The ambitious scope of Elizabeth Warren's push to rethink how America tackles issues such as health care, technology and education has energized her presidential campaign — and spurred questions about how she would deliver on her promises. At the heart of Warren's raft of policy proposals is
WASHINGTON — The ambitious scope of Elizabeth Warren's push to rethink how America tackles issues such as health care, technology and education has energized her presidential campaign — and spurred questions about how she would deliver on her promises.
Eric Toder, co-director of the nonpartisan Urban-Brookings Tax Policy Center, said a wealth tax"could raise a substantial amount of money." But he said"there's reason to question" the Warren campaign's estimates,"or to think they might be on the high side." Using the estate tax, which is imposed on the assets of top earners after death, as a reference, he said,"you can find reasonable economists who think there will be a lot of avoidance and evasion that will make it hard to collect as much as you expect."
Beyond revenue questions, the tax could face a legal challenge citing the Constitution's restriction on so-called direct taxes, unless proceeds are distributed to states based on population size. Warren, a former Harvard law professor, has sought to address those concerns by releasing letters from more than a dozen other law professors attesting to the wealth tax's constitutionality.
Using comparable wealth taxes imposed in other countries, Saez and Zucman assumed a 15% rate of avoidance and evasion of the wealth tax, which Warren would pair with a major boost to the IRS' enforcement budget and a 40%"exit tax" designed to stop the wealthy from moving their citizenship and assets overseas.
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