Regarding Alan Cole’s “Elizabeth Warren Doesn’t Understand Wealth Taxes” (op-ed, Feb. 4): Sen. Warren’s proposal for a 2% annual wealth tax on household wealth exceeding $50 million and 3% on assets above $1 billion has been widely praised by progressives and is said to affect only 75,000 households. Notwithstanding the difficulty in measuring net worth, what will happen next if the newly invented tax is enacted into law? Look at the alternative minimum tax (AMT), initially 10%, which went into effect in 1970, intended to...

Source: Wall Street Journal February 10, 2019 19:30 UTC