Peter Suderman delivers a verdict on Senator Elizabeth Warren’s new plans to spend the money she thinks her wealth tax will raise: The tax won’t be enacted, and wouldn’t raise the money she claims if it were.
One point of interest: Two-thirds of the imaginary money would go to college-debt relief, making public college free for students, as well as child-care subsidies. This spending is likely to provide disproportionately large benefits to high earners. Taking money from the extremely rich to give to the merely affluent is a kind of redistribution that seems to excite a lot of Democrats these days.