Warren’s Wealth Tax: How A New Bill Would Convert The Tax Code Into A Canned Hunt

…my column in The Hill on introduction of Elizabeth Warren’s wealth tax. The bill contains two notable addition: a massive increase in the size of the IRS and what I call a “captivity tax” to try to keep the wealthy from fleeing. The odds are that Democratic leadership will see some of the same problems with this bill, but the danger is that such legislation will be difficult to oppose due to its public appeal. Moreover, there is a lack of honestly about the constitutional and practical issues surrounding a “wealth tax.” Such details are lost as Warren pledges to go after the “Rembrandts … diamonds and … yachts” of the wealthy.

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