Warren on Wealth Tax: Assets Worldwide Will Be Taxed With A "Very High Rate of Monitoring, Auditing"

|

Democratic candidate for president Sen. Elizabeth Warren (D-MA) explained her plan to tax wealth separately from income in an interview Thursday night with MSNBC's Chris Hayes. Warren said the way her bill is designed wealth would be transferred through a "high rate of monitoring and auditing" on the "ultrarich." Hayes fretted that even if a wealth tax does pass Congress, "they are going to find a way out of it."

"So the way that this is written is to say is to say first all of going to tax all your assets wherever located around the globe," Warren said. "So if you were planning to move them to Switzerland or some island, doesn't make any difference. They are all going to be taxed."

"We're going to be out there counting them and watching them," the presidential candidate warned.





"The ultra-rich have rigged our economy & rigged our tax rules. We need structural change. That’s why I’m proposing something brand-new: An annual wealth tax on the tippy-top 0.1%. We’d get $3 trillion in new revenue to invest in rebuilding the middle-class. Let’s make it happen," Warren tweeted in a video message Thursday night.

Warren said money taken through the taxation of wealth will go toward building "opportunity for the rest of America."

"The first thing I hear when I look at this (wealth tax) and talk to other people is 'they're going to get out of it.' If you pass this and you try to go to Wilbur Ross's assets or you try to come after Donald Trump's assets or any of these people they are going to find a way to get out of it," Hayes said.

SEN. ELIZABETH WARREN (D-MA): Look at it this way. For years now, for decades now, rich people have gone to Washington and said, 'just tilt the playing field in our favor just a little bit.' And then they come back and say, 'tilt it just a little bit more.' And the next year, 'tilt it just a little bit more, just a little bit more, just a little bit more.' Until today, in America, the top 1/10th of one percent has amassed about as much wealth as 90% of America...

The consequence of having amassed that much wealth is bad for our economy -- a tiny group of people making decisions that always tend to favor a lot of big corporations -- and bad for our democracy because it means, just like you hear, it's now a democracy that is influenced by the wealthy, the well-connected, and it's not working for the people.

CHRIS HAYES, MSNBC: Here's my question to you: the first thing I hear when I look at this (wealth tax) and talk to other people is 'they're going to get out of it.' If you pass this and you try to go to Wilbur Ross's assets or you try to come after Donald Trump's assets or any of these people they are going to find a way to get out of it. What do you say to that?

WARREN: I say you think I didn't see that one coming?

So the way that this is written is to say is to say first all of going to tax all your assets wherever located around the globe. So if you were planning to move them to Switzerland or some island, doesn't make any difference. They are all going to be taxed.

The second part of it is we're going to build right into the administration of this tax that it has a very high rate of monitoring, of auditing. The rich people on the ultra-millionaire tax. So we're going to be out there counting them and watching them.

And the third part is once you identify these assets, it's actually not that complicated and hard because unlike some other places that tried to build this one isn't going to have a bunch of exceptions. This one says all your assets wherever located and we're going to keep counting. And you're going to have to to pay if you have more than $50 million in assets. This is the ultrarich. You're going to have to pay 2% a year of that amount over $50 million.

And here's the deal about the money though. I want to underline this part. It's to use that money to build opportunity for the rest of America.

Comment
Show comments Hide Comments

Latest Political Videos

Video Archives