Tuesday, July 2, 2019

Warren's wealth tax

I'd like to believe Saez and Zucman's estimate that Elizabeth Warren's wealth tax of 2% on the very wealthy would bring in $200 billion annually. Summers and Sarin figure it might be a lot closer to 25 billion. (Links to the arguments can be found here.)

Why such a huge difference? It all hinges on how successful you think the very rich will be at tax avoidance. I suppose if there is a president who can bring them to heel, it will be Warren. Then again, ask yourself who can afford to buy the very best lawyers, accountants, lobbyists, and congresspeople?

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