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Elizabeth Warren has a colossal $30 trillion progressive agenda. Here’s a breakdown of how she plans to pay for it.

“Here is a breakdown of her spending as noted by The Times: Warren has proposed a wealth tax on the richest Americans to pay for her plans” writes Joseph Zeballos-roig for businessinsider.com. CNN recently reported that if she were elected president, Warren would initially seek to sign into law an anti-corruption bill, another getting rid of the filibuster and then her wealth tax. Source: businessinsider.com

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Huge problem facing Warren wealth tax: Evaluating billionaires

“Warren also plans to raise an additional $1 trillion for her new “Medicare for all” plan by doubling her wealth tax on the ultrarich” reports washingtonexaminer.com. To be clear, calculating the net worth of the ultrarich for the purposes of the wealth tax is inherently complicated.Larry Summers, former president of Harvard University and economic adviser to President Barack Obama, has called Warren’s estimate of wealth tax revenues “naively high.” Sanders’ wealth tax plan would raise $4.35 trillion over 10 years, economic advisers to the campaign estimate, while Warren’s plan would…

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Tax revenue went up in 2019 but spending increased by more than $200B

“Trump has taken an instant gratification approach to fiscal policy, backing lower tax rates and higher defense spending while opposing entitlement reform” reports washingtonexaminer.com. Federal tax revenues rose during the 2019 fiscal year as the economy grew, but spending increased by over $200 billion more, which is why the country ended up running a deficit approaching $1 trillion, according to Congressional Budget Office data released Thursday.Specifically, in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or…

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Cuyahoga County proposes tax increase for health and human services

“It is one of two property taxes that is currently funding county programs for children, seniors, and other health and human services” writes Castolfi Cleveland Com for cleveland.com. Budish and Brady say still more is needed for health and human services unrelated to the opioid crisis.And health and human services reserves are set to run out by 2022 at current rates, they said.If voters approve this increase next year, Budish and Brady said the county will not ask for an increase when the other health and human services levy expires…

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Bill Gates isn’t interested in space exploration and doesn’t like Elizabeth Warren’s wealth tax: Here are 5 highlights from the billionaire’s DealBook interview

“Warren’s wealth tax would cost Gates an additional $6 billion in taxes annually, Sorkin said during the interview” writes Taylor Nicole Rogers for businessinsider.com. However, Gates said he isn’t a supporter of the wealth taxes proposed by Democratic presidential candidates.Other ultra-wealthy Americans including George Soros and Abigail Disney have lobbied for a moderate wealth tax and cited Warren’s proposal as an example, Business Insider previously reported. Source: businessinsider.com

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Daily on Energy: Carbon tax and dividend under spotlight

“More than 800 Citizens Climate Lobby volunteers will meet with congressional offices Tuesday to urge support for the Energy Innovation and Carbon Dividend , the straightforward bipartisan carbon tax proposal that has 68 co-sponsors in the House, the most of the seven carbon tax bills that have been introduced in Congress” reports washingtonexaminer.com. CARBON TAX AND DIVIDEND UNDER SPOTLIGHT: A prominent environmental group is coming to Capitol Hill next week to lobby for a carbon tax and dividend as a “middle ground” option to combat climate change just after the…

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Hillary Clinton slams Bernie Sanders’s and Elizabeth Warren’s wealth tax plans as ‘incredibly disruptive’ and ‘unworkable’

“Hillary Clinton called the wealth taxes proposed by Sens” writes Eliza Relman for businessinsider.com. Clinton said she’s “all in favor” of reinstating the estate tax, which Republican lawmakers all but eliminated in their 2017 tax law.Fewer than 2,000 Americans are expected to owe an estate tax this year.Both Warren and Sanders support an estate tax in addition to their wealth taxes. Source: businessinsider.com

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What tax will I owe when I sell my New Jersey home?

“New Jersey follows the federal tax rules with it comes to capital gains taxes on your home” writes Karin Price Mueller for nj.com. You won’t need to worry about the so-called exit tax, which is a tax withholding meant to force out-of-state taxpayers to file a New Jersey return and pay tax due on a home sale, if any, he said.What percentage of tax will I have to pay on my New Jersey home, which has been paid off and has been my residence for the last 30 years?.  Source:…

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Elizabeth Warren would be ‘happy’ to sit down with billionaire Bill Gates and explain her wealth tax

“Elizabeth Warren said she would be open to meeting with billionaire philanthropist Bill Gates to discuss her proposed wealth tax after the billionaire said he thought his taxes would amount to $100 billion” writes Lauren Frias for businessinsider.com. “I’m always happy to meet with people, even if we have different views. @BillGates, if we get the chance, I’d love to explain exactly how much you’d pay under my wealth tax. (I promise it’s not $100 billion.)” Warren wrote in a tweet.Gates appeared at The New York Times Dealbook Conference on…

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The Big Problem with Wealth Taxes

“But another member of the Hylton court, William Paterson, suggested that wealth taxes might be direct taxes too” writes Rebecca Kysar for nytimes.com. A second argument made by wealth tax supporters is that the only direct taxes are taxes that can be apportioned among the states without too much hassle.A good-faith reading of history and precedent would suggest that the Warren and Sanders wealth taxes are unconstitutional.But a wealth tax that is struck down by the justices will do nothing to close the wealth gap.The amendment applies to taxes on…

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