Bloomberg: Warren’s Tax Proposal Aims at Assets of Wealthiest Americans

Her plan would do more to relieve inequality than New York Democratic Representative Alexandria Ocasio-Cortez’s idea to raise the top income tax rate to 70 percent, according to Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy.

New research indicates that raising marginal income rates wouldn’t do much to lessen inequality, because much of the wealth among the richest Americans stems from private business profit taxed at lower rates and appreciated assets that go untaxed until they’re sold.

“If you believe that inequality is a problem, you have to start thinking outside the box,” Wamhoff said. “We need to go beyond the ideas that are already on the table today.” Read more

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