Bloomberg: Economic Policy Group Makes Case for 1 Percent Wealth Tax

A 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

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