WASHINGTON—Democratic presidential candidate Elizabeth Warren is proposing an annual wealth tax, attempting to combat inequality and raise trillions of dollars with a significant new levy on the very richest Americans.
Ms. Warren’s proposal would impose a 2% annual tax on household wealth above $50 million and an additional 1% tax on wealth above $1 billion. The tax would affect about 75,000 households and raise $2.75 trillion over a decade, according to economists Emmanuel Saez and Gabriel Zucman, who analyzed the plan for the Massachusetts senator.
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The stork dropped in to town one day;
two infants in two cribs did lay.
And one was wealthy; one was poor.
So one had less and one had more.
Do not hasten to conclusion;
down the road there'll be confusion!
Poverty and wealth aren't easy
to define if you are breezy.
The wealthy babe grew up with cash;
enough so he could make a splash
by giving much to charity
and living pretty worry free.
In fact, the older that he grew
the less was money like a glue
that stuck to him through thick and thin.
(His bankers thought his gifts a sin.)
So when he reached a ripe old age
his wealth had not become a cage;
unlike that Bible rich guy, Dives,
our friend was happy (no ex-wives.)
Yet it did please the IRS
to cause this man complete distress;
they wanted all his wealth to tax,
but found he gave away such stacks
that there was little left to grab,
and so they sent the cops to nab
him for an unjust allegation --
he was charged with tax evasion!
And now he languishes in jail;
his spirits droop, his skin is pale.
He's stamping license plates all day,
and wonders how he went astray.
The other babe, in poverty,
grew up a welfare prodigy;
while on the dole he learned to shirk
and to avoid all honest work.
Beguiled by government largesse
he spent his time in playing chess,
and learned the game so well that he
soon gained complete proficiency.
He entered tournaments galore
and soon built up a mighty store
of prize money that made him rich.
(And still he never worked a stitch.)
Retired to a Swiss chalet
he whiles away each pleasant day
in teaching idle youth to play
the game of chess his winning way.
So there you have my moral tale;
I hope it wasn't very stale.
When all is over, said, and done,
just which of these two really won?
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