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00:00I AM PLEASED TO BE JOINED BY SENATOR ELIZABETH WARREN, RUNNING FOR PRESIDENT. YOU ARE ON BLOOMBERG TV. OUR BOSSES ARE -- OUR BOSS IS RUNNING AGAINST YOU. SENATOR WARREN: I ' VE HEARD THAT. JOE: SO HAVE WE. FROM WHAT I ' VE HEARD, HE IS SPENDING PERHAPS MORE THAN ALL OF THE OTHER CANDIDATES COMBINED ON TV ADS, I THINK WITH THE EXCEPTION OF THE OTHER BILLIONAIRE IN THE RACE, TOM STEYER. HOW MUCH IS THIS, FOR YOU, EVIDENCE OF THE NEED FOR A WEALTH TAX? SENATOR WARREN: I ' M CAPITALIST. I BELIEVE IN CAPITALISM, BUT MARKETS WITHOUT RULES ARE THEFT, AND PART OF THOSE RULES ARE THAT EVERYBODY IS SUPPOSED TO PAY A FAIR SHARE ON TAXES SO WE CAN REINVEST IN OPPORTUNITY FOR ALL OF OUR KIDS, AND THAT IS WHAT A TWO-SEND -- TWO-CENT WEALTH TAX IS FOR ME. YOUR PURSE -- YOUR FIRST 50 MILLION IS FREE AND CLEAR, BUT YOUR 50,000,001ST DOLLAR, YOU GOT TO PITCH IN TWO CENTS. WHEN YOU HIT $1 BILLION, IT GOES TO THREE CENTS. JOE: THERE ARE PROBABLY MANY BLOOMBERG VIEWERS WHO SUSPECT OTHERWISE, AND THERE IS A PARADE OF BILLION HOURS WHO SAY IF ELIZABETH WARREN IS ELECTED PRESIDENT, THE STOCK MARKET WILL PLUNGE PUTTING 5%. I DON ' T PUT A LOT OF WEIGHT ON THOSE PRODUCTIONS. THAT SAID, I ' M CURIOUS -- UNDER A WARRANT ADMINISTRATION, WITH THE PERFORMANCE OF THE STOCK MARKET BE SOMETHING YOU CARED ABOUT? SENATOR WARREN: WHAT I CARE ABOUT IS AN ECONOMY THAT WORKS NOT JUST FOR BILLIONAIRES AND MILLIONAIRES, BUT AN ECONOMY THAT WORKS FOR EVERYONE. LOOK WHAT IS HAPPENING IN AMERICA -- STOCK MARKET GOES UP, GDP GOES UP, UNEMPLOYMENT IS LOW, BUT WHAT IS HAPPENING TO WORKING FAMILIES ACROSS THIS COUNTRY? IT HAS BEEN A GENERATION, AND THERE ' S BEEN VERY LITTLE GROWTH IN INCOME, BUT AT THE SAME TIME, FAMILIES ARE SQUEEZED FOR HOUSING, FOR HEALTH CARE, CHILDCARE, THE COST OF SENDING THEIR KID TO SCHOOL. THOSE ARE ALL THROUGH THE ROOF. SO FAMILIES TAKE ON MORE AND MORE DEBT. THEY ARE SQUEEZED HARDER AND HARDER. BY THE WAY, THAT ' S PART OF WHY I WANT TO SEE A WEALTH TAX. IT ' S WHAT WE CAN DO WITH THAT WEALTH TAX, HOW WE CAN INVEST IN AN ENTIRE GENERATION OF YOUNG AMERICANS. JOE: A TECHNICAL QUESTION ABOUT THE WEALTH TAX THAT OFTEN COMES UP IS THAT SEVERAL BILLIONAIRES OR PEOPLE WITH OVER $50 BILLION HAVE A BIG PART OF THEIR MONEY TIED UP IN LIQUID PRIVATE STOCK. I ALWAYS SEE PEOPLE IN SILICON VALLEY TALKING ABOUT THIS WITH THE WEALTH TAX, AND AGAIN, IT APPLIES TO ONE OF YOUR RIVALS, OUR OWNER HERE. HOW DO YOU LEVY A WEALTH TAX OF 2% OR 6% AGAINST SOMEONE WHOSE WEALTH IS TIED UP IN A PRIVATE SHARE? SENATOR WARREN: YOU CAN LEVY IT. YOU CAN GIVE THEM TIME ON HOW THE COLLECTION WORKS OVER A PERIOD OF TIME, BUT IT DOES NOT MEAN YOU CAN JUST SAY I DON ' T HAVE TO PAY ANYTHING BECAUSE IT WOULD BE A PROBLEM FOR ME TO HAVE TO SELL OFF SOME OF MY STOCK. IT IS A PROBLEM MAY FOR EVERYBODY ELSE, BUT KEEP THIS IN MIND -- THE 99% IN AMERICA -- THEY PAY 7.2% OF THEIR TOTAL WEALTH AND TAXES -- IN TAXES. THE TOP .1%, PEOPLE THAT WILL BE AFFECTED BY THE WEALTH TAX -- THEY ARE PAYING 3.2% OF THEIR TOTAL WEALTH IN TAXES, SO MY VIEW IS ASKING THEM TO PAY TWO CENTS MORE MEANS THEY ARE STILL NOT CARRYING A FAIR SHARE. THIS IS, FOR ME, ABOUT NOT JUST NUMBERS BUT VALUES. THAT TO SENSE THAT PEOPLE ARE USING TO CONTINUE ON THESE HUGE FORTUNES, TO CONTINUE TO GROW THOSE FORTUNES, AND WHAT ARE THOSE FORTUNES GROWING OUT? I DON ' T KNOW -- 6%, 8%, 10% -- JUST MEANS THEY MAY NOT GROW AS FAST. YOU PUT THAT INVESTMENT IN AMERICA, IN A WHOLE GENERATION, THAT ' S UNIVERSAL CHILDCARE FOR EVERY KID, UNIVERSAL PRE-K FOR EVERY THREE-YEAR-OLD AND FOUR-YEAR-OLD, IT ' S RAISE THE WAGES OF EVERY CHILDCARE WORKER IN AMERICA, IT ' S 800 BILLION DOLLARS INTO OUR PUBLIC SCHOOLS, A FEDERAL COMMITMENT, IT ' S ABOUT MAKING TECHNICAL SCHOOL, TWO-YEAR COLLEGE, FOUR-YEAR COLLEGE TUITION FREE. IT ' S $50 BILLION FOR HISTORICALLY BLACK COLLEGES AND UNIVERSITIES, AND IT ' S CANCELING STUDENT LOAN DEBT FOR 43 MILLION AMERICANS. THAT IS AN INVESTMENT IN AN ENTIRE GENERATION. JOE: LET ME ASK YOU A QUESTION

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Warren Says She Wants Economy to Work For All, Not Just Billionaires

Senator Elizabeth Warren, a Democrat from Massachusetts, and Presidential candidate, talks about her plan for a wealth tax. She appears on "Bloomberg Daybreak: Asia." (Michael Bloomberg is also seeking the Democratic presidential nomination. Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.) (Source: Bloomberg)

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