Is Europe a role model for wealth taxation? Sure, some countries have this - but Sanders' and Warren's proposals are modeled more on a fictional Europe than the real thing.
Bernie Sanders and Elizabeth Warren have now both introduced wealth tax proposals, with Sanders’ beginning at lower thresholds and ratcheting up to much higher amounts.proposes a tax
starting at 1% on net worth above $32 million for a married couple, $16 million for singles, increasing to 2% for net worth from $50 million to $250 million, and 4%/5%/6%/7% for incremental brackets up to 8% on wealth over $10 billion. Her tax might be thought of as an indirect way to tax unrealized investment gains – after all, if, in a hypothetical perfect world, investments earn, say 6% per year consistently, then a 2% tax is more or less equivalent to a 33% tax on the investment income."Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class.
But consider this: in all of these promises and plans, we’re meant to believe, through the constant repetition of “how they do things in Europe,” that this is in line with European practice. And it is true that a small number of other countries do indeed have wealth taxes.Depending on one’s definition, there are as many as six countries in the OECD with wealth taxes. Thetaxes stocks at a rate of 0.15%, when they are part of a portfolio worth more than EUR 500,000 .taxes financial assets at 0.
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