Last updated on: 1/13/2020 1:26:07 PM PST
Should the US Implement a Wealth Tax?
A wealth tax would require the nation's wealthiest households (over $30-50 million, depending on the specific plan) to pay an annual tax on their assets, including property, investments, art, yachts, and more. This would be in addition to income, property, and estate taxes.
Source: Susannah Snider, "What Is a Wealth Tax - And What Would It Mean for You?," usnews.com, Sep. 26, 2019
"Rather than failing to build the economy by reducing taxes on the wealthy, we need to actually build the economy by creating a strong foundation of purchasing power in the working class by ending poverty and economic insecurity... [I]nstitute a wealth tax, Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley, proposed taxing wealth in excess of $50 million at 2 percent per year and wealth above $1 billion at an additional 1 percent tax. This would affect only seventy-five thousand households and would raise some $2.8 trillion over a decade."
Source: Howie Hawkins, "Tax Day 2019: Time to End Taxes to Confront Inequality and Implement an Ecosocialist Green New Deal," howiehawkins.us, Apr. 15, 2019
"Erin Burnett: Vice President Biden, you have warned against demonizing rich people. Do you believe that Senator Sanders and Senator Warren's wealth tax plans do that?
BIDEN: No, look, demonizing wealth -- what I talked about is how you get things done. And the way to get things done is take a look at the tax code right now. The idea -- we have to start rewarding work, not just wealth. I would eliminate the capital gains tax -- I would raise the capital gains tax to the highest rate, of 39.5 percent."
Source: The Fix Team, "The October Democratic Debate Transcript," washingtonpost.com, Oct. 15, 2019
"No. Claims that taxing the rich will solve our problems never turn out to be true. They disincentive the entrepreneurs we need to generate jobs and prosperity. They usually generate less wealth and therefore lower total tax revenues.
Cutting government spending, regulations, and taxes across the board is the best way to create jobs and raise the level of all Americans’ financial wellbeing."
Source: Communication from the Jorgensen campaign to ProCon.org on Aug. 26, 2020
"This is truly an extraordinary time for America. Our economy is booming like never before, and our people are thriving...
[Editor's Note: Trump previously expressed a PRO opinion on this question. Read Trump's former positions on whether a wealth tax should be implemented.]
[Y]ou have to vote for me; you have no choice. You’re not going to vote for [Elizabeth Warren], I can tell you that. You’re not going to vote for the wealth tax. 'Yeah, let's take 100 percent of your wealth away.' No, no. Even if you don't like me... And you're going to be my biggest supporters because you'll be out of business in about 15 minutes, if they get it. So I don't have to spend a lot of time on that."
Source: Donald Trump, "Remarks by President Trump at the Israeli American Council National Summit 2019," whitehouse.gov, Dec. 8, 2019