| If you've wondered what material effect Senator Elizabeth Warren's proposed tax increases for the wealthy would have, look no further than the estimates by two economists who advised her, Patricia Cohen of the NYT writes. |
| • "If her wealth tax had been in effect since 1982, for example, Mr. Gates, who had made his first billion dollars by 1987, would have had $13.9 billion in 2018 instead of $97 billion." |
| • "As for the 400 people who made it to Forbes magazine's list of the country's wealthiest people, each would have an average worth of $3.1 billion, down from the current $7.2 billion." |
| "What an annual wealth tax of 6 percent does is that it makes it harder to stay a multibillionaire at age 70, 90, etc.," Gabriel Zucman, who has advised Ms. Warren, told the NYT. "It makes wealth circulate." |
| "Whether you think that is a feature or a bug depends on how you think wealth is best created and distributed," Ms. Cohen writes: |
| • "For fans, it is a long-overdue effort to rebalance an economic system that has lavished outsize riches and political power on a tiny band of winners." |
| • "For critics, it represents an ill-conceived and impractical attempt to redirect the rewards earned by the most productive and inventive entrepreneurs, investors and business leaders." |
| More: The NY Editorial Board argues that billionaires who are warning that higher taxes would lead to lower growth "have their facts backward." November 11, 2019 ### November 12, 2019 Voices4America Post Script.Even if you don't support Elizabeth Warren, this analysis of what her wealth tax proposal might mean is worth a read and a share. We should know what a wealth tax might do and mean. #WealthTax |