Two French economists from Berkeley advising Warren and Sanders on wealth tax
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Elizabeth Warren and Bernie Sanders have the same two outside advisers to thank for shaping their wealth tax proposals: University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman.
Each Democratic presidential candidate wants to tackle wealth inequality by raising trillions of dollars in revenue from taxing the wealth — in addition to the income — of millionaires and billionaires, an idea that is backed up by research from Saez and Zucman.
There are competing explanations for the rise in inequality. Those on one side argue that wealth concentration is natural as a result of globalization, technology gains, and economic growth, which give enormous rewards to the smartest, innovative, and most hardworking people. Drastically increasing tax rates, they say, would discourage innovation and hurt the economy.
The other camp sees rising inequality as unfair, immoral, and a threat to society.
Saez and Zucman are firmly in the second camp.
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