Andrew Yang criticized Elizabeth Warren’s wealth tax plan on Tuesday during the CNN/New York Times debate, stating that it would have “massive implementation problems” and would not “generate the revenue” projected.

Here’s the key exchange:

Erin Burnett: “Mr. Yang, your response. Would you impose a wealth tax?”

Yang: “Senator Warren is 100% right that we’re in the midst of the most extreme winner take all economy in history, and a wealth tax makes a lot of sense in principle. The problem is that it’s been tried in Germany, France, Denmark, Sweden, and all of those countries ended up repealing it because it had massive implementation problems and did not generate the revenue that they had projected.”

Warren’s “wealth tax” has even been criticized by the Washington Post editorial board, noting it "conveys a certain authoritarian odor."

As Americans for Tax Reform previously stated, a wealth tax would empower IRS agents to keep a list of all household assets, which is extremely intrusive.

In addition, the Warren “wealth tax” would be ruled unconstitutional, and as Yang stated, the tax has been repealed by the following countries: Sweden, Denmark, The Netherlands, Austria, Finland, France, Germany, Iceland, Luxembourg, Ireland, and Italy.

These countries found the tax to be unworkable and economically harmful.

See more:

Klobuchar: I Would Repeal “Significant Portions” of the Tax Cuts and Jobs Act

Biden on Warren Dodging Middle Class Tax Question: “This is Ridiculous. Absolutely Ridiculous.”

Buttigieg Grills Warren for Dodging the Middle Class Tax Question

Biden: I Will Raise the Capital Gains Tax to 39.5%

Elizabeth Warren Can’t Stop Dodging the Middle Class Tax Question

VIDEO: 17 Times Elizabeth Warren Has Dodged the Middle Class Tax Question

VIDEO: Warren Keeps Dodging the Middle Class Tax Question

Biden: “I’m Gonna Double the Capital Gains Rate to 40%”

Tax Hike Bernie Says He’ll Tax All Income Over $29K 

Video: Warren Dodges Middle Class Tax Question Again

Biden Calls for Full Repeal of Trump Tax Cuts

Biden Attacks Warren: "She's Going to Raise People's Taxes”

Video: Media Fed Up with Elizabeth Warren Tax Dodge

Biden: End "Trump's Tax Cut for The Top Tenth of One Percent"

Booker: “My plan would reverse those toxic Trump tax cuts”

Stephen Colbert Calls Out Warren for Dodging Middle Class Tax Question

Video: Warren Dodges MSNBC’s Middle Class Tax Questions

Elizabeth Warren is Still Dodging the Middle Class Tax Question

Video: 2020 Democrats Promise Higher Taxes

Biden Caught Lying about GOP Tax Cuts

Bill De Blasio: “As President, I Would Issue a Robot Tax”

Biden Endorses Carbon Tax

Kamala Harris Calls for Ban on Plastic Straws

Elizabeth Warren's Climate Plan Calls For "Reversing" GOP Tax Cuts

Sanders: We’re Going to “Absolutely” Raise the Corporate Tax Rate

Elizabeth Warren on Corporate Tax Cuts: “I really want to see them rolled back.”

Bill de Blasio Calls for Corporate Tax Rate Hike

Amy Klobuchar: Raise the Corporate Tax Rate to 25%

Biden on capital gains tax: “We should raise the tax back to 39.6 percent”

Kamala Harris Threatens to Repeal GOP Tax Cuts 3 Times in August

Joe Biden: “I’m going to eliminate most all” of GOP Tax Cuts

Cory Booker Calls for Repeal of "Toxic" GOP Tax Cuts

Marianne Williamson Joins Dems Calling for TCJA Repeal

Kamala Admits Her Plan Would End Employer Insurance

“Medicare for All” is a Middle Class Tax Increase, Say Dems

Elizabeth Warren Can’t Dodge the Middle Class Tax Question Forever

Dem Socialized Healthcare Plan Will Lead to Middle Class Tax Hikes

Elizabeth Warren "Wealth Tax" was described by the WaPo editorial board as having "a certain authoritarian odor"

Supposed “Moderate” Democrat John Delaney Wants to Impose Carbon Tax on the American People

Klobuchar Suggests Capital Gains Tax Hike and “Doing Something” About TCJA

VIDEO: 2020 Democrats Will Raise Your Taxes

Kamala Harris Campaign Headquarters Located in Opportunity Zone Created by GOP Tax Cuts

Julian Castro: “We’re going to have to raise taxes.”

Biden and Harris: Raise the Corporate Tax Rate

Biden tweet: Ignore the fact I’ve already called for middle class tax hikes

Kamala Harris: “I Will Reverse” Trump’s Tax Cuts

Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes

Julian Castro Caught Lying about GOP Tax Cuts

NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts

Kamala Harris: I Will Repeal “That Tax Bill”

Cory Booker: “I do support” Imposing Carbon Tax on Americans

Harris: “We are Going to Repeal That Tax Bill”

Biden: I Will Raise Corporate Tax Rate to 28%

Kamala Harris Continues to Lie about Tax Cuts

Jay Inslee: “Repeal the Trump Tax Cuts”

Biden Running Ads to “Repeal Trump’s Tax Cuts.”

VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts

Here’s what happens if Dems repeal tax cuts

VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA

Kamala Harris: When I Enter Office "I Will Repeal" the TCJA

Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”

Bernie Sanders claims people would be “delighted to pay more in taxes”

Biden: Tax Cuts Will be “Gone” If I’m Elected

Kamala Harris: I Will Repeal Tax Cuts “on day one”

Biden again says capital gains tax is “Much too Low”

Biden: Capital gains tax “much too low”

VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts

Biden: “First thing I’d do is repeal those Trump tax cuts.”

Joe Biden broke his middle class tax pledge

“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses

Kamala Harris Vows Repeal of Tax Cuts “on Day One”

Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”

As President Trump visits Dallas today, it is important to point out the many ways Texans are benefiting from the Tax Cuts and Jobs Act, signed into law by Trump.

Thanks to the Tax Cuts and Jobs Act: 

Households earning the average income of $59, 206 received an average tax cut of around $1,324, according to a report by the Tax Foundation.

Doubled child tax credit: 2,092,560 Texas households are benefiting from the TCJA’s doubling of the child tax credit.

Standard deduction: 9,284,760 Texas households are benefiting from the TCJA’s doubling of the standard deduction.

Obamacare individual mandate tax relief: 620,830 Texas households are benefiting from the TCJA’s elimination of the Obamacare individual mandate tax. Most households hit with this tax made less than $50,000 per year.

Lower utility bills: As a direct result of the TCJA’s corporate rate cut, Texans are paying lower utility bills. Lower electric, water, and gas bills help households each month, and also help small businesses operating on slim profit margins. Texas examples of utilities passing on tax savings to customers include – but are not limited to – Center Point Energy, El Paso Electric Company, Entergy Texas, Oncor Electric Delivery, and Quadvest.

Thanks to the TCJA’s corporate tax rate cut – from 35 percent to 21 percent – and the TCJA’s 20 percent tax cut for small businesses, employers of all sizes are hiring, expanding, increasing pay and benefits, and paying special tax-cut bonuses:

Kanga Roof (Austin, Texas) – Tripled their revenue and was able to double their payroll.

“Round Rock roofing business co-owner Stacie Feller credited Trump with boosting businesses’ confidence.

“She and her husband Scott’s Kanga Roof Austin has has more than tripled its revenue and more than doubled its payroll, to 24 employees, since January 2017, she said.”

“I’m very proud to say with some of the tax cuts, some of the things, this year, 2019, was the first year we were able to offer health insurance and a simple [Individual Retirement Account] plan for our employees,” she said. “We just couldn’t afford it before.” -- Aug. 29, 2019 Dallas Morning News article

Cox Manufacturing (San Antonio, Texas) -- The company is hiring new employees and speeding up new facility construction:

For Cox, those savings may give the manufacturer some much-needed relief as it adds staff and equipment necessary to handle the increased orders the company’s been receiving over the last month or so, President Bill Cox said.

“The biggest benefit I think is not the tax savings, but the activity that’s going on. It’s just like crazy,” said Cox, whose company employs 150 and makes machined and other parts. “I had some older machines that we wanted to phase out and I just couldn’t believe how quickly they sold. I’m getting pressure to release them sooner than I wanted to.”

Demand has picked up dramatically since the bill was signed into law, he said. His backlog of orders has grown from six to eight weeks in December to 10 to 12 weeks now, and he’s having to move up construction of a new 8,000-square-foot manufacturing plant by at least a year in order to meet the growth.

“We needed it yesterday,” he said of the new facility.

Cox said his backlog of orders is starting to cost him work. The new factory and equipment — which he hopes to bring online this year — will cost at least $1.5 million, create 15 jobs and would add to his 54,000 square feet of existing manufacturing space. - February 7, 2018, San Antonio Express News article excerpt

Capital City Hospitality Group (Austin, Texas) – Hired over 50 employees as result of the Tax Cuts and Jobs Act.

“I’m a big promoter of the tax reform, and I think it’s working,” said Round Rock hotel company owner Hitesh Patel.

“Patel, chief executive of Capital City Hospitality Group and immediate past chairman of the Asian American Hotel Owners Association, said the 2017 tax law’s provisions on exchanges of real estate have helped his company expand by more than 50 employees.” – Aug. 29, 2019 Dallas Morning News article

Village Foods & Pharmacy (Bryan, Texas) - employee bonuses, implement a 401(k) program:

Village Foods & Pharmacy Said They Were Able To Provide Employee Bonuses And Implement A 401(k) Program. - US Chamber of Commerce

Home Instead Senior Care -- Samuel and Brandy Patton, franchise owners  (El Paso, Texas) – As noted by the International Franchise Association, tax savings will help the Pattons achieve their goal of hiring 50 people in 2018:

“We fully plan on hiring more employees,” said Samuel Patton, who owns a Home Instead Senior Care franchise with his wife, Brandy, in El Paso, Texas. They’ve set a goal of hiring 50 people in 2018. “This tremendously helps with that endeavor as this money will assist with prerequisite items such as training, drug screens and background checks,” he said of the tax savings. “We will spend more money on advertising in our local community as well as increase training programs for current employees,” Patton added. – April 17, 2018 International Franchise Association report.  (The IFA has a growing list of franchisees who have pledged to hire additional workers, raise wages, purchase new equipment, or expand territories/purchase new franchise locations due to the Tax Cuts and Jobs Act.)

Camp Construction Services (Houston, Texas) – This Houston-based full-service general contractor awarded its employees $500 tax reform bonuses in December 2017:

In a note to employees, CEO Roger C. Camp wrote:

              Campers,

I’m sure you have heard of the new tax reform that Congress just passed. Because of the reduction in Corporate taxes we, as will all businesses, benefit from this tax cut. We believe that YOU are the reason for our success. And now that we will be giving less of our hard earned income to the federal government, we can share some of it with you. Please look for a $500 “tax cut” bonus in your next payroll run. Merry Christmas!

Center Point Energy (Houston, Texas) - The utility is passing on tax savings to customers:

CenterPoint Energy, the largest natural gas utility in the state with more than 400,000 customers, has proposed to reduce its rates by $19.2 million beginning in October.

CenterPoint filed the request with the Arkansas Public Service Commission on Friday in response to an order by the commission to reduce rates as a result of the federal tax law change passed in December. Congress passed the Tax Cuts and Jobs Act that reduced the corporate tax rate from 35 percent to 21 percent.

If the commission approves the lowered rate, Houston-based CenterPoint's rates would drop 9.5 percent on bills from October to January and 7.3 percent in January. For a customer with a bill of $100, it would fall to $90.50 under the first scenario and to $92.70 under the second scenario.

"Tax reform is a win for customers and reduced costs are being returned to them through various mechanisms or rate proceedings within each of our operating jurisdictions," said Alicia Dixon, CenterPoint's spokesman. – August 28, 2018, Northwest Arkansas Democrat Gazette article excerpt

Beck Manufacturing International (Converse, Texas) - Building a new facility, hiring new employees, doubling company’s capacity

Tom Beck, vice president of operations at Beck Manufacturing International in Converse, said he expects his company, which builds cement mixer bodies that mount on trucks, will see a reduction of close to 10 percent in its tax rate.

The savings will flow into Beck Manufacturing International investments, including an under construction manufacturing site that will double his company’s capacity in Converse, he said.

“That money that we hang on to … that’s absolutely going directly toward the new facility that will employ more people,” Beck said.  - February 7, 2018, San Antonio Express-News article excerpt

Click here to see the rest of the Texas list

Today, Americans for Tax Reform President Grover Norquist sent a letter in support on progress in the C-band to members of the Financial Services and General Government Subcommittee.

Though ATR initially opposed the plans offered by the C-Band Alliance, the alliance has made changes to their proposal, which is now more transparent, clears more spectrum, and acknowledges taxpayer interests. Because of these changes and the importance for the United States to win the 5G race, the FCC should pursue this solution.

Read the full letter below or linked here.

Grover G. Norquist 

President 

October 16, 2019 

Financial Services and General Government Subcommittee U.S. Senate Committee on Appropriations
Room S-128, The Capitol, Washington, D.C. 20510 

Dear Senators: 

As the American economy demands more and faster connectivity, Americans for Tax Reform believes that the FCC should make getting spectrum into the hands of wireless carriers that will deploy 21st century networks a top priority. Though we initially opposed the plans set forward by the C-Band Alliance, we are encouraged by the changes they have made to their proposal, which is now more transparent, clears more spectrum, and acknowledges taxpayer interests. 

We maintain that the best solution to spectrum scarcity is to make additional government spectrum available for commercial auction. But in working with what is currently attainable to close this gap, the Federal Communications Commission is rightly focused on the C- Band. Mid-band spectrum is a key element in bringing 5G to Americans. Currently, US Companies are operating at a deficit compared to other international competitors, especially China which is making 500 MHz of mid-band spectrum available to its carriers. 

When it comes to spectrum, Americans for Tax Reform supports free markets without government set rates, and government should halt its involvement with an asset after it has been sold. To that end, two of best tools that the FCC has at its disposal are spectrum auctions and secondary market transactions. In many circumstances private spectrum sales can be appropriate, and government should make sales, trades, and swaps between willing buyers and sellers in the marketplace as frictionless as possible so that the spectrum can be put to its highest, best use. 

The C-Band is not only the most readily available mid-band spectrum, it is also globally harmonized, a rare valuable benefit that would enable wireless carriers to keep costs lower through economies of scale. It is fortunate that the incumbent satellite companies have shown a willingness to work with the FCC to find a win-win solution to re-organizing the band. The revised proposal gets us closer to that goal. 

Through the course of the FCC’s C-Band proceeding, we have been pleased that the CBA has accepted feedback and revised its proposal. The CBA’s modified proposal addresses our concerns. 

First, CBA has indicated it intends to increase the amount of spectrum cleared and recognizes the FCC goal of clearing 300 MHz. By unleashing the secondary market forces that have served America so well over the last 30 years, the CBA proposal will get C-Band spectrum into the hands of wireless carriers far faster than any of the alternatives proposed to date. Under the revised CBA proposal, well over 200 MHz of the C-Band spectrum will be cleared and ready for 5G deployment within 36 months, with more than 60 megahertz cleared in 46 major markets within the first 18 months of an FCC order. We look forward to seeing a significant increase in the amount of spectrum cleared. 

Second, the CBA has now repeatedly committed to make a significant contribution to the U.S. Treasury. We have found over time that each auction or sale of spectrum is unique and has its own considerations at play. For these particular licenses and for this particular transaction, we believe that taxpayers do have a seat at the table. That does not mean that every time there is a spectrum transaction the government must extract its pound of flesh. CBA’s commitment to make a contribution to the U.S. Treasury addresses our concerns as taxpayer advocates in this particular transaction. 

Finally, there will be reasonable FCC of oversight over the transition of this spectrum to private market ownership and flexible licensing. While we appreciate the CBA’s support for basic measures ensuring an open, transparent, fair, and competitive process, we caution that the government should ensure that transactions between willing buyers and sellers in the marketplace are truly market-based so the spectrum can be put to its highest, best use—and as quickly as possible. 

In light of the significant changes the CBA has made to its proposal, and the importance for the U.S. to lead on 5G, we hope the FCC will use its existing authority to quickly pursue this viable solution. 

If you should have any questions or comments, please contact me, or Katie McAuliffe by phone, 202-785-0266, or email, kmcauliffe@atr.org. 

Onward,
Grover Norquist 

Medicare for All will require $32 trillion in higher taxes over the next decade, according to a report by the Urban Institute and the Commonwealth Fund. 

The study analyzes several healthcare reform options including socialized healthcare. The report describes this plan: 

Single Payer Enhanced: This plan covers all U.S. residents, including undocumented immigrants, and features a broader set of benefits than Single Payer “Lite,” including adult dental, vision, and hearing care as a well as a home- and community-based long-term services and supports benefit. In addition, there are no cost-sharing requirements. There is no private insurance option

The report lists four cost estimates for this reform ranging from $29.031 trillion to $34.884 trillion over a decade:

• Single-payer enhanced with broad benefits and no cost sharing - $32.015 trillion
• Single-payer enhanced assuming higher provider payments - $34.884 trillion
• Single-payer enhanced assuming state maintenance of efforts - $29.031 trillion
• Single-payer enhanced assuming lower administrative costs - $30.568 trillion
   

As Joe Biden tweeted, this will require significant tax increases on the middle class:

Let’s put this in perspective: if you eliminate every single solitary soldier, tank, satellite, nuclear weapon, eliminate the Pentagon and it would only pay for 4 months of Medicare for All. 4 months.

Where do the other 8 months come from? Your paycheck.

Biden has pointed out before that Medicare for All will require middle class tax increases. On Sept. 23 Biden said: "It’s going to cost a lot of money and she's going to raise people's taxes doing it.”

Despite this, Elizabeth Warren has refused to answer whether Medicare for All will raise taxes on the middle class at least 17 times.

There is no way to come close to paying for Medicare for All without dramatic tax increases on the middle class. The proposal released by Bernie Sanders contains $14 trillion in tax hikes, roughly 40% of the total cost of Medicare for All.

It is also important to note that a significant portion of Sanders’ $14 trillion tax increase relies on eliminating healthcare options for American families ($4.2 trillion) and a 7 percent tax on employers large and small ($3.5 trillion).

Regardless, taxes on “the rich” will not come close to paying for Medicare for All.

For instance, a “wealth tax,” a financial transactions tax, a 10 percent surtax on “the wealthy,” a 70 percent top rate, and doubling the tax rate on capital gains would pay for roughly 20 percent of the cost of Medicare for All according to the best-case scenario estimates by the left.

These estimates assume no negative economic feedback, no changes in behavior, and do not account for any revenue loss from the co-mingling of taxes: 

• A wealth tax (2% annual tax on $50 million in wealth, 3% annual tax on $1 billion) – a $2.75 trillion tax increase
• A financial transactions tax (0.1 percent on every transaction) – a $777 billion tax increase
• A 10 percent surtax on the wealthy ($2.9 mil in income and above) -- an $800 billion tax increase
• 70 percent top marginal income tax rate – a $353 billion tax increase
• Doubling tax rates on capital gains -- a $1.5 trillion tax increase
   

 Total: $6.17 trillion (19 percent to 21 percent of the $32 - $36 trillion cost of “Medicare For All.”)

"Elizabeth Warren won’t admit the obvious. She will impose broad-based tax hikes on the middle class,” said Americans for Tax Reform president Grover Norquist.