Elizabeth Warren is proposing a new tax on wealth which would specifically apply to the “rich” as she puts it. It is essentially a plan for wealth redistribution. One award winning economist is now saying that this is going to hurt her chances in 2020.
The Washington Free Beacon reports:
Nobel-Winning Economist: Warren ‘Harmed Her Potential’ With Proposed Wealth Tax
A Nobel Prize-winning economist said the proposed “wealth tax” by Sen. Elizabeth Warren (D., Mass.) is probably a non-starter and could hurt her chances.
“Their proposals have no chance,” Nobel laureate Robert Shiller told Bloomberg at the World Economic Forum in Davos, Switzerland.
Warren, one of multiple contenders for the 2020 Democratic presidential nomination, told supporters in a fundraising email on Thursday that she was proposing a “Ultra-Millionaire Tax” on those with a net worth of over $50 million. Her advisers say the tax would raise nearly $3 trillion over 10 years, and Warren said the revenue could help with “rebuilding our middle class.”
Shiller, who teaches economics at Yale University, said he would advise putting in a plan in the future for such a tax to kick in if wealth inequality became “catastrophic.”
Asked if Democrats could run with such a policy and gain the support of middle America, Shiller said no.
“Right now, I think that Elizabeth Warren has just harmed her potential by bringing a proposal that’s not going to be popular,” he said.
Watch the video:
Warren probably doesn’t even think her proposal would pass. She is just virtue signalling to the far left.