Elizabeth Warren has a blunt response to economists who say her wealth tax is a bad idea

Kathryn Krawczyk

Sen. Elizabeth Warren (D-Mass.) is always ready to shut down criticisms of her wealth tax proposal.

Warren was one of seven candidates on the stage for Thursday night's Democratic presidential debate and she was quickly faced with a question about her proposed wealth tax. Some economic models have suggested the taxes focused on the wealthiest Americans could end up hurting economic growth, but Warren used just three words to respond: "They're just wrong."

Warren has proposed a 2-percent annual tax on people who have more than $50 million in wealth, and a 3-percent tax on assets over $1 billion. The money raised would be used to fund Warren's Medicare-for-all proposal and to implement a Green New Deal, among other things.

Economic models, such as one from the Penn Wharton Budget Model, have said the taxes would slow economic growth by a few tenths of a percentage point. Warren has since disputed that model's assumptions, as have other economists. Read columnist Jeff Spross' case for why Warren is right at The Week.

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