Elizabeth Warren wants to implement a wealth tax to help cover the costs of our public schools. This tax however is also supposed to take care of the cost of 2-year, 4-year, and technical colleges for everyone as well. It will also supposedly cover the cost of care for special needs students, free breakfast and lunch, and wipe out student loan debt; all the while providing fantastic lunches and curriculae to our children.
- Fund schools adequately and equitably so that all students have access to a great public education.
- Renew the fight against segregation and discrimination in our schools.
- Provide a warm, safe, and nurturing school climate for all our kids.
- Treat teachers and staff like the professionals they are.
- Stop the privatization and corruption of our public education system.
- It starts by quadrupling Title I funding – an additional $450 billion over the next 10 years – to help ensure that all children get a high-quality public education.
- I’ll make good on the federal government’s original 40% funding promise by committing an additional $20 billion a year to IDEA grants. (funding for disabled/ special needs kids)
- That’s why my plan will invest an additional $100 billion over ten years in “Excellence Grants” to any public school. (money for schools to build state-of-the-art labs etc
- That’s why my plan invests hundreds of billions of dollars in our public schools – paid for by a two-cent wealth tax on fortunes above $50 million – and makes a series of legislative and administrative changes to achieve
- I’ll invest at least an additional $50 billion in school infrastructure across the country – targeted at the schools that need it most – on top of existing funding for school upgrades and improvements in my other plans.
- I will also push to cancel all existing student meal debt and increase federal funding to school meals programs so that students everywhere get free breakfast and lunch. I will direct my Department of Education to work with schools to look for ways to provide dinner, and meals over weekends and throughout long holidays, to students who need it.
- I’ve committed to establishing a $25 billion capital fund for communities that are health professional shortage areas to improve access to care through projects like constructing a School-Based Health Center or expanding capacity or services at an existing clinic.
- I’ve also proposed dramatically scaling up high-quality apprenticeship programs with a $20 billion investment that will support partnerships between high schools, community colleges, unions, and companies.
- My college plan will wipe out debt for most teachers and provide tuition-free public college so future teachers never have to take on that debt in the first place.
- My plan to cancel student loan debt, provide tuition-free public college, and invest a minimum of $50 billion in Historically Black Colleges and Universities and Minority Serving Institutions will help more Black, Latinx, Native American, Asian American, and Pacific Islander students become educators and school and district leaders.
- Housing Plan for America establishes a $10 billion competitive grant program that offers states and cities money to build parks, roads, and schools if they eliminate the kinds of restrictive zoning laws that can further racial segregation. And it includes a historic new down payment assistance program that promotes integration by giving residents of formerly redlined areas help to buy a home in any community they choose.
Tally so far is 725 billion, not including the free meals and cancellation of student debt. Let’s add in those numbers as well now. There are 132,853 K–12 schools in the U.S., according to 2015-16 data from the National Center for Education Statistics (NCES).
From https://nces.ed.gov/ :
About 56.6 million students will attend elementary, middle, and high schools across the United States (source).
- 50.8 million students in public schools
- 5.8 million students in private schools
Of the 50.8 million public school students (source):
- 1.4 million will attend prekindergarten
- 3.7 million will attend kindergarten
- 35.5 million will attend prekindergarten to grade 8
- 15.3 million will attend grades 9 to 12
- 4.1 million will attend 9th grade, the grade students typically enter high school
56.6 million kids, 2 meals a day. Minimum of 180 days of school per year on average. Let’s be generous and just do $2.00 per meal, so $4.00 per day. That’s over 226 million per year for food.
Student debt total in the United States exceeds 1.2 Trillion dollars, with over 7 million debtors in default. Add that to the tally.
Total cost of Elizabeth Warren’s Education plan: one trillion nine hundred twenty-five billion two hundred twenty-six million dollars. This is NOT INCLUDING EDUCATION AT COLLEGES FOR EVERYONE THAT WANTS IT.
This is all supposed to come from the 2% wealth tax of companies and individuals making 50 million or more per year. So how is she going to pay for universal health care? It was originally thought the money for health care was going to come from that as well.
There are 205 people in America who earn more than $50 million a year in wages alone.That’s according to newly released Social Security Administration data for 2017. There are a few more companies. We’ll list them. Note many of these companies work on a very small margin, with growth of about 2%: exactly how much Warren wants to take from each of them. List of companies by rank, according to Forbes 2018:
Even more interesting here, is the fact that this is only revenue. This is NOT profit. ( More specifically, profit is the amount of income that remains after all expenses, costs and taxes are accounted for. Whereas sales revenue only considers the amount of income a business generates through the sale of its goods or services, profit considers both income and expenses when it is calculated. )According to Forbes 2018, the companies’ profits are much different:
|4||Bank of America||Financials||28,147|
|8||ExxonMobil||Oil and gas||20,840|
|14||Johnson & Johnson||Pharmaceuticals||15,297|
|15||Chevron||Oil and gas||14,824|
Two percent is a big deal, and many of these companies will be saying “NO DEAL” if a plan like this is ever implemented. The GDP of the entire US economy ( Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.) in 2018 was about $20.50 trillion.
The nation’s total personal income approaches $13 trillion. The national total personal income grew by 9.3 percent between 2009 and 2011. Adjusted for inflation, the increase was 4.2 percent. Americans collectively earned $12.95 trillion in 2011, according to new figures from the U.S. Bureau of Economic Analysis. Businesses in America made roughly 514.405 trillion dollars. -trading economics, sbea.gov, and others general data.
Being generous, and including all the money made by all businesses, we are not discounting the ones making less than $50 million per year. We are sure this amount would go down significantly, when factoring in the small business owners in the United States, 30.2 million of them in fact, which comprise a whopping 99.9% of all United States businesses.
Two percent of 514 trillion dollars is roughly 1.028 trillion. We need 1.9 Trillion to pay for her education plan, and Warren’s plan is not even accounting for healthcare, which is supposed to be paid for by the wealth tax as well.
Numbers just don’t add up.