Hedge funds make billions by buying large stakes in American companies, then firing workers, driving up short-term share prices, and destroying middle-class communities at the same time.
The most recent CBO data shows that the wealthiest 1 percent pay an average effective rate of 33.3 percent in federal taxes, while the bottom 20 percent pay just 1.7 percent.
Warren’s wealth tax includes the flaw of many of the left’s grand plans in that it presumes no negative consequences will follow — but of course they will.
Bernie Sanders (who is now a millionaire) and his wife gave 3.4 percent of their income to charity. Beto O’Rourke and his wife gave less than 1 percent.
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