Elizabeth Warren's wealth tax, if implemented in 2021, would raise $1 trillion to $1.4 trillion less the campaign says, Wharton finds.
Its findings indicate average hourly wages in the economy, including wages earned by households not directly subject to the wealth tax, are projected to fall between 0.8% to 2.3% due to the reduction in private capital formation.
"There's a fundamental trade-off between how much money you raise and the impact it's going to have on the economy," Smetters said. "A wealth tax doesn't just affect the billionaires: It has a broader impact on everybody because those billionaires are investing in companies that employ everybody."The Massachusetts Democrat and 2020 presidential hopeful unveiled the latest iteration of her proposal last month, when she announced a.
All told, the combined figure could be north of $3.5 trillion over 10 years, according to the Warren campaign. But that's well above what the Wharton study expects.Before including the tax's macroeconomic effects on wages, hours worked and GDP growth, the university expects the tax to generate $2.7 trillion in real dollars. Accounting for such ripple effects yields the lower, $2.3 trillion projection.
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