Elizabeth Warren 2020 Nov 6, 2019 18:50:54 GMT
Post by Admin on Nov 6, 2019 18:50:54 GMT
The angry conservative reaction to Sen. Elizabeth Warren’s tax proposals is quite revealing. They expose a particular intellectual tendency, one that goes beyond merely opposing higher taxes into a more fundamental defense of the American model of political economy. It’s a sense that the basic contours of America’s system, despite yawning inequality and the undeniably outsized influence of the rich over politics, is fundamentally just — and that the attempts to reform it are illegitimate efforts to impose tyrannical forms of majority rule.
One of the most interesting expressions of this view came from Michael Strain, the director of economic policy studies at the center-right American Enterprise Institute. Strain has a reputation as a thoughtful policy type; he recently wrote a Bloomberg column arguing that Warren’s proposal to tax fortunes above $50 million likely would not raise as much revenue as her campaign says it would. (Sen. Bernie Sanders has also proposed a wealth tax.)
But his opposition to Warren’s wealth tax is actually much deeper: He argues that it wouldn’t just be ineffective for Warren to tax the wealth of the super-rich, but morally wrong.
“Warren’s tax could cut roughly in half the fortunes of the very wealthy over its first 10 years. The aggressiveness of her plan should not be understated,” he wrote as part of a series of tweets on Tuesday. “All Americans deserve protection from the tyranny of the majority, including the very rich.”