Imagine a world where you were not taxed on how much you earned in a given year, but instead on how much your wealth appreciated.
To some this sounds like something straight out of John Lennon’s communist manifesto, also known as the song “Imagine.” Like the song, the music surrounding the words are enticing, but also like Lennon’s hit, the words themselves spell the death knell of freedom.
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Senator Elizabeth Warren (D-MA) recently revived her campaign proposal for a wealth tax on taxpayers with a net worth exceeding $50 million. Unfortunately, the plan retains the same defects as her previous proposals to tax wealth, along with the same distortions she used to defend it last time.
Warren’s proposal, introduced along with companion legislation in the House sponsored by Rep. Jayapal (D-WA) and Rep. Boyle (D-PA), would tax wealth above $50 million at a rate of 2 percent, and wealth above $1 billion at a rate of 3 percent.
Senator Warren has routinely presented her wealth tax proposal as a minor, moderate tax on the ultra-wealthy. Just as she did on the presidential campaign trail, Warren is describing her plan as a “two cent” tax. This dishonest framing allows Warren to pretend that the tax is small.
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Democratic presidential candidate Bernie Sanders unveiled a plan Monday targeting corporations that pay CEOs much more than their workers.
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