She’s the candidate with a plan and a tax for everything: That’s Elizabeth Warren’s brand. Despite a recent swoon, she’s still a top tier candidate. So, her ideas show where the American left wants to go. Consider just five of her myriad proposed new taxes, then read the full WSJ column to see the massive scale of socialism she intends to fund with these taxes.
- New Social Security tax: For those earning over $250,000, a new 14.8% tax on wages over $250,000 and on net investment income.
- Higher capital gains taxes: Tax both realized and unrealized investment gains of the wealthiest 1% at the ordinary income tax rate of about 40%.
- Wealth tax: Tax net worth over $50 million at 2% a year; at 6% above $1 billion.
- Global corporate tax: Raise the top business rate to 35%. Overseas, if foreign tax rates are lower, applied to bring combined tax to 35%.
- Corporate surtax: Tax profit over $100 million at a new 7% rate, atop the regular corporate rate.