Warren's wealth tax is 'going to induce a big capital flight out of this country,' says Edward Wolff, an economist and author of 'Top Heavy.'
, have been vocal critics of Warren's proposed wealth tax and what they call her general distrust of America's richest individuals.Wolff said Warren's plan would only impact a small portion of the U.S. population. But he also said the plan would impact the after-tax rate of return.
Wolff, who in the 1990s called for the introduction of an annual tax on wealth, said that presidential candidates should instead propose a 0.05% tax rate on wealth over $200,000 and 0.03% tax on wealth of $2.5 million or more. Those rates are low enough to not cause wealthy folks to flee, Wolff said.
"These people are going to move their money to other countries" if Warren's plan is implemented as written, he said on CNBC's "
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