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How Elizabeth Warren’s greedy wealth tax will make us all poorer

What irony: The Democrats in Congress who repudiated President Donald Trump’s “Build the Wall” plan to secure our border now want to construct a financial Berlin Wall to prevent Americans from leaving.  

Sen. Elizabeth Warren (D-Mass.) last week introduced legislation to establish America’s first-ever wealth tax: a 2% per year levy on the wealth — not the earnings, but the holdings — of those with assets worth $50 million or more, plus an extra 1% imposed on billionaires.

She calls it the “Ultra-Millionaire Tax,” saying that for every dollar held by a rich person, “they pay just two cents.”

That may not seem too confiscatory, but remember, it’s an annual tax — so over a decade it could snatch away one-third of the savings built over a lifetime.

Over 25 years it could grab two-thirds of a billionaire’s wealth.  

Warren estimates her sock-it-to-the-rich plan would raise $6.2 trillion over the next decade — a preposterous exaggeration.  

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And she wouldn’t use the money to lower the national debt, now nearing $40 trillion.  

The senator would spend the cash for a smorgasbord of new federal welfare programs: more public housing, expanded Medicare and Medicaid subsidies, free community college and “universal”........

© New York Post