Who Knew 2 Cents Could Go So Far?
Who Knew 2 Cents Could Go So Far?
Notes From The Field By Simon Black
November 21, 2019 San Juan, Puerto Rico
About a week and a half ago I had a terrible sinus infection… I’m talking -really- bad. My sneezes were so ferocious that I half-expected the US Geological Survey to register them on the Richter Scale.
In the midst of all that misery, I became acutely interested in the health care plans of leading US Presidential contenders… and stayed up late at night when I couldn’t sleep combing through their solutions.
Most of all I was curious how they intended to pay for everything.
Now, because I graduated from the Third Grade, I apparently have an unfair advantage when looking at the numbers.
2 + 2 = 4 in my world. But with this BS monkey math that passes as legitimate public policy, they make the numbers whatever they want them to be.
And their fantasy arithmetic was on full display in last night’s Presidential debate.
Elizabeth Warren claimed that her “2 cent” wealth tax would pay for universal child care, universal pre-school, funding for historically black colleges and universities, funding for public schools, free university education, the cancellation of student debt, and of course, Medicare for All.
Wow. Who knew that 2 cents could go so far?
Now here’s the cost of those programs over ten years, according to her own website:
Child care and pre-school: $700 billion
Historically Black Colleges and Universities: $50 billion
Public school funding and wage increases: $800 billion
Cancellation of student debt: > $1.5 trillion
Free tuition at public universities: $700 billion
So, before we even get to Medicare for All, the total bill is already more than $3.75 trillion over the next decade.
But Warren herself claims that her Ultra-Millionaire “2 cent” wealth tax would raise only $2.75 trillion over the next decade. That’s a trillion dollars less than what she needs to pay for just a handful of proposals.
Then there’s the “Medicare for All” proposal, which she also acknowledges would cost $50 trillion over ten years. It dwarfs the cost of all of her other plans combined.
Clearly the $50 trillion program cost vastly exceeds the projected $2.75 trillion wealth tax revenue.
But not to worry! In addition to the ‘2 cent’ ultra-millionaire tax, she also claims that she would pay for Medicare for All by increasing the corporate tax.
This is probably the biggest logical fallacy of all.
Back in 2017 when the government slashed the corporate tax from 35% to 21%, the stock market SOARED in response.
So guess what’s going to happen if they raise the corporate tax back up to 35% or more? The stock market is going to drop. Duh.
And if the stock market drops, the amount of wealth held by ultra-millionaires will drop too.
To continue reading, please go to the original article here:
https://www.sovereignman.com/trends/who-knew-2-cents-could-go-so-far-26580/