and one who compared it to socialism. households with more than $50 million in assets would pay and potential nominee shot down that plan. we need a healthy economy and we shouldn t be embarrassed about our system. if you want to look at a system that s noncapitalistic, look at what was perhaps the wealthiest country in the world and today people are starving to death. it s called venezuela. warren responded saying what s ridiculous is billionaire whose think they can buy the presidency to keep it rigged for themselves while opportunity slips away from everyone else. this is one of the battles they will face. one thing they agree on is they need beat donald trump. democratic governor washington state, jay insly.
that s noncapitalistic, just take a look at what was perhaps the wealthiest country in the world and today the people are starving to death, it s called venezuela. now, in defense of the billionaires, some of them, warren buffett, mike bloomberg and others, the gateses, they re giving away their money, they re giving away their wealth. but $50 million in assets would pay a 2% on their net worth, which means if you re a school teacher who makes $50,000 a year but you inherited a lot of stuff, artwork, jewelry, whatever, from parents, you could be tax ed on those assets even though they don t have a great income. it could produce a lot of money but there is a question whether it could be constitutional. yeah, we would have to fight that out. this is a natural tension in american politics. how progressive should progressive taxation be? and some people wonder if we should have progressive taxation at all.
it is about big, bold plans and some equally ferocious pushback. take elizabeth warren s wealth tax on the richest americans, a plan that could raise nearly $3 trillion by 2028. considering that the entire federal revenue stream is between 3 trillion and $4 trillion annually. you can see how much that is. potential opponent who happen to be billionaires themselves say that s not what our country is about. watch this. if you want to look at a system that s noncapitalistic, take a look at what was perhaps the wealthiest country in the world and today people are starving to death. it s called venezuela. i think she believes in programs that will lead to a level of socialism in america. she s a smart woman. i respect her. this isn t personal. i just don t agree with her. so warren fired back on twitter write what s ridiculous
i don t believe what elizabeth warren, what she stands for, she will be heading to socialism. do you think she s a socialist? i think she believes in program that ll lead to a level of socialism in america. we should not be embarrassed of our system. if you want to look at a system that s non capitalistic, take a look at the wealthiest country in the world and today people are starving to death, it is called venezuela. joining me, our msnbc contributor and our director programming for sirius xm, maxwell. is it reasonable to tax people $50 million in assets?
long time. is health care a fundamental right for every american? yes, every american should have the right for affordable health care. i thought the affordable care act was the right thing to do. refine it, amend it specifically because premiums have gone up. elizabeth warren wants to criticize me for being successful? no, i think she believes in programs that will lead to a level of socialism in america. if you want to look at a system that s noncapitalistic, just take a look at what was perhaps the wealthiest country in the world and today people are starving to death. it s called venezuela. all right. billionaires versus the tax proposal. former starbucks ceo howard schultz and former new york city mayor michael bloomberg both potential 2020 candidates, slamming activist candidate elizabeth s warren s proposal to levy a wealth tax on the rich. the massachusetts senator wants to tax assets held by the wealthiest in the country rather than simply taxing income, which