Soak the rich: U.S. Democratic contenders vie to be the toughest on taxing the wealthy

February 4, 2019  —  By

WASHINGTON – The last Democrat to win a U.S. presidential election, Barack Obama, ran in 2012 on a platform of raising taxes for top earners to nearly 40 percent. Now a new crop of Democratic presidential hopefuls is signaling that they want to go even further.

Massachusetts Sen. Elizabeth Warren is floating a 2 percent tax on all assets of people with a net worth of more than $50 million — a moonshot plan that could face legal challenges for hitting investments, homes and cars, not just income. Vermont Sen. Bernie Sanders is pitching a steeply higher inheritance tax on large estates.

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