Senator Warren has sided with Swift against private equity firms, but another of the Democratic presidential candidate's proposals would cost her
Elizabeth Warren says she has a plan that would help Taylor Swift in her battle against a private equity firm. What she didn't say was that she has a plan that would make Swift poorer.
Swift has called on The Carlyle Group, an investor in Big Machine Records, to pressure her former record label over $7.9 million in alleged unpaid royalties and to allow the musician to control the rights to her own songs. Democratic presidential candidate Warren tweeted that Swift"is one of many whose work has been threatened by a private equity firm. They're gobbling up more and more of our economy, costing jobs and crushing entire industries.
The Massachusetts senator was probably referring to the"Stop Wall Street Looting Act," which would"fundamentally reform private equity by closing the legal, tax and regulatory loopholes that allow private equity firms to capture all the rewards of their investments while insulating themselves from risk," according to the press release on Warren's Senate website.
"All household assets held anywhere in the world will be included in the net worth measurement, including residences, closely held businesses, assets held in trust, retirement assets, assets held by minor children and personal property with a value of $50,000 or more," says the plan. Taylor Swift is battling her former record label and Elizabeth Warren is her ally—unless you count the wealth tax.of real estate, and with a net worth of over $360 million, according to Forbes, Swift is in Warren's sights. If a Warren presidency sees the wealth tax pass within the first year of Warren's first term, Swift would be on the hook for more than $6.2 million . By the end of Warren's term, Swift would have paid the federal government over $18.6 million.
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