Elizabeth Warren proposes taxes in 2020 election targeting rich, corporate

Elizabeth Warren proposes taxes in 2020 election targeting rich, corporate

Senator Elizabeth Warren, the presidential candidate for 2020 elections has made quite an impact through her campaign. She has started an odyssey to make America better with her policies. Although her idea to corner the rich and corporate has embittered the easily accessible donors as well as politicians of high ranks in Republic and Democratic parties, voters are indeed impressed. Warren has promised a bunch of plans to execute if she finds victory in 2020 elections.

Warren’s introduction of Ultra-Millionaire tax has reached highest of popularity. According to this plan, every household would have to pay 2% tax for each dollar that they have above $50 million. This would lead to 3% tax on households to levy if the earning is more than $1 billion. Warren has given an estimation of $2.75 trillion revenue within next decade if the plan can be executed. This would automatically bring in finance to fulfill her other plans like free public college, global child care and removing off all student loans. U.S citizens who wanted to trick the former tax by renouncing citizenship would have to pay 40% “exit tax” in exchange of the former tax.

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Excessive Lobbying Tax is targeted towards trade organizations and corporations so that they can no more manipulate government to make more expenditure. It would automatically levy tax on companies that has expenditure between $500,000 and $1 million for lobbying with a rate of 35%. The rate would be 60% for firms spending more than $1 million and 75% for more than $5 million. The huge amount collected from it would directly go to “Lobbying Defense Trust Fund” which is meant for building a strong government which does not get manipulated by lobbyists. Corporate tax would be 7% for each dollar after $100 million that the company has listed under profits. She has also decided on providing Medicare for every resident.

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