Bloomberg: Economic Policy Group Makes Case for 1 Percent Wealth Tax
media mentionA 1 percent tax on taxpayers’ net worth over $32.2 million, starting in 2020, would raise $1.26 trillion over a decade, according to a new report from the Institute on Taxation and Economic Policy.
- Top 1 percent of wealth holders own 42 percent of U.S. wealth, report says, citing research from University of California, Berkeley professors and economists Gabriel Zucman and Emmanuel Saez
- Report notes that “racial wealth gap is far greater than the racial income gap”
- Legislation would need to consider offshore assets, appraisal methods for real estate, non-publicly traded business assets