Sen. Warren on wealth tax: 'I think most people would rather be rich' and pay 2 or 3 cents more

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Sen. Elizabeth Warren defended her latest wealth-tax proposal on CNBC on Tuesday.

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The Massachusetts Democrat made the comments in an interview onone day after rolling out the proposal for a 2% annual wealth tax on individuals who have a net worth above $50 million. People whose net worth is above $1 billion would face a 3% annual tax under the plan from Warren and other progressives, including Vermont Sen.Warren campaigned on a similar wealth-tax idea during her unsuccessful campaign for the Democratic presidential nomination in 2019 and 2020.

"It's set up now to say, we're not going to collect taxes on any asset worth less than $50,000, so this is not intrusive. It's not about coming into people's homes and valuing their Sub Zeros or figuring out what their four-year-old cars are worth," Warren said on CNBC. "But it says if you've got a fortune above $50 million, you pay on it. And if your fortune is below $50 million, you don't. Good for you, either way," she added. "I think most people would rather be rich and pay 2 cents. This is not very fancy. It really is a tax on fortunes above $50 million."

The idea of a wealth tax in the U.S. has faced a range of criticisms, including from Treasury Secretary Janet Yellen, who has said it has

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ewarren 👍🏾

ewarren bad idea seems, why not rather 🤑provide job trainings to people to raise their salary, 👥mandate e-verify , Increase H1B salary limit 🧐Limit CMS & DOD budget $1.6T max 🤔Invest in Innovation 🏡Promote Healthy living

ewarren So Congress told larger public firms to go into market and sell stock during the pandemic if they need cash. After doing that, when market is normal and cash flow returns, you won’t be able to buyback those shares. Business 101!!! Warren

ewarren Another reason why we need term limits! 🤦‍♀️

ewarren Her use of untruths is without limit

ewarren Leave it up to a politician whose default instinct is to pander...to talk about manipulation. Please. Don’t know if you’ve noticed, but very few networks give her the time of day anymore. She’s doesn’t know what she’s talking about, and that’s dangerous squawkjoe BeckyQuick

ewarren So, according to Senator Warren, if the market were to value your and your partner's shares at something below the liquidation value of the business and your partner wanted to sell his/her share for that reason, it is market manipulation to buy your partner out.

ewarren Here we go...just another excuse for MORE government control in our lives! 🙄

ewarren Elizabeth should start her own company and apply these nonsensical rules that even Cubans would avoid. This is what happen when you put a Poet in the kitchen as the head chef because s/he writes✍️ good recipes.

ewarren Elizabeth Warren, I have to disagree with you, I have a bachelor degree in Finance from Business School, 3 years of experience as a CFO of my own company, and I’m a trader and investor myself. You’re misleading the uneducated ones 👍.

ewarren What is she even talking about? Maybe someone should educate her first before she take over as the chair of the finance sub-committee.

ewarren The stockholders own the company and should expect returns. They then sell those returns and buy things? The money used to buyback stock, belongs to the shareholders anyway.

ewarren I would like to hear a Harvard HarvardHBS professor weigh-in on Senator Warren's perception that buybacks are 'anonymous '. She is one of your best and brightest? I think coursera has some free classes covering this topic. Check it out. tax economy

ewarren What the corporate raiders do... cheat, cheat, cheat the cheater cheating

ewarren Có kinh tế vững vàng vì em cũng khó khăn nên hãy hiểu và yêu thương em.

ewarren Yup a company should hold on to their cash and earn .005 on it as opposed to buying back their cheap shares. Sen Warren is brilliant.

ewarren The government needs to stay out of this! Regulate the manipulation by the management that is playing with the market to benefit themselves . Stock buybacks can’t be taxed while stock splits and reverse splits are not. To be fair, the gain on stock buybacks could be offset

ewarren It is difficult to understand how someone so well educated is so ignorant on the economy, business growth, employment and salaries. I suspect she is like most politicians, she never had to create a job for someone!

ewarren Sometimes I feel like SenWarren and SenSanders are born and raised in the wrong country. Venezuela, China, Laos, Cuba would welcome their communist ideas.

ewarren Not all buybacks are created equal. Buybacks that have become almost systematic and stock price agnostic are at best a poor allocation of capital and at the worst simply a ploy to manipulate EPS to show growth which is rewarded through executive stock option plans.

ewarren This interview had drama and conflict. Good job CNBC script writers.

ewarren Earnings should drive stock price not buybacks! Imagine AAPL’s great qtr, stock drops, buyback shares to get the price it thinks investors should pay...manipulation...🤷🏿‍♂️

ewarren So god damn ignorant

ewarren Wow, lots of haters out there that drank da kool aid! She’s right! Buybacks, splits, reverse splits all manipulate stock value. Increase pay, benefits, capital improvements. stop forcing workers to rely on Govt handouts.

ewarren The purpose of CNBC is to manipulate the markets for the benefit of their hedge fund bosses

ewarren Warren is crazy. That’s why she will never rise to the presidency. Twisted economic logic. I rarely agree with CNBC but they were spot on with this analysis.

ewarren It is great TV when you have utterly stupid people talking as if they know something about what they are talking about.

ewarren How come Sen Warren speaks about the intricacies and balance sheet of a business, when she has never ever run a business?

ewarren incredible that a person in power doesn’t understand this basic concept

ewarren BeckyQuick JoeSquawk funny , ewarren says herself, give the money back to investors. Why limit it to dividends only? Wonder if she really went to school?

ewarren JoeSquawk and BeckyQuick completely screwed SenWarren out of a reasonable response to their loaded questions, shame on you both, especially Becky, I thought you were better than that. Joe is a total douchebag and acted completely as expected, but damn Becky.

ewarren She doesn't like buybacks because they are not a taxable event. Dividends are a taxable event. She is just trying to raise more taxes.

ewarren And existing shareholders claims’ on company cash flows increase. It’s the same thing in reverse!!! Stop it with the populist arguments. She’s a well spoken fraud. And has always made me impressed but angry

ewarren She should be very a jumpsuit like NASCAR drivers with all the donors name on it, so everyone could see who owns her.

ewarren She’s super convincing... and a total idiot. This is not that hard. If the company is short on cash and possibly insolvent, they issue share, dilute existing shareholders, whose “claim” on company cash flows goes down. But if the company has excess cash, they buy shares...

ewarren How many shares of native american heritage did she buy

ewarren On this point, I disagree. It is not manipulation. It may, however, not be the best use of capital and investors should be critical of the firm’s leadership if other projects can yield a higher rate of return.

ewarren Seriously lol

ewarren This is absolutely incorrect. 1. Buybacks are generally announced and approved by the BOD there’s no “anonymous.” 2. Buybacks are a low cost and effective allocation of capital particularly when stock is undervalued. 3. They don’t always inflate price. Stay relevant.

ewarren 🤨

ewarren Let Senator Warren put her money where her mouth is and add a 1% wealth tax on anyone that has saved over $5 million.

ewarren 😑

ewarren She is clueless. Needs to get in the real world.

ewarren She has no clue of what she's talking about.

ewarren Absurd. If company leadership knows that the street is undervaluing the company’s prospects, buying back stock is prudent.

ewarren 🦬

ewarren And she is a senator. Lower my respect for the position

ewarren now do interest free home loans from your employer. That's some 1%er shit the rest of us never see.

ewarren If only Massachusetts had a Democratic governor. ewarren would be an incredible Treasury Secretary.

ewarren This women is a moron but you allow here to spew her nonsense and never once ask her about her own wealth and exactly how did she obtain it all

ewarren Haha

ewarren Do you think this is what people really need right now?

ewarren Here ignorance is laughable, but the fact she's a senator is not.

ewarren Embarrassing herself. It's not about that at all. lol SMH

ewarren Thank God she isn’t president. This is the problem with politicians...how can it be bad to buy back stock, but ok to issue stock. Maybe we should get rid of the stock market because it goes up over time and that isn’t fair.

ewarren One concern is the reference to what companies are doing as “anonymous.” Companies, more often than not (didn’t want to say always), disclose their buyback program. This is done, among other reasons, to avoid insider trading.

ewarren I agree with the Senator on this matter, how about opening another business? How about improving the product or service they provide? The Federal Reserve is a private company ,the Fed Reserve bought all their shares a long long time ago and no one can buy it, it’s unethical.

ewarren as an average thinker--average stock holder---just left of center politically---lover of all stuff on CNBC----i have no clue who is right or wrong here--which leads me to believe it is COMPLICATED

ewarren Warren is RIGHT. They ARE manipulating stock values for the top shareholders to win out and cash out when high, then reboot them when low, cash out when high again. They're also using SOCIAL MEDIA posts to do the same thing. It's CRIMINAL and needs to be regulated, it's danger

ewarren OMG The SquawkCNBC team is so disrespectful. Since when do you guys talk over your guests like BeckyQuick? And then JoeSquawk shaking his head over the idea of raising dividends. How embarrassing. 🤡

ewarren Trying to invent some moral Robinhood-ish high ground about stock buy backs makes absolutely nothing of what she said accurate. If companies cannot buy back their own stock, why would they ever issue stock to the public to begin with?

ewarren The ignorance spewing forth from ewarren should be a wakeup call to all people concerned about the free market.

ewarren How dare people/companies do things they choose with their value. America was not built on such freedoms...

2 or 3 billion more. What a joke. Can’t wait to see what happens to 401ks when these guys have to liquidate stocks to pay the tax. Clear Warren has no fucking idea. It’s a hate and envy tax that will hurt pension funds and 401ks.

It’s only a few pennies fir the babies. Another tax grab that starts with the rich and works it’s way down to the regular people.

Wait !! does it imply that by paying 2-3 cents more, you become rich... and become billionaire..

I think 'most' people would like you to STOP sending our taxes to foreign countries and interests before inventing new ways to tax us.

This point is good Warren. Keep drilling on this one, an forget about the stupid red-herring of stock buyback, Seriously...

Thanks to your great interviewers — NOT! — for delving into the constitutionality of such a tax.

What we need is a progressive flat tax for both people and corporations.

This is exactly right.

How about just letting the rich be rich instead of penalizing them in yet another tax?

Let’s add a tax on people that aren’t sick. I think most people would rather not be sick and pay 3 or 3 cents more.

Watch this:

Than what? Be her?

I think we should have a Congressperson tax where they pay an extra 10%for the privilege of representing the people and to defray the cost of their pensions and medical insurance after they leave office.

Why is it Dems never do what the easiest thing to gather more wealthy? Remove the loopholes? Billionaires will just stash their money overseas, or create a Trust of some sort. Joe K. Here's your choice, 2% tax or raise the LT cap gains rate to 30% on everything over 100k?

See 8

Yes, if you are suddenly rich. If you worked your ass for years, i am sure you would like to keep your 3 cents!

I am not rich. I oppose what Warren is doing. It it theft. Notice, however, how tax raisers always tell us “just a few pennies/dollars” when advocating such theft. It is still theft. Not your money Elizabeth

I don't disagree with this, but we also need to include making government 25% more efficient and effective. Also, stimulating small business and innovation growth. These measures over 10 years (may) wipe out the $20T+ debt and have a shot at rebuilding a strong middle class.

Surely Lizzy got her economic knowledge out of a Cracker Jacks box surprise!! 🤬

She looks like a camel. Never let the camel get its nose under the tent. Starts a $50M...next it will be $30M...then 5%...then 20%.

Translation. 2% or 3%.

Convenient how multi-millionaire SenWarren starts the WealthTax above her own personal net worth so she won't be affected by it.

This time for real, it’s all the revenue we’ll need!

How we gonna build highways and fund a military?

Rich ppl make laws for poor ppl to keep them poor.

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