The wealth tax is having a moment. But can it raise the revenue its sponsors hope?
The wealth tax is having a moment. At least two current Democratic presidential hopefuls have proposed some form of the tax, and just today Sen. Bernie Sanders rolled out
· A 1 percent tax on net wealth in excess of $20 million would raise about $1.1 trillion over the period 2021-2031. After spending months sorting through the data TPC needs to estimate the effects of a wealth tax, my colleague Janet Holtzblatt found many more questions than answers. There is, for example, not even agreement on how much wealth there is in the US, or how much of it the super-rich hold. And if we don’t know that, we can’t know how much revenue a wealth tax can generate.Merely multiplying total assets by a tax rate gets you only so far.
Other developed countries have had their own mixed results with their wealth taxes. In 1990, a dozen nations in the Organisation for Economic Cooperation and Development imposed wealth taxes. By last year, it was down to three. There appear to be several reasons of their failure.
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