The rich should get ready for Elizabeth Warren’s wealth tax via YahooFinance
There are serious problems with the “wealth tax” on millionaires and billionaires that Sen. Elizabeth Warren says would raise nearly $3 trillion.
But the strongest case for a wealth tax would come when the next recession strikes. America’s aristocrats have been doing great, enjoying the lion’s share of stock-market gains during an 11-year bull rally and capturing a record share of the nation’s overall wealth. The middle class, by contrast, has eked out modest gains, at best.
Story continuesSince a wealth tax is a tax only the wealth would pay, it would rectify inequalities in the tax code, if you believe there are inequalities. And you could set the threshold lower than $50 million if you wanted to raise more revenue. There’s about $11 trillion of wealth in households above the $50 million threshold, but $21 trillion of wealth if you lower the threshold to $10 million. So there’d be more wealth to tax, and therefore more revenue to obtain.
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