US considers a tax on wealth, even as other nations back away
When Sen. Elizabeth Warren (D) of Massachusetts proposed a wealth tax as part of her nascent presidential campaign, the idea immediately began drawing attention.
Most Americans back a wealth tax, new polls say. Economists are debating its pros and cons. There’s just one problem: It’s not clear it can fly.
There are constitutional challenges. Most of the developed world has moved away from wealth taxes because levies on wealth are harder to administer than those on income. And there’s a key question of motive: Do voters want to reduce inequality or the power of rich people over government? Or both?
“If you think it’s a war on plutocracy – you think that
