How Elizabeth Warren Makes Money

How Elizabeth Warren Makes Money


Elizabeth Warren is one of the
biggest critics of the rich. In the 2020 Democratic field, recognize
that, say, with business people, Wall Street, you’re very polarizing. Look, I get that there are a lot
of folks who like having the power and the riches they have. They like being able to tweak their
little pinky and the United States government does just what they want. Don’t call me the polarizing figure. They’re the ones who want to say
that their personal wealth, their power is more important than building in
America that works for everyone. The senator hasn’t done
so badly herself. She’s ranked among the top earners
in the Democratic presidential field for the last few years. Last year, she and her husband,
Harvard Law Professor Bruce Mann, made about $850,000 in the
four years before that. Their incomes ranged between about
$716,000 and $1.5 million. The haul puts them firmly in
the top 1 percent of U.S. households. Warren is campaigning on dislodging an
economic system she says caters to the wealthy and powerful. Washington works great for
those at the top. But she stresses that she doesn’t want
to stop other Americans from making money. Warren’s tax returns show it
still pays to be an author. She raked in more than $300,000 from
writing last year, and that’s small potatoes compared to what
she made in 2014. Her income from consulting, lecturing,
writing and investing was nearly $1.2 million. Warren has written multiple
books over the years. She’s been writing both during her Senate
tenure and as a Harvard law professor before that. And it’s not just the book money
that made Warren and Mann rich. Warren took in about $173,000 from
her congressional job last year. Mann made another $400,000 at Harvard, where
he focuses on topics like legal history, non-profits and estates. So why does their wealth matter? Warren wants to fundamentally change the
political and economic system to help working and
middle class Americans. Her proposed 2 percent tax on wealth
above $50 million is the main source of money for her plans, like
widespread student debt relief and universal childcare. But Warren says she
doesn’t want to penalize achievement. All we’re asking is when you make
it that big, put something back in. And we’re asking for a
little fairness in the system. Even so, critics on the Republican side
have noticed how much money she has. I think it points out a real hypocrisy
for a bunch of candidates who have eschewed capitalism and who have really
used their government office to it to grow their own wealth. If Elizabeth Warren was simply a
law school professor peddling textbooks, she would not be making
the $350,000 off her book. But it may not be that simple. You could argue that gives
them extra credibility, right? That they could be
ultimately taxing themselves. And Warren herself says she doesn’t
want to hold Americans back from financial success. You don’t think capitalists
are bad people? I am a capitalist. Come on. I believe in markets. What I don’t believe in is theft. What I don’t believe in is cheating. That’s where the differences – I love what
markets can do – but only fair markets. Markets with rules, markets without
rules is about the rich take it all. It’s about the powerful get all of it. It’s a message top tier Democrats
are stressing constantly during the primary. Donald Trump has put us
in a horrible situation. We do have enormous income inequality. Working families need support and
need to be lifted up. And frankly, this economy is
not working for working people. Well President Trump, you’re not standing
up for working families when you’re trying to throw 32 million people
off their health care that they have and that 83 percent of your tax
benefits go to the top 1 percent. Joe Biden, Bernie Sanders and Kamala
Harris are all millionaires and they’re all insisting that their financial
success is not going to affect their focus on lifting
up working families. It’s a message Warren will have to drill
into as she tries to lock down the nomination. She and her rivals are
arguing a strong economy and stock market records under Trump are
not helping average Americans. And that could be key to defeating
the president if the economy remains healthy. When you’ve got government, when
you’ve got an economy that does great for those with money and isn’t
doing great for everyone else, that is corruption, pure and simple. We need to call it out. We need to attack it head on. And we need to make structural change
in our government, in our economy and in our country.

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