If there’s one thing we know about Elizabeth Warren, it’s that you can’t take anything she says at face value.
Whether it’s her fabricated Native American ancestry, or her ties to big-time corporations… nothing is what it seems with Warren.
Now Warren’s latest charade is honed in on her proposed ‘wealth tax’… a tax Warren claims will only affect the super top-1% and will trickle down to the middle class.
But not so fast!
As first reported by the The Blaze, some investors could see their rates exceed 100 percent under Warren's tax plan, this according to an analysis reported by the Wall Street Journal last Friday.
The Journal says the rates exceeding 100 percent would target top tier investors and result from a combination of different taxes the presidential hopeful is pitching. For instance, Warren is calling for raising the top marginal rate on income taxes to 39.6 percent, a 14.8 percent tax on Social Security, and an annual tax of six percent on accumulated wealth.
Presumably, this would all be in addition to state taxes and her pledge to hike capital gains taxes to much higher ordinary income tax levels.
And even Democrats are warning voters that Warren’s tax plan is extreme.
According to the Blaze report, another critic of Warren's wealth tax is former economist Larry Summers, who worked in the Obama and Clinton administrations. "We do need to study pretty carefully why it is that most of the European countries, who usually are more progressive than we are and had wealth taxes, have decided over the last 15 or 20 years to eliminate those wealth taxes and why almost none of them get anything like the kinds of revenue that Sen. Warren is aspiring to get," he told CNBC in January.
Oh, and don’t forget Barack Obama’s veiled shot at Warren.
Obama said on Friday that 2020 Democrats' progressive proposals could alienate voters.
"Even as we push the envelope and we are bold in our vision, we also have to be rooted in reality," Obama said. Adding, "the average American doesn't think we have to completely tear down the system and remake it."
Elizabeth Warren is bad for America… and even top members of her own Party know it!