Elizabeth Warren is rolling out a “wealth tax” as a proposal to address the Gilded Age-levels of economic inequality currently blighting our futures (The Post):
Sen. Elizabeth Warren (D-Mass.) will propose a new “wealth tax” on Americans with more than $50 million in assets, according to an economist advising her on the plan, as Democratic leaders vie for increasingly aggressive solutions to the nation’s soaring wealth inequality.
Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion, according to Saez.
The wealth tax would raise $2.75 trillion over a ten-year period from about 75,000 families, or less than 0.1 percent of U.S. households, Saez said.
Good for her. My only quibble is that it’s too small.
The political ground has shifted on taxation. People recognized Trump’s tax cut for what it was — another plutocrat smash-and-grab. Donors loved it, but voters didn’t.
The “tax-and-spend liberal” label doesn’t have the bite it did in 1991. Good to see Democrats adjusting their strategy accordingly.