Sen. Elizabeth Warren’s plan to tax the ultra-wealthy six cents on each dollar could have far-reaching impacts on the country’s richest by shrinking their fortunes significantly overtime, according to a recent New York Times article.
Under the plan, Jeff Bezos would have had just shy of $50 billion compared to $160 last year, for example. Those in favor argue it’s a way to relieve the ever expanding wealth gap. But others say it simply won’t work and that it will increase tax avoidance. Beyond that, according to a Vox piece, some argue it’s an illegitimate use of our tax code. There are a lot of considerations to add into the economics surrounding a wealth tax and how it would work, if at all.
Today on AirTalk, we take a look at the pros and cons of the wealth tax. Do you have thoughts on it? Do you think it could help or hurt the economy? Join the conversation by calling 866-893-5722.
Gabriel Zucman, economist behind Elizabeth Warren’s “wealth tax” proposal, which would be used to fund Medicare For All; professor of economics at UC Berkeley
Veronique de Rugy, senior research fellow at the Mercatus Center at George Mason University, a research center for market-oriented ideas; her expertise includes the U.S. economy, the federal budget and taxation and her piece in the October 14th issue National Review is titled “Elizabeth Warren’s Wealth-Tax Trap”; she tweets @veroderugy