Warren: Give Taxpayer Money to ‘Entrepreneur' Minorities to 'Level Playing Feild'
2020 hopeful vows to close the 'Entrepreneurship Gap'
Massachusetts Sen. Elizabeth Warren proposed policy during the presidential primary debate in Las Vegas that could "level the playing feild" when it comes to minorities and entrepreneurship.
The progressive presidential candidate outlined her proposal for closing the “entrepreneurship” gap between white people and minorities.
“We have an entrepreneur gap in America, and that is a gap between white entrepreneurs and black and Latino entrepreneurs," Warren stated.
"And the principal reason for this is they don’t have the money for equity to get the business started,” she said.
“It’s about a $7 billion gap," she added.
"We want to have real entrepreneurship and a level playing field,” Warren continued.
“I have a plan to put the $7 billion in to have the fund managed by the people who are routinely cut out. It can’t just be about taxes; we need to make an investment to level the playing field."
Though Warren's idea seems straight forward enough, the reasoning behind it is not.
Warren begins with a number - $7 billion in capital between white entrepreneurs and black and Latino ones.
Then her plan concludes with what seems to be racially motivated, redistributing $7 billion to those minority groups simply to "level the playing field."
It's worthwhile noting that a lot of Warren's ideas come with a 'taxpayer-funded' tag.
Last year, Warren declared that transgender prison inmates are "entitled" to receive taxpayer-funded gender assignment surgery.
Warren argued that the state should pay for incarcerated convicts to have sex-change operations, no matter the crime committed by the criminals.
In November, Warren vowed that her taxpayer-funded "free" health care plan would cover everyone in America, including illegal immigrants.
The presidential candidate said her "Medicare-for-All" plan covers "everyone, regardless of immigration status."
Warren pledged while speaking at an "El Chisme 2020" event Friday before an audience of liberal activists.
There’s a startup gap between white entrepreneurs and Latino entrepreneurs. The principal reason is that Latino entrepreneurs don’t have the equity to get businesses started. I have a plan to put $7 billion in a fund to help people who are routinely cut out. #DemDebate— Elizabeth Warren (@ewarren) February 20, 2020
According to calculations, Warren's (D-MA) proposed tax plan could sting some Americans with rates way above 100 percent.
The progressive Senator's tax plan could see billionaires and millionaires paying taxes at rates as high as 158%; an analysis found last year.
According to a report in The Wall Street Journal
Potential tax rates over 100% could result from the combination of tax increases the Massachusetts senator proposes for the very top tier of investors.
She wants to return the top income-tax rate to 39.6% from 37%, impose a new 14.8% tax for Social Security, add an annual tax of up to 6% on accumulated wealth and require rich investors to pay capital-gains taxes at the same rates as other income even if they don’t sell their assets.
Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend, or interest.
If all of Ms. Warren’s taxes are implemented, he could owe 58.2% of that or $35 in federal tax.
Plus, his entire investment would incur a 6% wealth tax, i.e., at least $60.