Warren buys ad in Sheldon Adelson's newspaper to say he'd pay $2.3B under wealth tax
Warren wants Sheldon Adelson to pay up big time
Democratic presidential candidate Elizabeth Warren bought an ad in a Republican megadonor's newspaper to say he would pay $2.3 billion in the first year under her wealth tax.
Sheldon Adelson, a casino magnate, is worth roughly $40 billion and bought the Las Vegas Review-Journal in 2015. Warren's advertisement said that Adelson would pay up approximately 6 percent of his wealth under her plan.
"With that small wealth tax, we can invest in Nevada families," the ad reads. "It's time for the wealthy to invest in opportunity for the next generation."
The ad said the money could help "hundreds of thousands of Nevadans" see their student loan debt canceled, provide child care for about 91,000 families and make public universities and trade schools free for students.
Democratic presidential candidates former New York City Mayor Mike Bloomberg, Sen. Elizabeth Warren, D-Mass., and Sen. Bernie Sanders, I-Vt., participate in a Democratic presidential primary debate Wednesday, Feb. 19, 2020, in Las Vegas. (AP Photo/Jo
WARREN'S, SANDERS' WEALTH TAXES COULD COST AMERICAN WORKERS $1T, ECONOMISTS SAY
Under Warren’s plan, which she rolled out in January, there would be a 2 percent tax on individuals with a net worth above $50 million and a 6 percent tax on those worth more than $1 billion.
Warren estimates her tax would raise $3.75 trillion over 10 years.
There has never been a wealth tax in the U.S. In fact, tax law in the U.S. has become significantly less progressive in recent decades. All three traditional taxes — the individual income tax, the corporate income tax and the estate tax — have weakened. For instance, the top marginal federal income tax rate has fallen dramatically, from more than 70 percent between 1936 and 1980 to 39 percent in 2019.
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FOX Business' Megan Henney contributed to this report.