Elizabeth Warren from Mass.
touts “Healthcare for all” with pizzazz.
Tax the rich is her call,
income, wealth, take it all;
a Pomperipossa tax pass.
You may ask: What is a Pomperipossa tax?
The term came into being in a publication, which was published in the Swedish evening tabloid Expressen on March 3, 1976. It was written in a deliberate style break, from children’s literature to legalese, and I have tried to do a close translation: https://lenbilen.com/2012/01/24/pomperipossa-in-monismania/
Read it! It tells of how the famous Swedish author, Astrid Lindgren got a 102% tax on her income. It made such a stink that the Swedish Social Democrats, who had been ruling Sweden seemingly forever lost the upcoming election, and got replaced by a basically progressive liberal coalition.
What is then the proposed Warrenesque wealth tax? In short it is a 2% tax on all household wealth over 50 million, 3% on over a billion. Elizabeth Warren herself is relatively poor, her wealth is only about 10 million, but Nancy Pelosi is worth around 100 million, so she will pay. The tax is similar to the so called Zakat in Sharia law which is 2.5% over a poverty minimum and is one of the five pillars in Islam. It is divided into eight parts. (One eighth is to support militant Jihad, but I digress)
The wealth tax is estimated to raise 2.5 trillion over ten years, far short of the estimated 50 trillion that medicare for all will cost over the same time period.
Sweden used to have a wealth tax, but so many rich people emigrated that it was removed and replaced with an ever increasing value added tax. It is now 25%.
Yes, that and a higher income tax just may be enough