Tax Receipts Would Have to Go Up by 124% to Pay for All of Elizabeth Warren's "Plans" | Episode 125
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Show Notes
Elizabeth Warren has a plan for everything. Some of those plans are expensive. With Warren emerging as a front-runner in the Democratic presidential contest, Yahoo Finance tallied the cost of her plans.
Altogether, the Massachusetts senator's agenda would require $4.2 trillion per year in new federal spending, and a like amount in new taxes, if she paid for everything without issuing new debt. The federal government currently spends about $4.4 trillion per year, so Warren's plans would nearly double federal spending.
The Treasury takes in about $3.4 trillion in tax revenue each year, so if Warren levied new taxes to pay for everything, federal taxation would rise by 124%. She could pay for some of her plans by issuing new debt instead of raising taxes, but with annual deficits close to $1 trillion already, that might be unwise.
- Read the rest of the article from Yahoo Finance
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