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How much wealth should a wealth tax tax if a wealth tax should tax wealth?
I see this getting a lot of play in the weeks and months ahead.
A former budget committee staffer has a new proposal.
itep.org/the-u-s-needs-…
I see this getting a lot of play in the weeks and months ahead.
A former budget committee staffer has a new proposal.
itep.org/the-u-s-needs-…
He suggests a dual purpose -- raising "revenue" (y'all know where I am on this) and dealing with inequality. A 1% wealth tax would target those in the top 0.1% of the wealth distribution. Those with net worth ~$32.2M.
He shows how a 1% tax on net worth in excess of $32.2M would impact someone whose net worth is $32.4M.
The wealth tax removes $2,000 from them.
Two-thousand dollars.
The wealth tax removes $2,000 from them.
Two-thousand dollars.
Since I don't really care about the "revenue" effects, let's stay focused on inequality. The Forbes 400 list put Jeff Bezo's net worth at $160 billion last year. With a 1% wealth tax, his net worth falls to $158.4 billion. (ceteris paribus)
Not much of a hit.
Not much of a hit.
As the wealth tax proposal gains momentum--I predict it will--it'll be interesting to see how those advocating it frame the case.
Which gets emphasized? Revenue or Inequality?
And, yes, it will be part of a broader program of policies aimed at reducing ≠
Which gets emphasized? Revenue or Inequality?
And, yes, it will be part of a broader program of policies aimed at reducing ≠
Should there be a wealth tax?
Is $32.2M the right threshold?
Is 1% the right tax rate?
What do people think?
Is $32.2M the right threshold?
Is 1% the right tax rate?
What do people think?
