Elizabeth Warren is #OnePercent with $5 Million in the Bank with No Debt Which is Good: However she wants to Raise Taxes: Um No

It is good that she hates debt and does not have any to her or her husbands name.

This is the root cause of Elizabeth Warren’s lifetime conviction that banks (and, more broadly, businesses) are out to trick and cheat average hard-working families. The childhood fear of poverty not only distorted Warren’s views on private enterprise, but keeps Warren from borrowing money herself. The most recent review of her finances shows that she and her husband are one percenters, holding assets of more than $5 million, but that they owe not a dollar of debt.

That is very admirable and I hope more people follow her lead. Nobody has ever gone bankrupt from having too much equity or collecting too many dividends. Debt is corrosive and only works if you are buying a house or in some cases a car. For everything else debt is a bad thing. However this part of Elizabeth Warren does not fly with me:

Warren, like President Obama, believes the deck is stacked against the middle class. She belittles the contributions of business owners, and tells them “part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.” To level the playing field, she wants higher taxes and more and better regulations – and not just on banks. Not only is the language achingly clichéd, the approach is – after two terms of unchecked regulatory spread – exceedingly dangerous.

More taxes on the rich or businesses are not paid by the rich or by businesses. These taxes are either dodged by the One Percent like Warren or passed on to consumers like businesses do. Then we have regulations that probably make it tougher for small businesses to do business. So companies like Uber fall away because the Taxi Union doesn't like how they are stealing their business.