Elizabeth Warren’s Wealth Tax: Three Practical Questions

Elizabeth Warren speaks at a campaign town hall meeting in Cedar Rapids, Iowa, January 26, 2020. (Brian Snyder/Reuters)
Setting aside the philosophical debate, is it worth the hassle?

NRPLUS MEMBER ARTICLE E lizabeth Warren’s wealth tax is back. Together with a handful of co-sponsors including Bernie Sanders, she’s introducing a bill that would impose a 2 percent (excuse me, “two-cent”) annual tax on wealth above $50 million, plus an extra 1 percent tax on wealth above $1 billion. The tax on billionaires would automatically rise to 6 percent total if the U.S. enacted single-payer health care.

Conservatives tend to recoil at this kind of thing for a number of reasons. For one, the federal government already taxes people’s money as it comes in, through taxes on income, capital gains, inherited estates, etc. A

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