Sunday on CBS’s “Face the Nation,” Sen. Elizabeth Warren (D-MA) said she had proposed a wealth tax because American taxpayers helped pay for “ultra-millionaires'” success.
Warren said, “You know, look, they can say whatever they think is going to help them along. But the reality is it is not capitalism to have one giant that comes in and dominates, a monopolist that dominates a market. What I have supported all the way through are the kinds of things that help level the playing field. So, for example, I think we should have an ultra-millionaires’ wealth tax because right now the top one-tenth of 1 percent will pay, this year all in on all their taxes, about 3.4 percent of their net wealth in taxes. The 99.9 percent will pay about 7.4 percent of all their wealth.”
She added, “So I think a level playing field says that the big guys have to pay kind of like everybody else does and they have to pay to help create some opportunities because after all, those great fortunes in America that people built, worked hard, had great ideas are inherited. Those great fortunes were built here in America with workers that all of us paid to educate, with their goods got to market on roads and bridges that all of us helped to build. They were protected in their factories by firefighters and police officers that all of us helped to support. So what we’re really saying is look, just put a little bit back in the kitty. This is what we’re asking for. Pay a fair share, so the next kid has a chance to build something great and the kid after that and the kid after that.”
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