日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
World
Home / World / Americas

Wealth tax debate rages ahead of US election

By SCOTT REEVES in New York | CHINA DAILY | Updated: 2019-12-03 07:45
Share
Share - WeChat
Bill Gates, Co-Chair of Bill & Melinda Gates Foundation, attends a conversation at the 2019 New Economy Forum in Beijing, China, Nov 21, 2019. [Photo/Agencies]

Democratic Party contenders ask crucial question

Senators Bernie Sanders and Elizabeth Warren, candidates for the Democratic Party's presidential nomination in the United States, have posed a fundamental question about the role of taxation.

Should it, as they advocate, be used to close the income gap between rich and poor or, as Republicans argue, should tax policy foster economic growth?

How voters in next year's presidential election answer those questions could affect the future of the Democratic and Republican parties-and the US.

Sanders, 78, is an independent from Vermont and self-proclaimed socialist who usually votes with the Democrats. He has pledged to run as a Democrat if he wins the party's nomination. He told CNN he seeks "to tax billionaires out of existence" because "billionaires shouldn't exist".

He proposes a 5 percent tax on incomes between $1 billion and $2.5 billion, rising to 8 percent for wealth of more than $10 billion. Sanders believes his plan will raise $4.35 trillion over the next decade.

"We cannot afford a billionaire class whose greed and corruption has been at war with the working families of this country for 45 years," he said.

"Do I think we should demand that the wealthiest top one-tenth of 1 percent start paying their fair share of taxes so we can create a nation and government that works for all of us? Yes, that's exactly what I believe."

Warren, 70, from Massachusetts, said she is "a capitalist to my bones" but told Bloomberg TV, "Encouraging companies to build their business models on cheating people-that's not capitalism."

Warren proposes a 2 percent surtax on net worth in excess of $50 million and 3 percent on more than $1 billion. She does not seek to tax billionaires out of existence, but wants them to pay what she sees as their "fair share". She believes her plan will raise $3.75 trillion over 10 years.

Both senators propose using this new revenue to fund universal healthcare, infrastructure, free tuition at public universities and extending health coverage to those who enter the US illegally-policies estimated by critics to cost more than the new taxes would raise.

Critics say the senators' revenue forecasts are based on faulty assumptions and are therefore overly optimistic. Both Sanders and Warren apparently assume that billionaires won't shelter as much income as possible and would continue to earn as much if they could keep less.

Lawrence Summers, former president of Harvard University who served as treasury secretary under president Bill Clinton from 1999 to 2001 and economic adviser to president Barack Obama from 2009 through 2010, believes new taxes proposed by Sanders and Warren would raise about $25 billion a year.

"For progressives to invest their energy in a proposal that the Supreme Court has a better than 50 percent chance of declaring unconstitutional, that has very little chance of passing through the Congress, whose revenue potential is extraordinarily in doubt, for that to be the defining element of the progressive agenda in the United States, it seems to me potentially to sacrifice an immense opportunity," he said.

Summers made the comments in October at a panel discussion sponsored by the Peterson Institute for International Economics in Washington.

In an opinion piece published in The New York Times, Daniel Hemel, a law professor at the University of Chicago visiting at Harvard, and Rebecca Kysar, a law professor at Fordham University, said the proposed wealth tax may be unconstitutional.

"The constitutional objection to wealth taxation is based on two clauses that require any 'direct tax' to be apportioned among the states based on population," the professors wrote. "Since 12 percent of the population lives in California, Californians must pay 12 percent of any direct tax.

"To match revenue fractions to population percentages, as the Constitution's direct tax clauses demand, we estimate that the wealth tax rate in West Virginia-the poorest state per capita-would need to be roughly 10 times the rate in more affluent California and more than 20 times the rate in prosperous Connecticut. That would be a deal breaker."

Billionaire Mark Cuban, owner of the National Basketball Association team the Dallas Mavericks and worth an estimated $4.1 billion, scorned Warren's proposed billionaire tax and said her estimated income and net worth of $12 million placed her among the top 1 percent of wealthiest people in the US.

"She is selling shiny objects to divert attention from reality. Haven't we had enough of that from @realDonaldTrump?" Cuban tweeted. He believes Warren's motives are malign, "The reality for@ewarren is that this is as much to divert attention from her income and net worth as anything else."

1 2 3 Next   >>|
Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 国产精品久久久久久久午夜 | 亚洲在线观看 | 国产免费一区二区 | 免费无遮挡很爽很污很黄 | 日韩精品视频免费 | 国产麻豆传媒视频 | 成人免费毛片视频 | 欧美亚洲精品在线 | 麻豆资源 | 久久成人免费观看草草影院 | 久久国产精品99久久久久久牛牛 | 凛子小姐想试试 | 欧美二区视频 | 亚洲九九 | 高清毛片免费看 | 亚洲成人偷拍 | 性做久久久久久免费观看欧美 | 91tv在线观看 | 欧美电影精品久久久久 | 天天影视色香欲综合网老头 | 操日日| 12306午夜被窝播播影院yw188 | 日韩视频在线免费观看 | 国产精品久久久久久久久久 | 久久精品国产999大香线焦 | av在线毛片| 欧美一级网站 | 久久久国产视频 | japanese嫩21videos | 欧美一区二区三区久久久 | 天天操一操 | 久久伊人免费视频 | 欧美一级特黄毛片免费 | 免费v片 | 天天操伊人 | 欧美综合久久 | 日韩成人三级 | 欧美区在线 | 天天插天天操天天射 | 亚洲国产一区二区视频 | avtom影院 首页亚洲 |