Power Line

“Freeloading Billionaires”? Please!

Is Elizabeth Warren the most annoying person who has ever run for president? I know, it’s a stiff competition, but she is definitely a contender. Check out this tweet, following up on her dismal performance in the last Democratic presidential debate:

The mind reels. In what respect are billionaires “freeloaders”? No one gets to be a billionaire by being lazy. But that isn’t what Warren means; she wants them to “chip in their fair share.” So she is playing on ignorance.

The IRS publishes data every year that show what taxes are paid by each income group. Upper-income taxpayers–let alone billionaires!–are grossly overtaxed. When Scott and I started writing together around 1990, this was a closely guarded secret which we helped bring to public attention. Now, I think most people have seen the data. In the most recent year reported, the top 1% of income earners paid 37.3% of federal income taxes, almost exactly double their share if all income were taxed equally. God knows how many taxes every American billionaire–an exclusive club of around 600–have paid.

Warren isn’t stupid, unlike so many Democratic presidential contenders. She knows she is dead wrong, but, because of her overweening lust for power, she doesn’t care. She and her husband are wealthy beyond the dreams of almost all Americans, but, to fuel her burning ambition, she lies about 600 people who are even richer than she is. This woman must never come near the presidency.

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