Elizabeth Warren wants to fund universal child care with a millionaire tax

[TomCADem]

Source: MSN

Democratic presidential candidate and Massachusetts Sen. Elizabeth Warren on Tuesday unveiled a sweeping new proposal for universal child care aimed at providing licensed early childhood care for every family in the country at a cost of no more than 7 percent of that family's income. For families making up to 200 percent of the federal poverty level, under Warren's plan, child care would be free.

"In the wealthiest country on the planet, access to affordable and high-quality child care and early education should be a right, not a privilege reserved for the rich," Warren wrote in a blog post on medium.com Tuesday announcing the proposal.

Warren's plan is projected to cost around $700 billion over 10 years, money which she said would come entirely from the proceeds of her proposed "ultra-millionaire tax."

"The Ultra-Millionaire Tax asks the wealthiest families in America — those with a net worth of more than $50 million — to pay a small annual tax on their wealth," Warren wrote. According to a research paper Warren cited, by two economists at the University of California, the fully implemented millionaire's tax could raise as much as $2.75 trillion in government revenue over the next decade.

Read more: https://www.msn.com/en-us/money/taxes/elizabeth-warren-wants-to-fund-universal-child-care-with-a-millionaire-tax/ar-BBTP5xs?ocid=spartandhp

[sandensea]

1. Trumpkins with four chilluns, and twins on the way, yell:

"Socialism! Grab my gun, Sue Ann!"

"Which one, Jethro?"

[Cicada]

2. Mexico will pay for it

We can just make Mexico pay for it. Through the new NAFTA, like Trump says can pay for the wall. No taxpayer funds needed.

[SunSeeker]

3. K & R

[murielm99]

4. Mexico will pay for it,

and Bernie Sanders will tell everyone it was his idea, not Warren's.

[3Hotdogs]

5. Sponsoring health clinics in rural areas would be a better use of the millionaires' tax.

[oldsoftie]

6. This would simply lead to asset transfers, LLCs, etc.

Which would lead to court cases about what one could be forced to consider an "asset", which would lead to more easily broken rules. Another very simple tax law to avoid. raise 70 billion a year? Good luck with that.

You want to really raise money we need a European style Sales Tax. Every unclaimed dollar is then taxed. The IRS estimates 2 TRILLION in income goes unreported every year; which means the real number is likely to be much higher. I know MANY people who dont report 1/2 their incomes. Its very easy.
Stop with the fantasies of raising enough money for everything we want to do by coming up with new tax schemes that wont raise whats expected and go with what EVERY local county uses when they need money; a sales tax.
THEN we see REAL revenue.

[Bayard]

8. A good argument

But not as sexy as a Millionaire Tax.

[oldsoftie]

11. And thats exactly the point of it; optics. Not real solutions. Nobody wants to do what really works

the 2020 primary cycle is going to be something. Everyone trying to outdo the other with "make the rich pay" schemes that wont deliver whats promised. Meanwhile, we still sit here with a 22T debt & programs most Americans want go unfunded or uncreated. Because NOBODY wants to pay for them realistically.

[Odoreida]

9. I don't mind taxing the hell out of millionaires at all, but ...

I am very suspicious of "universal child care".

It's got a totalitarian feel to it.

[Politicub]

10. How so?

[SKKY]

12. We get the same answer, but I think our math is different....

...I'm a bit suspect of this "Tax Everyone Rich" method of paying for things. We need to be more creative.