Elizabeth Warren's plans to fix America will cost at least $5 Trillion in new taxes
Elizabeth Warren, if elected president, could cost Americans a staggering $5 trillion in new taxes to put her proposed plans in action to 'fix America.'
Some of Warren's plans include things such as free child care and doing the election systems over, which according to Washington Times, could cost $5 trillion alone over the course of a decade. This number is not including 'Medicare for All' which would increase the spending enormously, nor did it fully include the "Green New Deal."
"The Washington Times’ tally of a $5 trillion price tag did not include the cost of fully implementing a “Green New Deal” environmental makeover of the U.S. economy, estimated at between $52 trillion and $93 trillion, or Medicare for All, estimated at between $28 trillion and $32 trillion.
Ms. Warren also wants to spend $700 billion on universal free or reduced-cost child care, $518.5 billion to bolster federal housing programs, $231.9 billion to boost rural health care and broadband services, and $153.5 billion to help farmers."
Warren also has a college plan that would be paid for by something referred to as an "ultra-millionaire tax" that she believes could generate at least $2.75 trillion in just a decade. The question there is what will millionaires do to offset any new taxes to avoid paying more and losing their own money.
Washington Times says Warren's plan will go after assets like jewelry and real estate, not particularly income.
"It is obvious that her plans are gaining her support, but there is a lot more time and scrutiny that will go on before she becomes the nominee,” said Democratic strategist Joe Trippi. “Part of that will be how do you pay for it and how do you make it work."
It should also be stated that Warren's ideas, while they appear extreme and expensive, would still need to get beyond the Senate. Many of her plans will not make it through far enough to be passed and put into action.
To put it in comparison, there is Joe Biden who has more support from Democrats and suggests to some people that there is no way we will get all of those ideas proposed by people like Warren.
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“Sen. Warren’s idea that the federal government should spend trillions of dollars more than already budgeted in the years ahead is absurd. The federal budget is already on a collision course with disaster,” said Chris Edwards, director of tax policy studies at the libertarian Cato Institute and editor of the blog Downsizing the Federal Government."
The concept of giving so many things for free comes with requiring people to pay for it through their taxes.
Nothing is actually free, the cost of things are just paid for in another way.
One argument that comes with the idea of "free college" or "free healthcare" is that the quality will suffer and that people who had high quality healthcare will not want this. There are also people who have already went to college and are paying their school loans who will not benefit from free college, therefore they do not want to pay for it in their taxes.