Elizabeth Warren’s Proposed Ultra-Millionaire Tax

It’s politically feasible because it affects only a tiny number of ridiculously wealthy people who will barely feel the pinch. And it raises an astonishing $2.7 trillion dollars over 10 years, enough to fund a wish list of progressive dreams.

…American billionaires (who number around 680 right now) would pay three percent on their wealth over that $1 billion. In most years, two or three percent is far less than the appreciation of their assets. The vast majority of people paying the tax would still be getting richer every year.

…Asset valuations—particularly of privately-held businesses and other murky and illiquid assets—can be hard to specify, especially when the ultra-rich are protected by a battalion of high-priced lawyers who can drag out the audits for years.

…To cover the extra work, her plan calls for expanding the number of IRS agents—which have been slashed in recent years—and adding steep penalties for shifting assets overseas or otherwise trying to hide them.

Elizabeth Warren’s Ultra-Millionaire Tax Isn’t Just Smart Policy, It’s Brilliant Politics



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