January 24, 2019

Washington Post: Sen. Warren’s plan to tax the ultrawealthy is a smart idea whose time has come

Sen. Elizabeth Warren (D-Mass.) has just introduced a tax idea this country desperately needs: a tax on high-end wealth. It’s an idea that’s well-crafted for our time, one that promises to add fairness to an unfair tax code, raise significant, much-needed revenue and push back on the historically high level of wealth concentration in the United States.

Here’s the plan, which, for the record, is extremely simple to explain, an advantage when it comes to tax policy: Wealth over $50 million would be taxed at 2 percent; wealth over $1 billion would face an extra 1 percent tax. “Wealth” is defined as net worth — the value of assets minus any debts.

In other words, to give Warren the last word, the economy — more precisely, the tax code — is rigged. True, this plan isn’t going to become law anytime too soon, but those of us longing to de-rig the economy are in it for the long haul. So, thanks, Senator, for providing us with an inspiring idea whose time has come.

Read the full article here.

Source: Washington Post