Sen. Elizabeth Warren (D-Mass.) is facing fresh criticism over her recently unveiled Medicare for All plan after claiming that only billionaires will pay increased taxes even though multiple new taxes in the plan itself appear to include those with less money.
Warrens $52 trillion plan includes some $20 trillion in new taxes, including a harsh wealth tax, taxes on some business owners, and a new tax on financial transactions.
Despite the wide variety of new taxes, Warren claimed while campaigning in Iowa over the weekend that her plan includes no increased taxes on those who arent billionaires.
“It doesnt raise taxes on anybody but billionaires,” Warren said. “And you know what, the billionaires can afford it, and I dont call them middle class.”
Asked again about the issue, she said no one under $1 billion net worth would see a tax hike.
“Thats right. Not paying a penny more,” she said. “Understand this. This is no increase in taxes for anyone except billionaires. Period. Done.”
Criticism of Warrens socialist plan has come from a number of quarters, including from within the Democratic Party. Fellow 2020 contender Joe Biden, the former Vice President, is among them.
His campaign said in a statement that Warrens claim was “simply not true.”
“Her plan would create a new tax on employers of almost $9 trillion that would come out of workers pockets, a new financial transaction tax that would impact investments held by middle-class Americans, and a new capital gains tax that would affect far more people than she stated tonight,” Kate Bedingfield, a Biden spokeswoman, said in a statement.
Warrens proposed new financial transactions tax isnt restricted by the wealth of those conducting the transactions and her plan to tax the wealthy appeared to be acknowledged in the plan as including people with less than $1 billion.
“The tax burden on ultra-millionaires and billionaires is less than half that of working families in the United States,” the plan states, then referring to Warrens “Ultra-Millionaire Tax”, or a 2-cent tax on the anything about $50 million.
The plan also introduced a proposed new tax on investment income for “the top 1 percent,” which includes people with less than $1 billion.
“Ultra-millionaires and billionaires wont be able to earn income on giant fortunes year after year without paying a penny in taxes,” Warren wrote.
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