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I 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 ABOUT YOUR TO CARE FOR ALL PLAN. WHEN YOU UNVEILED HOW YOU ARE GOING TO PAY FOR IT, THE MEDIA HOW DID YOU ON THE QUESTION QUITE A BIT, INCLUDING NEW TAX ON CORPORATIONS AND ADDITIONAL TAX ON BILLIONAIRE WEALTH. LET'S SAY THERE WAS POLITICAL CAPITAL TO PASS WEALTH FOR ALL BUT NOTHING WILLINGNESS TO INCREASE OR PASS THEM AS TAXES -- WOULD YOU BE WILLING TO DO WHAT GEORGE W. BUSH DID IN TERMS OF THE IRAQ AND AFGHANISTAN WARS, WITH THE RECENT TAX CUTS AND ESSENTIALLY PASS THE MEDICARE FOR ALL PART BY ADDING TRILLIONS OF DOLLARS TO THE DEFICIT? SENATOR WARREN: I THINK THE RIGHT WAY TO DO MEDICARE FOR ALL IS ASKING THOSE AT THE TOP TO PAY. WE KNOW THAT IF WE DO NOTHING, GOING FORWARD, THAT FAMILIES ACROSS THE COUNTRY ARE GOING TO PAY ABOUT $11 TRILLION OVER THE NEXT 10 YEARS OUT OF POCKET, AND THAT IS IN PREMIUMS, CO-PAYS, DEDUCTIBLES, UNCOVERED EXPENSES. I FIGURED OUT HOW WE COULD GET $11 TRILLION OUT OF THE SYSTEM -- BY ASKING THE TOP 1% PAY MORE, BY ASKING BIG CORPORATIONS TO PAY MORE -- IN SOME CASES, TO PAY ANYTHING SINCE SOME OF THEM HAVE NOT -- AND ALSO BY CRACKING DOWN ON TAX CHEATS. MY PERSONAL FAVORITE IN THAT LIST. FOR ME, THAT IS WHAT THIS IS ABOUT. THIS IS ABOUT ASKING THOSE AT THE TOP TO PAY A FAIR SHARE IN PROGRESSIVE TAXATION. WHEN I ROLLED OUT MEDICARE FOR ALL, A TRANSITION PLAN, WHEN I ROLLED OUT MY TWO-CENT WEALTH TAX, I WANT TO SHOW HOW WE PAY FOR IT. PART OF THE REASON FOR THAT IS BECAUSE I THINK THIS IS ULTIMATELY ABOUT HOW WE THINK WE OUGHT TO BE ALLOCATING THE COSTS OF MAKING THIS COUNTRY WORK AND CREATING OPPORTUNITIES INTO THE FUTURE. FOR ME, I THINK WE OUGHT TO ASK THOSE AT THE TOP TO PAY SOME MORE. THAT WOULD MOVE OUR COUNTRY CLOSER TO WHERE OTHER COUNTRIES ARE IN TERMS OF THE TOTAL AMOUNT OF TAX REVENUE THAT WE COLLECT. JOE: LET'S SHIFT GEARS FOR A SECOND. SUPPOSE ON DAY ONE OF YOUR ADMINISTRATION, TARIFFS ON CHINA WOULD STILL BE IN PLACE. WHAT WOULD CHINA HAVE TO DO TO GET THEM LIFTED? SENATOR WARREN: THE PROBLEM RIGHT NOW IS THE PRESIDENT HAS NO PLAN. JOE: WHAT IS THE DEALING WITH WARREN PLAN? SENATOR WARREN: PART OF IT IS WE NEED AN OVERALL STRATEGY ON TARIFFS. TRADE IS ABOUT TARIFFS BUT NOT JUST ABOUT TARIFFS. IN THE 21ST CENTURY, TRADERS ABOUT REGULATION AS MUCH AS IT IS ABOUT ANYTHING ELSE. WHAT I WANT TO SEE IS I WANT TO SEE A COHERENT PLAN FOR ANYBODY WHO WANTS ACCESS TO AMERICAN MARKETS. I WANT TO EASE UP SO THAT OUR FARMERS ARE NOT BEING SQUEEZED LIKE CRAZY LIKE THEY ARE NOW, AND BY THEN, WE HAVE ALREADY LOST MARKETS. IT'S GOING TO BE REALLY HARD FOR THEM TO REGAIN. A THIRD PART THAT I THINK IS IMPORTANT IS WE NEED TO BE WORKING WITH OUR ALLIES. WE WANT TO HAVE A TRADE DEAL WITH CHINA THAT IS FAVORABLE TO THE U.S. -- THEN LET'S NOT DECLARE A TRADE WAR AT THE SAME TIME ON CANADA, ON OUR OTHER ASIAN ALLIES, ON OUR EUROPEAN ALLIES. LET'S GET EVERYBODY TO WORK TOGETHER ON THIS AND TRY TO GET CHINA TO FOLLOW A REASONABLE SET OF RULES ON TRADE. JOE: BUT IF CHINA IS HOPING TO WAIT OUT TRUMP ADMINISTRATION OR WARRANT ADMINISTRATION, YOU WOULD NOT BE WILLING TO LIFT TARIFFS ON DAY ONE? SENATOR WARREN: THE POINT -- WE CANNOT KEEP DOING THIS AS ONE OFFS. THAT IS THE WHOLE POINT. WE NEED A COHERENT STRATEGY, A STRATEGY THAT WORKS WITH OUR ALLIES AND A STRATEGY THAT MAKES CLEAR WHERE OUR LONG-TERM INTERESTS LIE IN TRADE. I WANT TO SEE TRADE OCCUR, BUT I WANT TO SEE TRADE OCCUR IN A WAY THAT IS HELPFUL TO THE AMERICAN WORKERS, HELPFUL TO THE AMERICAN CONSUMER. I DON'T WANT TO SEE WHAT DONALD TRUMP IS DOING. HE IS DESTROYING MARKETS. HE'S DESTROYING VALUE AROUND THE WORLD. JOE: WOULD YOU TIE CHINESE HUMAN RIGHTS ABUSES POTENTIALLY TO A TRADE DEAL? SENATOR WARREN: AGAIN, WORKING WITH OUR ALLIES, WE SHOULD BE PUTTING A LOT OF PRESSURE ON CHINA, AND PART OF THAT PRESSURE SHOULD BE DIPLOMATIC AND PART OF IT SHOULD BE ECONOMIC. WE NEED TO USE ALL THE TOOLS IN THE TOOLBOX. JOE: LET'S TALK POLITICAL PHILOSOPHY FOR A MOMENT. SOME OF YOUR COMPETITORS -- JOE BIDEN, PETE BUTTIGIEG COME TO MIND -- THEY ARE SELLING A VISION OF WE CAN HEAL AMERICA, BIPARTISANSHIP, WE CAN WORK WITH REPUBLICANS, ETC. DO YOU THINK THEY ARE NAIVE IN 2019 TO HAVE THAT VIEW OF POLITICS? SENATOR WARREN: I HAVE WORKED WITH WERE PUBLICANS. I HAVE PASSED A DOZEN PIECES OF LEGISLATION I HAVE DONE ON A BIPARTISAN BASIS SINCE DONALD TRUMP HAS BECOME PRESIDENT. HE SIGNED INTO LAW MY HEARING AID BILL THAT WILL REDUCE THE COST OF HEARING AIDS. THERE ARE PLACES WHERE OF COURSE WE SHOULD WORK WITH REPUBLICANS, BUT THE FUNDAMENTAL QUESTION IS -- WHAT DO YOU THINK IS BROKEN IN AMERICA? FOR ME, WHAT IS BROKEN IN AMERICA IS WE'VE GOT A COUNTRY THAT IS WORKING GREAT FOR THOSE AT THE TOP, AN ECONOMY THAT IS WORKING GREAT FOR THOSE AT THE TOP, AND A DEMOCRACY THAT IS WORKING GREAT FOR THOSE AT THE TOP. IT'S JUST NOT WORKING FOR MUCH OF ANYONE ELSE, AND THAT IS WHY I'M SO CONCERNED ABOUT MICHAEL BLOOMBERG JUMPING INTO THIS RACE, DROPPING $37 MILLION IN ONE WEEK ON ADVISE -- AD BUYS . I DON'T THINK ELECTIONS OUGHT TO BE FOR SALE AND I DON'T THINK IN THE DEMOCRATIC PARTY THAT WE SHOULD SAY THE ONLY WAY YOU'RE GOING TO GET ELECTED, THE ONLY WAY YOU WILL BE OUR NOMINEE IS EITHER IF YOU ARE A BILLIONAIRE OR IF YOU ARE SUCKING UP TO BILLIONAIRES. THE PROBLEM WE'VE GOT IF THAT IS THE CASE IS BUCKLE YOUR SEATBELTS BECAUSE THAT MEANS THE GOVERNMENT IS JUST GOING TO WORK BETTER AND BETTER FOR BILLIONAIRES. WE'VE GOT THIS CHANCE IN 2020 WHERE THE DOOR HAS OPENED THIS MUCH, WHERE WE COULD MAKE THE KIND OF CHANGE THAT MAKES OUR ECONOMY AND OUR DEMOCRACY WORK FOR EVERYONE. I WANT TO SEE US TAKE THAT CHANCE. JOE: SENATOR ELIZABETH WARREN,