Can American billionaires cover the cost of Warren's health plan?

Do the math. Elizabeth Warren's plans, let alone AOC's, would not be covered even if every billionaire in the US was stripped of all he owns.

Mark Langfan

OpEds Elizabeth Warren
Elizabeth Warren
Mark Langfan

Democratic hopeful Sen. Elizabeth Warren says confidently, that she has “a plan” for everything.  One of her more popular plans is a confiscatory 2% wealth-tax on the assets of America’s wealthy.  An even grander plan is her “Medicare-for-all” health plan that would wipe out the American health insurance industry and make America’s entire private health system a government-run bureaucracy. 

A recent financial estimate of her Medicare-for-all costs tallied some $53 trillion over ten years, and this is without estimating the cost of covering illegal immigrants.  Sen. Warren glibly explained that she was going to pay for the $53 trillion plan by taxing America's billionaires. 

However, adding up the total net worth of the top 400 American billionaires only reaches about $3 Trillion. Even if you render every US billionaire penniless, the total only covers about 8 months of Warren's plan.

Sen. Warren (like the entire Democrat party) is a fraud.  A bigger fraud is being perpetrated by the American news media which has decided to ignore that reality.

The methodology employed to reveal the total net worth of the top 400 American billionaires did not demand sophistication.: I googled the Forbes 400 list and just added up the published net worth of each of them.  Most of of these billionaires have either public easily verifiable stock values or like to over-estimate their wealth, so the Forbes numbers are fairly accurate.

Exactly what did Sen. Warren say?  She recently stated, on November 2, 2019, that: “It doesn’t raise taxes on anybody but billionaires,” Ms. Warren told reporters in Dubuque, Iowa, when asked what income bracket she defined as “middle class.” She added, “And you know what? The billionaires can afford it.”

The $3 trillion total also makes Sen. Warren’s 2% Wealth Tax an out-and-out fraud.  For, 2% of $3 trillion is barely $60 billion. and that wouldn’t cover a week’s cost of Warren Medicare-for-all, let alone the yearly bill of $53 trillion.

And Sen. Warren’s “wealth-tax” on assets is actually unconstitutional.  The United States had to pass a constitutional amendment to allow the Federal government to tax its citizens’ incomes in the first place. In the face of a 2% income tax having been struck down as unconstitutional by the US Supreme Court, on July 2, 1909 Congress passed the 16th Amendment which authorized the Federal government to tax income. It  was ultimately ratified, after 4 years by the states, on February 2, 1913.

The actual amendment reads: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. 

The key operative words are “Congress shall have the power to lay and collect taxes on incomes. . ..”  Nowhere does the Amendment authorize taxes on “assets.”  Hence, any tax on “assets” will likely be constitutionally challenged and rejected.

And apart from the legal challenges, does anyone think the Forbes 400 are just going to sit there and not put their assets into some type of charitable trust far from the reach of any taxes?.

What the bare raw numbers prove is that since all the assets of the Forbes 400 can’t cover more than 6 or 7 months of Sen. Warren’s Medicare-for-all, the entire Democrat slogan of tax the rich to pay for the $53 trillion Health care scheme and AOC’s $51-93 trillion “Green New Deal”  are both total frauds.  The entire Democrat Party is in on the Big Lie called "tax the rich" to pay for everything.  

The greatest danger is not the fraudulent Democrat Party spewing "divide and conquer" politics.  The greatest danger is the American media that is hiding the truth of the Democrat’s fraud from the American people.  And, it’s not like the media doesn’t know the total net worth of America's billionaires. 

In a recent Washington Post article, the paper reported that the total wealth of the entire world's billionaires adds up to $8.5 trillion..  Any Washington Post reporter could have quickly realized that if the world’s total billionaires are only worth $8.5 trillion, then America’s billionaires have to be worth at most half of that number.

Nevertheless, in one article the Washington Post reporters find it possible to report that the total net worth of the world's billionaires is $8.5 trillion, and on the next page the very same reporters blithely report that Sen. Warren’s Medicare plan will cost $53 trillion over 10 years, while AOC’s Green Deal Plan will cost $93 trillion. 

What we are witnessing is an evil conspiracy with the Democrat Party to cause America’grave harm.

In conclusion, Sen. Warren is a fraud, and the Democrat Party is a bigger one.  Unless we Americans start to educate ourselves, and dig ourselves out from under the American Legacy Media’s Big Lies, we will soon find ourselves enslaved to malevolent forces beyond our imagination.