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Elizabeth Warren to propose new 'wealth tax': Economic Advisor



The wealth tax is projected to apply to less than 0.1 percent of U.S. $ 2.75 trillion over 10 years, Saez said.

Warren's idea comes along other Democratic lawmakers' plans to raise taxes on the wealthiest Americans to pay for ambitious policy goals, as well as a "green new deal"

The development has not gone unnoticed by affluent investors and executives, many of whom are meeting this week at the World Economic Forum in Davos, Switzerland.

"By the Scott Minerd, global chief investment officer of $ 265 billion Guggenheim Partners, told CNBC earlier this week.

He was referring to freshman Rep. Alexandria Ocasio- Cortez's proposal for a 70 percent marginal rate on income above $ 1

0 million.

While Ocasio-Cortez's plan is a tax on income, Warren's proposal would tax wealth. Wealth in America is greater than income inequality.

While the highest incomes in the United States, more than 40 percent of Americans spend more than 30 percent of their total income

The Post said that Warren has been advised by two left-leaning economists affiliated with the University of California, Berkeley, on a deal that would levy a 2 percent wealth tax on Americans with $ 50 million-plus in assets.

Warren's plan would try to counter tax evasion by boosting funding for the Internal Revenue Service. and by levying a one-time tax penalty on people with more than $ 50 million who try to renounce their US citizenship. It would thus require a certain number of people who pay the wealth tax to be subject to annual audits.

Tax-the-rich policies are not a new phenomenon among political candidates. In fact, Trump himself floated a similar measure back in 1999.

Trump's proposal was to impose a one-time 14.25 percent tax on individuals and trusts worth more than $ 10 million;

On Tuesday, Saez and another of their economic advisors, Gabriel Zucman, published an article in The New York Times defending Ocasio-Cortez's proposal.

"An extreme concentration of wealth means extreme Despite the fact that it's the most expensive thing in the world, "they wrote.


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