Thursday 26 September 2019

2019-09 Tax the rich

The basic idea is to create a wealth tax. One of the Democratic candidates, Elisabeth Warren, proposed 2% wealth tax on assets above $50 million and 3% on assets over $1 billion.



The estimate is that the tax will bring in $260bln a year, although there is no agreement about it.
There is an agreement, however, about the rising wealth of the rich.


One reason is the declining income tax rates. They were extremely high up to 1960, and very high before Reagan reduced them in 1980s:




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