How does a wealth tax even work?

Let’s talk about the Wealth Tax. Lately, it’s become a focal point in the democratic primary. Simply put: The wealth tax would hit the accumulated assets of wealthy Americans to help reduce income inequality.

Sen. Elizabeth Warren claims she can bring in $800 million dollars through taxing the wealthiest Americans on their net worth. Sen. Bernie Sanders takes it even further by taxing the richest citizens 8% on their net worth, in addition to the taxes they already pay.

It’s one thing to get voters excited over a policy that tilts the economy in their favor, but candidates have to prove they can actually implement their big ideas in Washington’s already deeply partisan divide

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[anwinthomask]

Even India had a wealth tax. But it didn't work (Low Collection + Extremely Hard to Asses + Disincentive Wealth Creation + it promoted the wealthy to move Abroad ) So the Government cancelled it recently

[jayrollins]

The dismissal of Sanders in this video is so funny

[STalvacchia]

You are talking about taxes, but when you got to Yang you brought up UBI without mentioning the VAT tax that would help fund it. His VAT tax proposal seemed the more appropriate policy to be explaining in juxtaposition with the Wealth Tax from Sanders and Warren.

[Hipplewobble]

This is such a dumb idea. The rich people would just leave and kiss your jobs goodbye

[trifordhamankaseke]

for 6 billion per year l can renounce the US citizenship

[blainefiasco]

800 billion? Would it really raise that much? Do these wealthy people even have millions to pay off such taxes?

[akastewart]

Did I miss it, because I don't recall you actually describing how a wealth tax would actually work. 👎

[DimitrisAndreou]

UBI is just another progressive tax, slapped on top of everything else. That an extra tax will "grow the economy" is ludicrous.