September 26, 2019

Bloomberg: Sanders, Warren Compete for Who Can Tax Billionaires the Most

media mention

“We’re seeing such a dramatic change in the debate,” Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said. “There is a lot of agreement on the principle of wealth tax, though the average American may not differentiate between the two plans.”

Sander’s plan could come with many of the same downsides that critics have pointed to in Warren’s plan: It would likely face constitutionality questions, it could be difficult for the Internal Revenue Service to enforce, and wealthy individuals would likely find ways to minimize their tax bills or escape the tax altogether. And that’s assuming it could get through Congress, which is unlikely. Read more