Peter Morici: The folly of Elizabeth Warren’s wealth tax

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Sen. Elizabeth Warren

Democratic presidential candidates appear driven by tales of the rich exploiting the downtrodden and support higher taxes to redress injustice — Sens. Elizabeth Warren and Bernie Sanders want a federal wealth tax and higher levies on estates.

Warren is most intriguing, because she tries to make the case for a wealth tax more in terms of correcting adverse forces within the capitalist system than as a means to finance, for example, Medicare for all or a Green New Deal.

She proposes a 2% annual tax on households with assets exceeding $50 million and 3% on those exceeding $1 billion, and cites economists Emanuel Saez and Gabriel Zucman to bolster her case for “capitalism with rules.

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