Taxing the wealth of the tippy-top isn't just a Warren concept, though.
Just last week, President Joe Biden announced the newest rendition of his budget, which calls for a wealth tax on households worth more than $100 million.
"A family with a net worth of more than $50 million"-or the richest 75,000 households-would "Pay a 2% tax on every dollar of their net worth above $50 million and a 6% tax for every dollar above $1 billion," Warren said.
The reality is that in order to actually raise the amount of money progressives like Warren want to spend, they'd almost certainly need to tax a much larger base: the "Working rich."
Consider the case study of an estate tax, which is another form of wealth tax that's been toyed with over the past few decades, changing drastically over the last 20 years: Right now, an estate tax applies to estates worth over $11.2 million.
If reduced to estates worth $3.5 million, the tax would suddenly apply to many more estates and bring in more like $30 billion annually.
To tax the unrealized capital gains of households worth over $100 million as "a prepayment of tax obligations these households will owe when they later realize their gains."
https://reason.com/2022/04/05/elizabeth-warrens-wealth-tax-would-hurt-more-than-just-the-tippy-top/
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