The reality is not so easy — and not just because of the long odds against passing any such wealth tax through Congress or the legal issues about whether such a tax would pass constitutional muster. Warren’s projections for what the wealth tax would generate are extremely optimistic. Twelve countries had such wealth taxes in 1990, and all but three have abandoned them because they didn’t create the windfall projected, as Summers, among others, has pointed out.

Source: Los Angeles Times May 21, 2019 12:00 UTC