Take, for example, Sen. Elizabeth Warren’s proposed wealth taxes. ADADBut of course, six cents on every dollar taken out every year would be an enormous chunk of their wealth. In fact, this analysis actually understates the scale of the decline, because it excluded many of Warren’s other taxes on capital income. They would then owe a wealth tax of roughly $600 million. But if so, you cannot then claim, as Warren does, that you’ll use this tax to fund significant new spending.

Source: Washington Post November 13, 2019 00:32 UTC