(AbsoluteNews.com) – Republicans warned that the Democratic Party would pass new taxes if they were able to take the Senate in the last election. When they won the Georgia seats in January, their majority became a reality and now it looks like those higher taxes might be coming soon.
On March 1, Senator Elizabeth Warren (D-MA) along with Reps. Brendan Boyle (D-PA) and Pramila Jayapal (D-WA) revived the wealth tax. The lawmakers want to levy the wealthiest Americans who have a net worth of more than $50 million. They claimed their law will create a “fairer” economy.
Billionaire wealth is 40% higher now than when the COVID crisis began – but our tax system is still tilted toward the ultra-rich. Today @RepJayapal, @CongBoyle and I are introducing our #WealthTax bill to make the wealthiest Americans pay their fair share. https://t.co/sDgDOKr07F
— Elizabeth Warren (@SenWarren) March 1, 2021
In an interview with MSNBC’s Rachel Maddow, Warren claimed the bill will generate trillions of dollars. However, former President Donald Trump’s economic adviser, Larry Kudlow, said the wealth tax will “kill jobs” and weaken the economy. That’s because the Left is going to tax the people creating jobs and investing in the economy. That’s not a great idea at any time, but especially not during an economic downturn.
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