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THE POWER TO DESTROY
ELIZABETH WARREN JOINS PRESIDENTIAL WARPATH
Lowell Ponte blasts liberal senator's 'magic fairy dust' economic policies
WND, February 10, 2019
URL: https://www.wnd.com/2019/02/elizabeth-warren-joins-presidential-warpath/
“Our fight is for big structural change,” said Senator Elizabeth Warren (D.-Mass.), announcing last Saturday that she is running for president. Her goal, she said, was to “take power from the wealthy and well-connected,” and to “change the rules” of our “economy” and “democracy.”
Days earlier, Senator Warren became co-sponsor of neophyte Congresswoman Alexandia Ocasio-Cortez’s “Green New Deal” resolution.
The “Green New Deal” promises to replace airplanes with high-speed railroads, banish most cars, outlaw fossil fuels and nuclear power, retrofit every building in America, and provide guaranteed income for those “unable or unwilling to work” – and to achieve all this in only 10 years.
Most economists regard these utopian fantasies as literally insane. But Warren, 69, is not going to let a 40-year-younger newcomer snatch the Progressive Heroine banner from her. If self-described socialist Ocasio-Cortez promises free unicorns and magic fairy dust for everyone, Warren will match or surpass her to avoid being outbid with freebies that buy Democratic voters.
Senator Warren one-upped her young rival’s proposed 70 percent income tax on the rich with a “wealth tax” to seize 2 to 3 percent of the value of everything “the wealthy and well-connected” have – their savings, homes, yachts, and all other possessions and assets. Because this “wealth tax” would take another big bite every year, it would soon devour the rich.
“I want these billionaires to stop being freeloaders,” Warren told CNBC. “I want them to pick up their fair share.” But American taxation is far more “progressive” than Europe’s; our top 1 percent pay 45.7 percent of all income taxes, and our top 20 percent pay 87 percent, while the bottom 50 percent pay almost nothing. Her proposal, said Warren, would “redistribute” $2.75 trillion from the wealthy (to greedy, spending-addicted politicians).
Sweden used to have a “wealth tax” that brought the government roughly $600 million per year. But fleeing millionaires and billionaires took $200 billion out of the country. Progressives in 1913 promised that only the rich would ever pay income tax. They lied. If you earn only $32,400, you are among the top 1 percent of rich people worldwide.
Last August, Senator Warren proposed her “Accountable Capitalism Act,” which would require every American corporation with more than $1 billion in annual revenue to obtain a federal charter. The charter would require company directors to consider the interests of all corporate “stakeholders” – including employees, customers, shareholders and the communities in which the company operates.
This, editorialized Investor’s Business Daily, would mean that “instead of focusing on maximizing returns for the owners of the companies, corporations would have to consider things like the environment, racial justice, community activists, workers and whatever else Warren decides to stuff into that impossibly vague ‘stakeholders’ term.”