Elizabeth Warren doubles down on her proposed two-cent wealth tax but mixes up her billions and millions
The Massachusetts senator wants the wealthy Americans to contribute towards universal welfare while Booker said the Dems needed to grow wealth across the country.
Like in the past debate, Massachusetts Senator Elizabeth Warren took centre stage in the fifth Democratic presidential debate held in Atlanta on Wednesday, November 20. Her much-discussed wealth tax was challenged and this time from New Jersey Senator Cory Booker who agreed with the spirit of equality but said that the minority communities didn’t just want equality in wealth but also equality in opportunity. He went after Warren’s aim to restructure the American economy to aid the working class.
Booker, who is lagging far behind the frontrunners, called Warren’s wealth tax “cumbersome” and said the Democrats also needed to put thought into how to grow wealth across the US and not just tax it.
Warren proposes two-cent wealth tax
Earlier, Warren said she proposed a two-cent wealth tax. “Your first 50 billion is free and clear — but your 50 billionth and first dollar, you gotta pitch in 2 cents, and when you hit a billion dollars, you gotta pitch in a few pennies more,” she said, inviting the wealthy Americans to contribute towards universal welfare.
NBC reported that Warren misspoke in the first part of her wealth tax proposal.
“She meant to say "the first $50 million," not $50 billion. We know because it's how Warren’s been pitching her wealth tax for weeks — your first 50 million dollars are "free and clear," but once you hit 50 million and one dollar, a wealth tax of 2 cents kicks in,” the report said. Warren’s tax plan has come under scrutiny from the economic experts. Two economists who advised Warren said recently that if her wealth plan was effective since 1982, then Bill Gates’ wealth would be a fraction of what it is actually now.
Ten participants took part in the debate that took place at Tyler Perry Studios, two less from the last one.