is
  70. more tax wealth tax proposals appear, moderation will be necessary
  71. in order to balance the passions evoked by simply mentioning
  72. a new tax.
  73. For this reason, she focuses on the narrow scope and
  74. the more reasonable, therefore more moderate nature of Warren's proposal
  75. when compared to other competing plans.
  76. Despite Warren's attempts at creating a bill that will ultimately
  77. only affect a small portion of the population, it has
  78. already garnered criticism for its viability as legislation under the
  79. US Constitution.
  80. In terms of legality, opponents of the proposal, site attacks
  81. restriction called apportionment.
  82. The obscure term essentially imposes a limit on the direct
  83. tax contributions of lower population states as it was originally
  84. determined unfair for a smaller tape state to pay more
  85. to the federal government than a large state, regardless of
  86. context. However, this is contingent upon the wealth tax being
  87. administered as a direct tax and as you easily overcome
  88. with creative legislation.
  89. Unfortunately, the bills legal viability is not.
  90. Its critics only issue opponents point to the appeal of
  91. wealth taxes and other nations claiming that a domestic wealth
  92. tax would simply be an exercise in futility.
  93. It's also been suggested that the tax would eventually deplete
  94. its own supply for taxation.
  95. This ignores the purpose of a wealth tax to minimize
  96. the wealth gap.
  97. Despite Lien Smith's claim, no information regarding the specifics of
  98. any other wealth taxes included, nor was any data pertaining
  99. to the wealth gaps in these nations.
  100. Though Senator Warren's plan was written with her opposition well
  101. in mind, it would require further assignment to appease the
  102. limitations of the constitution as well as an explanation from
  103. the senator that would set her plan apart from those
  104. which proved unsuccessful in nations abroad.
  105. The main takeaway, despite critics grievances with the obstacles associated
  106. with implementing a wealth tax warrants plan would not only
  107. raise significant capital in the short term, but it would
  108. eventually make itself obsolete by eliminating the wealth gap it
  109. was raised to address.
  110. Okay, I forget.
  111. Yeah, yeah.
  112. Thank you.