But the piggy bank that Ms Warren wants to use to accomplish her sweeping policy promises won't be almost as flush with cash as she believes, the University of Pennsylvania's Penn Wharton Budget Model, which provides nonpartisan analysis of public policy proposals, found yesterday. Warren's campaign pushed back, saying the analysis was of a "different and worse" plan than what the senator is proposing.
The proposed wealth tax will raise between $2.3 trillion and $2.7 trillion over ten years, roughly about $1.0 to $1.4 trillion less than the Warren campaign's estimate.
A University of Pennsylvania Penn Wharton Budget Model - which offers nonpartisan analysis of public policy proposals - estimates, though, that Warren's tax would raise between $2.3 trillion to $2.7 trillion over a decade.
"This analysis does not look at Elizabeth's actual plans - it does not take into account the strong measures to combat tax evasion in their wealth tax, and does not even try to analyze the specific investments that Elizabeth intends to make in property tax revenues, which is an analysis of another and poorer plan than Elizabeth's, using unsustainable assumptions about the functioning of the economy and its conclusions, which are meaningless".
The 0.9% cut in gross domestic product relied on the scoring conventions used by the Congressional Budget Office where additional government revenue generated from plans is directed towards reducing the deficit - a move that bolsters growth in the study's framework.
"Rather than reduce their consumption, they're gonna pay that tax out of savings".
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The model says the new tax would reduce "private capital formation" enough to drive the USA economy's average wage down between 0.9pc and 2.3pc, even affecting households not rich enough to qualify for the tax.
"There's a fundamental trade-off between how much money you raise and the impact it's going to have on the economy", Smetters said. She has for months shrugged off criticism from some in the business community who worry about her wealth tax hurting financial markets and other economic indicators, even selling mugs labeled "Billionaire Tears" on her campaign website.
Most of her assertions are backed by an all-star panel of experts, including Mark Zandi of Moody's Analytics, Simon Johnson, former chief economist of the International Monetary Fund, and leading inequality and tax specialists Emmanuel Saez and Gabriel Zucman of University of California, Berkeley. And how might a wealth tax affect the economy? Then it would be ramped up to 6% for fortunes totaling over $1 billion.
If revenue is spent on a program that improved worker productivity levels, the tax plan would cut the nation's GDP by 1.1% in 2050.
For more information, read the report: "Senator Elizabeth Warren's Wealth Tax: Projected Budgetary and Economic Effects" or watch PWBM's Wealth Tax Explainer Video.