(CNSNews.com) - Sen. Elizabeth Warren (D.-Mass.) said at a town hall in Los Angeles on Wednesday that she would like to see federally funded universal child care for “every baby in this country” from birth to five years of age.
Warren would pay for that program, and others, by imposing a two-percent tax on the wealth of people whom she describes as being the top “one-tenth of one percent.”
“All we’re saying is, when you make it to the top, the top of the top, the top of the top of the top—one-tenth of one percent-- pitch in two cents so everybody else gets a chance to make it in America,” Warren said.
“Two cents. Two cents. Two cents. Two cents,” she said.
The crowd then chanted: “Two cents.”
““So what can we do with two cents? You ready?” said Warren. “Oh, what can we do with two cents. And the answer: We can do universal child care for every baby in this country age zero to five. All of them. All of them. Every one of them.”
Warren also listed other things she would like to fund with her tax on the “top one-tenth of one percent.” These included: universal pre-K, increased wages for childcare workers and pre-school teachers, tuition-free community college and four-year college, expanded Pell Grants, and $50 billion in funding for historically black colleges and universities and minority-serving institutions.
"The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more-roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period. The Ultra-Millionaire Tax would impose:
--Zero additional tax on any household with a net worth of less than $50 million (99.9% of American households)
--2% annual tax on household net worth between $50 million and $1 billion
--1% annual Billionaire Surtax (3% tax overall) on household net worth above $1 billion
The Ultra-Millionaire Tax also includes strong anti-evasion measures, including but not limited to:
--a significant increase in the IRS enforcement budget;
--a minimum audit rate for taxpayers subject to the Ultra-Millionaire Tax;
--a 40% "exit tax" on the net worth above $50 million of any U.S. citizen who renounces their citizenship; and
--systematic third-party reporting that builds on existing tax information exchange agreements adopted after the Foreign Account Tax Compliance Act."
Here is a transcript of the part of Warren’s speech at her town hall in Los Angeles where she explained what she would like to do with the revenue from her proposed “Ultra-Millionaire Tax”:
“All we’re saying is, when you make it to the top, the top of the top, the top of the top of the top—one tenth of one percent-- pitch in two cents so everybody else gets a chance to make it in America.
"Two cents. Two cents. Two cents. Two cents. I’m ready.
“So what can we do with two cents? You ready. Oh, what can we do with two cents. And the answer: We can do universal child care for every baby in this country age zero to five. All of them. All of them. Every one of them.
“Plus, universal pre-K for every three-year-old and four-year-old in this country.
“Plus, raise the wages of every childcare worker and pre-school teacher to the professional levels they deserve.
“We can do all of that for our babies, plus, we can provide tuition free technical school, community college, four-year college, for everyone who wants to get an education.
“Plus—I’m not through yet—we can expand Pell Grants, so it’s a meaningful chance to go to college for people and families without money.
“Plus, we can level the playing field. We can put $50 billion into historically black colleges and universities and minority-serving institutions.
“We can do this.
“We can do all of that, plus—two cents—we can cancel student-loan debt for 95 percent of the country.
“Think about that.
“I just want everybody in here to reflect for a minute on how badly broken this economy is that two cents from the top one-tenth percent would let us make an investment in an entire generation. Think about that. Think about that.”