'Whatever the merits of a wealth tax -- and there are many -- there are political, legal and practical obstacles to overcome before we will see anywhere near the funds that Warren and Sanders tout, if we ever do,' writes Edward J. McCaffery for CNNOpinion
Edward J. McCaffery is Robert C. Packard trustee chair in law and a professor of law, economics and political science at the University of Southern California. He is the author of"Fair Not Flat: How to Make the Tax System Better and Simpler" and founder of the People's Tax Page. The opinions expressed in this commentary are his own. View more opinion at CNN.
Ever since former President George H.W. Bush coined the phrase to criticize then-candidate President Ronald Reagan's tax policies, Democrats and progressives have been accusing Republicans of "voodoo economics." They are right to do so.
"Supply-side economics" seems to work only for those with a ready supply of wealth. Forty years of voodoo have left America with skyrocketing debts that cripple present and future policy, while workers keep paying more and more taxes. Americans deserve more honesty and responsibility when politicians talk about the people's pocketbooks.Edward J.
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