Elizabeth Warren's new plan to fight wealth inequality is 'FLAT-OUT un-American' (and unconstitutional)

Have you heard? Elizabeth Warren is floating a “wealth tax” to fight wealth inequality:

SCOOP: @SenWarren is proposing a "wealth tax" on those with more than $50 million, in an attempt to combat soaring wealth inequality

The tax would hit those above $50M w/ a 2% wealth tax, & those above $1B w/ 3% wealth tax. Would raise $2.75T/10 yearshttps://t.co/Vllt3M3I9a

— Jeff Stein (@JStein_WaPo) January 24, 2019

Because what’s more American than literally trying to punish success?

Warren’s proposal includes at least three new mechanisms to combat tax evasion, according to a person familiar with the plan. Those are a significant increase in funding for the Internal Revenue Service; a mandatory audit rate requiring a certain number of people who pay the wealth tax to be subject to an audit every year; and a one-time tax penalty for those who have more than $50 million and try to renounce their U.S. citizenship.

Now that the news has broken, Warren has taken to Twitter to promote her foolproof and not-at-all horrible plan to Make America Fair Again:

The rich & powerful run Washington. Here’s one benefit they wrote for themselves: After making a killing from the economy they’ve rigged, they don't pay taxes on that accumulated wealth. It’s a system that’s rigged for the top if I ever saw one.

— Elizabeth Warren (@ewarren) January 24, 2019

We need structural change. That’s why I’m proposing something brand new – an annual tax on the wealth of the richest Americans. I’m calling it the “Ultra-Millionaire Tax" & it applies to that tippy top 0.1% – those with a net worth of over $50M.

— Elizabeth Warren (@ewarren) January 24, 2019

“Tippy top.” Borrowing phrases from Alexandria Ocasio-Cortez suggests Lizzie’s really thought this through.

It would make the ultra-rich pay their fair share & generate nearly $3 trillion over the next 10 years. A lot of rich and powerful people won’t like it – but I don’t work for them. Sign our petition if you agree: It’s time to tax the wealth of the top 0.1% https://t.co/3L5jbCCQ6x

— Elizabeth Warren (@ewarren) January 24, 2019

Except her framing this as “taxing the wealth” is incredibly disingenuous.

To be clear, a wealth tax is a tax on savings. It’s not a tax on, say, really big yachts. It’s a tax on income that was already taxed, the remainder of which someone then saved and invested instead of spent. https://t.co/hXGQzUlvlV

— Kerfuffle Actual? (@shoshido) January 24, 2019

Why doesn’t she just call this what it is: Unconstitutional.

4. This is unconstitutional

— Sowzee (@Sowzees) January 24, 2019

And unconstitutional on its face. https://t.co/e6kqtFtFlc

— RBe (@RBPundit) January 24, 2019

Also it's unconstitutional to tax assets. The gov only has authority to tax income.

— Phil (@earlp1231) January 24, 2019

You realize you would need a constitutional amendment for that right lol

— Dani VasNormandy (@DanneskjoldDani) January 24, 2019

Good god. This is worse than the income tax proposal.

And would require a constitutional amendment.

— Sandra (@seb4466) January 24, 2019

Well, to be fair, hard leftists like Elizabeth Warren don’t seem to put much stock in the Constitution.

FLAT OUT Unamerican. https://t.co/0VdJIioBMo

— Nathan, son of Robert (@NathanWurtzel) January 24, 2019

At least it used to be un-American. We can only hope that Warren gets raked over the coals for pushing this terrible idea.

1. This isn't really much of for wealth inequality.
2. The rich will move assets abroad, etc. It will, ultimately, hurt the US.
3. For easier to just increase the top marginal rate; in that, @AOC plan makes more sense than this, actually. https://t.co/iV1fUMpEpK

— Pradheep J. Shanker, M.D., M.S. (@Neoavatara) January 24, 2019

One thing’s for sure: At the rate we’re going …