Yesterday, Elizabeth Warren called her support of $3.4 trillion over the next decade a “made up number”:
“…’This is just a made-up number,’ Warren told reporters. ‘Show me the list. We have to go through this? This is a made-up number.’”
(Chris Camire, “Brown, Warren swap charges on tax plans,” Lowell Sun, 8/15/12)
But the numbers tell a very different story…
Social Security Taxes
Elizabeth Warren Supports Raising Social Security Taxes. “WARREN: The big question that we’ve all got is what are we going to do about Social Security going forward? And, as we all know, from just having read the headlines, if we leave Social Security on its current projection, what is it? In 2044, I think that’s the right number, Social Security won’t be able to pay benefits at a 100% level, it would drop down to about 75% where it would be able to pay benefits. If the cap were raised on the amount of income that is taxed from its current $108,000 and was, for example, a flat tax that just goes all the way across for all income earned, then, basically, Social Security will pay for itself in perpetuity. It’s there. It’s fixed its own problem.” (Elizabeth Warren, Remarks At Blackstone Valley Chamber Of Commerce Annual Meeting, Sutton, Mass., 11/9/11)
Tax Increase Would Cost $1 Trillion Over 10 Years. (Janemarie Mulvey, “Social Security: Raising or Eliminating the Taxable Earnings Base,” Congressional Research Service, 9/24/10, page 16)
Buffett Rule
Elizabeth Warren Supports Implementing The “Buffett Rule”. “Fourth, pass the Buffett rule so that billionaires are not paying a lower tax rate than their secretaries.”(“Elizabeth Warren’s deficit response,” Boston Globe, 7/11/12)
The “Buffett Rule” Would Increase Taxes By $46.7 Billion. (“Estimated Revenue Effects Of S. 2230, The “Paying A Fair Share Act Of 2012″ Scheduled For Consideration By The Senate On April 16, 2012,” Joint Committee On Taxation, 4/16/12)
Federal Healthcare Bill Taxes
Elizabeth Warren Supports The Tax Increases In The Affordable Care Act. ”WARREN: I’m a believer in that we need healthcare reform. I supported what we did. I would have liked to have seen, in many ways I would have liked to have seen more.” (Elizabeth Warren, Remarks To The MNW Democratic Alliance, Franklin, MA, 1/2/12)
The Affordable Care Act Contains $675 Billion In Taxes. (“Supreme Court’s Health Law Decision Leaves in Place 21 Tax Hikes Costing Taxpayers More Than $675 Billion,” House Ways and Means Committee, 6/28/12)
Small Business Taxes
Elizabeth Warren Supports Raising Taxes on Small Businesses. “A Democratic proposal which would have ended a provision in the tax code that allows small business owners to claim some income as business profits to limit the payroll taxes paid also failed in a 51-43 vote mostly along party lines.
Following the vote, Democratic U.S. Senate candidate Elizabeth Warren’s campaign took aim at Brown, saying that he put “partisan interests ahead of preventive health services and college students.”(Robert Rizzuto, “Scott Brown, Elizabeth Warren spar over student loan rate vote”, The Republican, 5/24/12)
Tax Increase Would Cost $9 Billion Over 10 Years. (“Estimate of Budgetary Effects of S. 2343, the Stop the Student Loan Interest Rate Hike Act of 2012, as Introduced on April 24, 2012,” Congressional Budget Office, 4/25/12)
War Tax
Elizabeth Warren Supports Instituting A “War Tax.” “While she praised the courage and fortitude of troops in Iraq, Warren, 63, said people need to learn a larger lesson from the war.
“We should exhaust all other options before going to war, and we must never again put wars on a credit card for our grandchildren to pay for,” Warren wrote. “If war is unavoidable and in our national interest, then we should be willing to pay for it as we fight it.”(Dan Ring, “Sen. Scott Brown and Elizabeth Warren mark positions on Afghanistan, China and other foreign policies,” The Republican, July 8, 2012)
A “War Tax” Would Cost $88.5 Billion In FY2013 (“Fiscal Year 2013 Budget Request,” United States Department of Defense, February 2012, Page 6-1)
Carried Interest
Elizabeth Warren Supports Raising Taxes On Carried Interest. “And end the special carried interest tax break for those working at hedge funds.”(“Elizabeth Warren’s deficit response,” Boston Globe, 7/11/12)
Tax Increase Would Cost $16 Billion Over 10 Years (“Analysis of Fiscal Policy Proposals of
Senator Scott Brown and Elizabeth Warren,” Committee for a Responsible Federal Budget, 6/26/12)
Energy Producer Taxes
Elizabeth Warren Supports Raising Taxes On Energy Producers. “Second, end the subsidies given to some of the most profitable companies in the world – big oil and gas.”(“Elizabeth Warren’s deficit response,” Boston Globe, 7/11/12)
Tax Increase Would Cost $39 Billion Over 10 Years (“Analysis of Fiscal Policy Proposals of
Senator Scott Brown and Elizabeth Warren,” Committee for a Responsible Federal Budget, 6/26/12)
Dividends And Capital Gains
Elizabeth Warren Supports Taxing Dividends And Capital Gains As Ordinary Income. “QUESTION: I’d like for you to say something about the tax on dividends and capital gains and carried interest. WARREN: The notion that people who can make money through investments, rather than who work for a living, should be taxed at a lighter, at a smaller rate, again, is just wrong. It’s not the right approach. This is a values question. We are providing subsidies, and we have to say, ‘it’s all got to be on the table here.’ It is not right to ask young people to take on more debt at the same moment that we are protecting higher salaries and protecting more of the income for those who can make some of the highest salaries in this country because they earn it in a different way. So, I am not a fan.” (Elizabeth Warren, Remarks At Florian Hall, Dorchester, MA, 1/3/12)
Tax Increase Would Cost $913 Billion Over 10 Years. (“Estimates Of Federal Tax Expenditures For Fiscal Years 2011-2015,” Joint Committee On Taxation, 1/17/12, page 37)
Death Tax
Elizabeth Warren Supports Raising The Death Tax. “First, do not extend the Bush tax cuts on those earning more than $250,000 and return the estate tax rates to the 2009 level.” (“Elizabeth Warren’s deficit response,” Boston Globe, 7/11/12)
Tax Increase Would Cost $118.8 Billion Over 10 Years (Fiscal Year 2013 Budget Of The U.S. Government, Office of Management and Budget, Table S-9)
Small Business And Family Incomes Above $250,000
Elizabeth Warren Supports Raising Taxes On Small Business And Family Incomes Above $250,000. “First, do not extend the Bush tax cuts on those earning more than $250,000 and return the estate tax rates to the 2009 level.” (“Elizabeth Warren’s deficit response,” Boston Globe, 7/11/12)
Tax Increase Would Cost $848.8 Billion Over 10 Years (Fiscal Year 2013 Budget Of The U.S. Government, Office of Management and Budget, Table S-9)
