…and one Progressive-Democrat’s tax proposal.  Although, the fact is that these effects aren’t unique to Senator and Progressive-Democratic Party Presidential candidate Elizabeth Warren (D, NM): the trend of effects are the outcomes of all the Progressive-Democratic Party’s proposals, differing only in detail.

Warren’s particular proposal is to tax business profits above $100 million at 7%.  Here are some outcomes of such a thing, according to the Tax Foundation, with the FoxBusiness cited.  A tax like this would

• reduce incentives to invest, so GDP would shrink by ~1.9% over the long-term
• reduce a firm’s capital by 3.3%
• reduce wages by about 1.5%
• eliminate as many as 454,000 full-time jobs
• reduce after-tax income across the entire economy by 0.93%, with the biggest reductions on the top 1% of taxpayers
• considering that shrinkage of our economy, after-tax income reduction could be an even larger 2.16%

But, hey, it gets after that hated 1%, so it’s all good.

This is of a piece with all Progressive-Democrat tax ideas, based as they so much are on their belief that the money really isn’t the business’ money, anyway.  They didn’t earn that.  They had (Government) help.