Elizabeth Warren Doesn’t Understand Wealth Taxes

February 5, 2019  —  By

Sen. Elizabeth Warren has proposed a federal wealth tax—2% annually on assets above $50 million and 3% on assets above $1 billion.

The response has been predictable. Progressives praise the proposal as necessary to curb the political power of the wealthy; conservatives see it as an attack on success and business stewardship.

The real problem with Ms. Warren’s proposal, however, is not that it taxes concentrated wealth, but that it does so hamfistedly. 

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