Senator Elizabeth Warren wants to tax the US rich more – but how do you do it?

February 5, 2019  —  By

In a world where Senator Elizabeth Warren’s proposed “Ultra-Millionaire” wealth tax becomes law, rich Americans will have every incentive to try avoiding it.

The plan would levy a 3 per cent tax on net wealth above US$1 billion (NZ$1.5 billion), as well as 2 per cent tax on wealth above US$50 million.

The plan would quickly begin reducing some of America’s largest fortunes by hundreds of millions of dollars. (Nobody whose net worth is less than US$50m would be affected by the tax.)

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